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Morning Market Report

Markets stay stable in the face of slightly below-part results releases.

The market is up seven points.US stock and bond markets were closed due to a federal holiday.

Oil rose 0.62% toUS$100.92 as bad weather on the US east coast boosts demand and supply disruptions occur in Libya.

Gold rose US$10.40 to US$1329.00 per ounce.

The US$ was mixed against most major currencies in thin holiday trade. The Australian dollar was weaker and is currently trading at US90.32c.

US treasury markets were closed  —  the yield on the 10 year bond closed Friday at 2.749%.

European shares were mixed  — The UK FTSE rose 1.09% but the French CAC fell 0.11% and the German DAX fell 0.06%.

European bonds were mixed  —  the yield on the Euro 10 year bond rose one basis point to 1.683% but the UK 10 year bond yield was one basis point lower at 2.780%.

Base metal prices were mostly stronger  —  zinc rose 1.00%, nickel rose 0.75% and copper was 0.33% higher. Aluminium fell 0.78%.

Iron ore rose US$1.20 to US$124.40 a tonne.

STORIES:

  • Asciano (AIO) - First half profit down 4.6% at $187.5 million which was above an expected $180 million. Revenue was up 7.3% to $2.01 billionn. Interim dividend of 5.75c. They expect low to single digit growth in full year underlying profit and to launch their delayed Port Botany expansion.
  • Amcor (AMC) — First half profit was up 21% to $326.6 million which was in line with consensus expectations. Interim dividend of 19.5c. AMC reaffirmed guidance for higher full year underlying profit. Demerger was successfully completed.
  • McMahon Holdings (MAH) — Profit was up 151% to $19.4 million. No interim dividend.
  • Arrium (ARI) — Underlying NPAT up 294% to $201 million from $51 million in the first half of 2013 and above an expected$187.5 million. Interim dividend of 6c. Sales revenue up 7% to $3.64 billion. On track for targeted sales of 12Mtpa hematite ore for financial year 2014.
  • Challenger (CGF) — NPAT up 10% to $164 million, above an expected $160.9 million. Interim dividend up 32% to 12.5c. Payout ratio increased to 39%. First hald of 2014 retail net book growth of 8% ($540 million). Outlook — full year retail net book growth target increased to a range of 10-12%.
  • CSG (CSV) — Underlying NPAT up 7.7% to $8.4 million, in line with consensus estimates. No dividend.
  • Coca-Cola Amatil (CCL) — Full year underlying profit was 9.6% lower at $502.8 million, below an expected $514.5 million. Net profit was down 82.5% to $79.9 million. Interim dividend of 24c. Special dividend of 2.5c, final dividend 32c.
  • Pacific Brands (PBG) — NPAT of $33m down 15.1% which was in line with an expected $34 million. After significant items PBG reported a loss of $219 million. Dividend of 2c fully franked, reducing the payout ratio to 55%.
  • Sirtex Medical (SRX) — Profit of $11.2 million up 43.6%. Dividend of 12c up 20%. Revenue was up 27.2% to $58.6 million.
  • Seven West Media (SWM) — Profit of $150 million up 5.5% and above an expected $148.3 million. Interim dividend of 6c. Group revenue declined 1.1% to $975.8 million.
  • Western Areas NL (WSA) — first half net profit up 49% to $3.2 million. Interim dividend of 1c. WSA looking to raise up to $104 million to cut debt and improve financial flexibility.
  • RCR Tomlinson (RCR) — NPAT up 38% to $22 million. Interim dividend up 20% to 3c.
  • SAI Global (SAI) — Underlying profit of $20.6 million up 11.6% and above an expected $18.7 million. Interim dividend of 7c up 2.9%.
  • Sonic Healthcare (SHL) — Net profit of $177 million up 9.6% which was in line with a consensus forecast of $178.2 million. Interim dividend of 27c up 8%. Revenue of $1.899 billion up 4.4%.
  • Cardno (CDD) — Net profit of $43.1 million up 7.4% and above an expected $38.1 million. Interim dividend of 19c.

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