The market is up 10. The SFE Futures were up 59 this morning.

The Dow Jones closed up 340 points after rising 162 the prior day. The S&P 500 was up 3.4% and is now up more than 13% in the month. European markets were also higher as global markets reacted to the Euro zone agreement for banks for take a 50% haircut on Greek bonds and leverage the EFSF to €1.4 trillion. The S&P 500 moved above its 200-day moving average. US GDP growth was also higher than expected at 2.5%, the biggest gain in a year. The oil price was up $3.769 to $93.96. The gold price was up $24.20 to $1747.70. The Aussie dollar was up at 107.20¢ from 104.01¢. Metal prices jumped as well.

Main points:

  • Macquarie Group (MQG) reported first half net profit of $305m, down 24% on year. This was below analysts’ expectations of $320.6m. MQG also announced a plan to buy back up to 10% of their shares, its first capital management initiative since 2005. They also downgraded guidance and now expect 2012 profit to come in lower than in 2011. Net operating income dropped 11% from the previous first half due to an 11% fall in fee and commission income due to weak investor sentiment and increased market volatility. Declared an unfranked dividend of 65¢ per share.  MQG up 3.9% to 2530¢.
  • Qantas (QAN) says the industrial action taken by unions representing engineers and baggage handlers has cost the airline $68m. The uncertainty around the ongoing industrial action is costing about $15m a week in lost revenue. CEO Alan Joyce said “The outlook for the remainder of the first half iof 2011-12 remains volatile and given the uncertainty in global economic conditions, fuel prices, foreign exchange rates, and the industrial relations environment, as well as a major transformational change agenda underway, it is not possible to provide profit guidance at this time”.  QAN up 1%.
  • Kingsgate Consolidated (KCN) said they are reviewing the impact of heavy rains and flooding in Thailand on their Chatree gold mine, but still expect production for the year to June 30 to be significantly above last year. KCN down 1.1% to 788¢.
  • Santos (STO) has sold their 40% interest in the undeveloped Evans Shoal permit in the Bonaparte Basin offshore northern Australia to an undisclosed major international oil company for up to US$350m. STO down 1.7% to 1309¢.
  • Lend Lease (LLC) has secured a $355m contract for redevelopment of Adelaide Oval. LLC up 1.8% to 793¢.
  • Fairfax Media (FXJ) says it will hold onto its metropolitan radio assets as there has been a lack of acceptable takeover offers. FXJ up 4.7% to 9475¢.

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