1340 [Dow Jones] S&P/ASX 200 down 0.4% at 3592.2 in quiet trading amid Japanese holiday. Banks weighing on the market, with ANZ (ANZ.AU) down 6.3%, NAB (NAB.AU) down 4.2% on worse than expected 1H results, Westpac (WBC.AU) down 3.0% on concern of similar disappointment next week. But most sectors higher as U.S. stock index futures rise on hopes of optimistic commentary from tonight's FOMC meeting. U.S. GDP data also due. "The market seems a bit lost at the moment," says Macquarie Private Wealth associate director David Halliday. "It's been a bit schizophrenic lately on the swine flu and stress test news." But Macquarie's Halliday said without significantly worse news, particularly on swine flu, the market will go higher. "A lot of the bears might get exhausted by the fact the market's not having a pullback." Materials sector is weaker, with Rio Tinto (RIO.AU) down 1.6%, Newcrest (NCM.AU) down 1.7% on weaker commodities, but BHP (BHP.AU) up 0.2%. Energy sector well supported despite oil price weakness, with Origin (ORG.AU) up 1.6%, Oil Search (OSH.AU) up 3.1%, Linc Energy (LNC.AU) up 15% on M&A hopes. QBE (QBE.AU) leading diversified financials, up 3.8%, while Brambles (BXB.AU) driving industrials, up 3.0%. (DWR)
What was that?? On M&A hopes??
Does anyone know anything about this??
Would have to be pretty takeover proof with Peter Bond, MD, owning around 50% of the company...
LNC Price at posting:
$2.56 Sentiment: LT Buy Disclosure: Held
