The market is down 6. The SFE Futures were up 11 this morning.
Wall Street closed up 30. The Dow was up 43 at best and down 35 at worst. The Dow continued its rise, setting new 2-year highs. It is now up 3.6% for the month. The S&P 500 has now doubled its value in less than two years (up 105% against our market up 58%). Positive manufacturing data overshadowed a rise in unemployment claims to send shares higher. The oil price put on $1.37 to $86.36, Gold was up $10 to $1385.10 and the Aussie dollar is now at 101.16c compared to 100.36c yesterday.
Earnings Results are dominating the headlines…
- ANZ Bank (ANZ) 1st Q Market Update — Good set of numbers. Underlying earnings were up 27% on last year to $1.4bn. Deposit volumes were up 3% and lending growth was up 2%. Tier 1 ratio stands at 10.3%. One broker has described the update as not good enough — it’s up 15% in a month. ANZ down 2.7% to 2494c.
- Fortescue Metals (FMG) 1st half result is out. It came in at $US314m, Patersons had expected $US346m. 1st half refinancing costs reached US$719m. (Patersons expected $US600m). Has $2.37bn in cash and declared a 3c dividend. Bad weather may result in March Q production guidance being changed. FMG up 6c to 693c.
- Billabong International (BBG) has reported an 18% decline in first half profit to $57.2m, but predicts full year revenue to rise 14% instead of previous flat guidance. BBG up 10.7% to 885c.
- Sims Metal Management (SGM) – H1 2011 NPAT of $49.3m. Sales revenue rose 17% on the pcp to $3.9bn. SGM up 1.5% to 1925c.
- Spotless Group (SPT) first half net profit down 29% on year to 17.4m, underlying profit down 8.4%. But it continues to expect full earnings to exceed FY2010 levels. SPT unchanged at 227c.
- Duet Group’s (DUE) first half profit fell 51% to $39.7m. Revenue was up 1%. Company said it continues to focus on improving the operational performance of its assets and selectively deploy capital. Declared a 10c interim dividend. DUE up 1.5c to 168.5c.
- Tassel Group (TGR) first half net profit fell 13% while revenue rose 7.9%. TGR unchanged at 176c.
- Minara Resources (MRE) — Full year 2010 net profit up 21% to $59m. Remains debt free and has $224.3m cash on hand. They declared a fully franked 5c final dividend. MRE up 2.5% to 90c.
- James Hardie Industries (JHX) has cut its full year guidance after reporting a 3rd Q loss if $US26.4m. Net operating profit fell 25% to $21m. JHX said the US housing sector “remains weak and challenging” and that Asia Pacific was hit by wet weather. JHX up 4c to 661c.
Stocks going ex dividend today: Boral (7.5c) and SAI Global (6.3c). Telstra XD 14c on Monday.
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