The market is up 4 but improving after being down as much as 25 this morning. The SFE Futures were down 1 overnight.
Wall Street fell 32 overnight. The Dow was up 2 at best and down 80 at worst. It was a slow session on no economic news and dwindling company results. Both Oil and Gold went backwards, metals were weaker except for Nickel and the Aussie dollar was up slightly to 83.74c from 83.49c.
Lots of results today…
- JB Hi-Fi (JBH) FY result — better-than-expected — announced a FY09 NPAT of $94.4m, up 45% on last year. The market was expecting $92.4m. FY revenue was $2.33bn, up 27% and says that it expects FY10 sales to be up around 20% to $2.8bn. It declared a final dividend of 29c. JBH’s share price hit a fresh yearly high in July, but is down 7% since the start of August. JBH up 5% today following result.
- Cochlear (COH) — Result in line with expectations — announced a FY09 NPAT of $130.4m, up 13% on last year. Not much of a share price reaction — down 1.2% — as the result was pre-announced to the market. Final dividend has come in at 95c. No specific guidance was given but it did say growth will be stronger in the 2H of 2010.
- Primary Healthcare (PRY) — Slightly above — FY09 NPAT has come in at $108.5m, slightly above the $105.5m analysts’ expected. Declared a final dividend of 7c. Says it is confident of further earnings growth. PRY down 2.8%.
- Australian Agricultural Co. (AAC) has announced a net loss of $30.3m in the 1H, down on the $2.2m loss last year. AAC up 1c to 144.5c.
- Felix Resources (FLX) in a trading halt for 5 days ahead of what is likely to be a $3.5bn bid from Chinese coal producer Yanzhou Coal. The news bounced the coal sector yesterday and feeds speculation of further consolidation in the sector.
- WorleyParsons (WOR) says its Canadian subsidiary has had its contract for Syncrude CoSyn and Imperial Oil upstream alliance extended for another five years. WOR up 3%.
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Also in the news…
- Rio Tinto (RIO) continues to fall — down 2% after a 3% fall yesterday — on concerns about its relationship with China who claim RIO’s has cost them $120bn.
- Not a lot of love from brokers this morning for Fortescue Metals (FMG) after its result yesterday afternoon. Two sells and a couple of holds. FMG down 2.4% today after a 5.7% fall yesterday.
- ARB Corporation (ARP) and Domino’s Pizza Enterprises (DMP) have hit a fresh yearly high today.
- Westfield Group (WDC) is ex a 47c distribution today and is down 41c this morning. TABCORP Holdings (TAH) has also gone 30c ex dividend
The Dow Futures are breaking even at midday.
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