Daily FNArena News - Australia

Rio Tinto and Consolidated Minerals are attracting most attention in terms of corporate activity among resources companies, but a battle between two juniors appears potentially as interesting.

Patersons Securities rates Allomak as its preferred retail stock following the company’s acquisition of Mr Gloss, which it suggests sets it up to better current earnings guidance.

Potential earnings per share of more than 2c in FY09 makes Perseverance cheap at current prices, but brokers are split over whether management can achieve its goals.

It’s big, it’s bold, and it’s all cash. There was little surprise last night as Rio confirmed it’s bid for Alcan, and Alcan said yes please.

Australian labour market data for June was slightly below expectations but is unlikely to take pressure off the RBA as it continues to monitor the inflation outlook.

A takeover battle has emerged over Lonsdale Financial Group while Broker One and Man Financial have resumed talks as well.

Both UBS and Credit Suisse have lifted their price targets for Aditya Birla Minerals reflecting improved copper price forecasts as the company enters production.

Woolies has once again managed to shock analysts with its fourth quarter sales result. But where to from here? Does Wesfarmers hold the key?

The Westpac-Melbourne Institute Index of Consumer Sentiment reading for July is still strong, supporting the bank’s view the next move in interest rates will be up.

Housing finance recorded a smaller than expected increase in May but economist agree further increases are likely in coming months as demographic changes mean the market is under-supplied.