The market is up 5. The SFE Futures were up 24 this morning.
The Dow Jones closed up 129 overnight. It rebounded well from yesterday’s 165 point fall. Company results dominated the news with most reporting better than expected results. Morgan Stanley was the exception with an unexpected $91m quarterly loss. The UK outlined plans for £81bn in cuts to government spending with “unavoidable” job losses. Gold was up $8.20 to $1344.20 and the oil price rose $2.28 to $81.77. The Australian dollar climbed back up to 98.71c.
Today’s main points…
- Ten Network (TEN) releases their FY result today. Lots of press this morning regarding Packer’s intentions — seems like he is going to overhaul the board. He has now lifted his stake to over 17%. TEN up 2.6%.
- Wesfarmers (WES) up 2.85% on better-than-expected sales numbers. Sales were up 4.3% to $11.221bn, up from $10.761bn. MD Richard Goyder said he was “generally pleased with the results”.
- Tabcorp Holdings (TAH) up 4.5% after coming out of a trading halt this morning. It announced demerger plans earlier in the week and has completed its $430m capital raising.
- Santos (STO) reported a 4% fall in 3rd Q revenue on the year after output was affected by wet weather in central Australia. STO down 0.16%.
- Fortescue Metals Group (FMG) has revealed to its bondholders a $US2bn capital cost blowout at its Solomon project but it is yet to advise shareholders. FMG are in a trading halt pending an announcement.
- Perpetual (PPT) say it will not be pressured into making a decision about KKR’s $1.75bn “opportunistic” takeover offer in time for its AGM next week. PPT down 0.83%.
- Iluka Resources (ILU) — Production Numbers — Sept Q revenue after currency hedging was in at $209.4m. ILU up 1.8%.
- ASIC has rejected an application by Leighton’s (LEI) largest shareholder, Hochtief, to force Spanish company ACS to bid for Leighton Holdings.
- Newcrest Mining (NCM) has reported a sharp jump in quarterly production following its takeover of Lihir Gold with September Q gold production up 79% on the pcp and up 28% in the quarter. NCM up 1.33%.
- AGL Energy (AGK) held its AGM where it said it expected FY11 underlying profit of $450-$480m. Says it will only bid for NSW electricity assets if it is accretive to shareholders. AGK down 1.63%.
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