Daily FNArena News

The IT sector is a market favourite thanks to strong performances by companies such as Oakton and SMS Management & Technology. Intersuisse suggests adding Data#3 to that list.

With OPEC to meet this week there remains uncertainty over the outlook for oil prices, the market currently tightening but OPEC not certain to lift production.

The market was expecting payrolls to rise by 110,000 in August. The real number came as a big shock.

There is little in the way of economic data to focus on in the US until Friday, and Australia is quiet as well.

The People’s Bank of China has raised the reserve requirements for banks for the seventh time this year.

Merrill Lynch has made its latest round of commodity price upgrades with some significant movements, while Paladin’s Borshoff tries to talk up the stock.

Intersuisse analyst Peter Russell suggests Service Stream may announce its first acquisition in non-telco related services in a not too distant future. And it should be a positive for the company’s growth prospects.

A rumour hit the market late yesterday that BHP and CVRD were looking to take out Rio, while Woodside has just initiated what may be an enormous LNG deal.

A big surge in the gold price saw Comex futures close over the magic US$700/oz level while Middle East tensions and low inventories sent oil ever higher. The Dow closed modestly higher.

Oz job growth numbers exceeded expectations in August.