Daily FNArena News - Australia

The ACCC has rejected TABCorp and UNiTAB will probably reject Tattersalls. Where does that leave everything?

Mariner Financial is offering units in the Mariner Pipeline trust, which carries a yield premium but little growth. New discoveries will become necessary if the PNG pipeline does not proceed.

Bank of Queensland should receive an earnings boost from its proposed takeover of Pioneer, but brokers are not turning positive given the stock remains expensive compared to the sector.

Bendigo Bank reported a profit result below most broker forecasts yesterday and remains out of favour in terms of overall ratings, but this hasn’t hurt the share price.

Leighton Holdings’ result caught many an analyst by surprise, although Deutsche smirked and JP Morgan remained cynical.

The news is all bad from KH Foods. ABN Amro is ceasing coverage.

The Australian dollar is forecast to rise against the US dollar in coming months, but ANZ Bank suggests this could provide a good chance to lock in profits before the currency weakens next year.

Today’s jobs data follow on from yesterday’s housing data as indicators that nothing is causing the economy to slow as yet. Another rate rise is looking more likely.

After a 40% fall in its share price yesterday, two brokers have upgraded their recommendations on Downer EDI.

Telstra’s FTTN decision is expected to lead to lower broadband prices and increased competition, but ADSL2+ is not seen as a realistic substitute.