Crikey

The market is down 4. The SFE Futures were up 22 this morning.

Wall Street finished up 91 overnight. The Dow was up 111 at best and down 2 at worst. Bernanke’s semiannual testimony on monetary policy drove the markets. Metals were mostly up in London, Gold fell $6 to $1097 and oil was up 88c to $80.13c. The Aussie dollar increased slightly to 89.34c from 89.17c.

Main results today:

• Insurance Australia Group (IAG) — bit below expectations — Announced a net profit of $329m, analysts expected $347.6m.
• Iluka Resources (ILU) — bigger than expected loss — FY net loss of $108.6m, consensus was for a $55m loss.
• Lend Lease (LLC) — $806m capital raising — 1H net profit of $204.9m. Operating profit came in at 187.9m. Announces an $806m capital raising (accelerated renounceable 5 for 22 entitlement offer) to accelerate growth. In a trading halt.
• Downer EDI (DOW) — slightly below — 1H net profit $87m, just below the $88.3m analysts expected.
• Tatts Group (TTS) — slightly below — 1H net profit of $145m, below the $146.9m analysts expected. Immediate future looks promising.
• Oz Minerals (OZL) — in line with guidance — Announced a $517.3m loss, FY production guidance maintained.

In other news…

• According to The Sydney Morning Herald, ANZ Bank (ANZ) is considering taking a $4bn controlling stake in AMP Ltd (AMP) in exchange for their ING wealth management business. No discussions have taken place at board level as yet according to the article. ANZ down 14c to 2238c, AMP down 4c to 595c.
• The Wall Street Journal says Westfield (WDC) is studying whether to make a bid for bankrupt US mail owner General Growth Properties. WDC down 1c to 1192c.
• Marion Energy (MAE) announced a $2.8m placement. MAE down 9.7% to 6.5c.
• Sigma Pharmaceuticals (SIP) — trading halt — pending announcement

The Dow Futures were down 23 at midday.

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