The market is down 38. The SFE Futures were down 50 this morning.

Wall Street fell 16 on Friday. It was a horrid week for US market last week. The S&P 500 was down 3.8% for the week and the Dow was down 3.3%. US economic data on Friday was OK — retail sales grew by 0.4% in July.  Eurozone GDP grew 1% during the 2nd quarter. This was largely due to German GDP growth of 2.2%. Metals were mostly up on the LME, oil price fell 35c to $75.39 and the Gold price dropped 10c to $1216.60. The Aussie dollar fell to 89.33c from 89.59c.

Results today…

  • Leighton Holdings (LEI) — Net profit rises 39% — Full year net profit was a record $612m up from $440m a year ago. Analysts were expecting $611m on average. Patersons have upgraded their recommendation to BUY from HOLD. LEI up 5% to 3027c.
  • Newcrest Mining (NCM) — FY net profit doubles — FY underlying net profit came in at $763.7m, analysts expected $681.37m. Revenue increased by 10.7% to $2.8bn. Net profit doubled to $556.9m. Declared a final dividend of 20c, up from 15c last year. NCM up 56c to 3526c.
  • BlueScope Steel (BSL) — Better-than-expected FY result — FY net profit came in at $126m, surpassing the $114.5m analysts expected. BSL reinstated their dividend and will pay a 5c final dividend. BSL up 6c to 238c.
  • Lend Lease (LLC) — Better-than-expected — FY operating profit after tax was $323.6m, beating their own guidance of $307.5m and analysts’ expectations of $319m. LLC up 6c to 715c.

In other news today…

  • AWB Ltd (AWB) has received another bid from Agrium Inc at 150c a share. The offer is conditional on Agrium conducting due diligence with “respect to certain financial and legal matters”. AWB directors haven’t withdrawn their previous recommendation that shareholders vote in favour of the premiumless GrainCorp merger. AWB up 30% to 143c.
  • Gunns (GNS) reports the sale of its Tamar Ridge wine unit for $32.5m. Also reports annual net profit for 2009-10 was $28m (unaudited). EBIT for the year to June 30 was $52.2m, at the lower end of previous guidance of $50m to $60m. GNS up 1c to 62c.
  • Talk of Rio Tinto (RIO) potentially making a bid for Ivanhoe Mines, the NYSE listed Mongolian copper play owned by Robert Friedland. It has a market value of $US8.1bn and RIO already owns 29% of it. The remainder would cost $US5.75bn. RIO down 1.2% to 7057c.
  • Commonwealth Bank (CBA) goes 170c ex dividend today, as does AXA Asia Pacific (9.25c) and Bradken (21c).

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