The market is up 33. The SFE Futures were up 44 this morning.
The Dow Jones closed up 260 on Friday and was up 286 at best. The Dow put on 1.4% for the week and the S&P 500 added 0.8%, after closing higher each day of the week except for Wednesday. Italy’s Senate approved the package of measures that had been demanded by the EU. Berlusconi also resigned as Italian premier with former European Commissioner Mario Monti asked by the President to takeover as premier. Yields on Italy’s debt were down for the second straight session after they hit their highest levels last week since the euro was introduced. US economic data was also positive. Metals were mostly up on the LME, the oil price put on $1.21 to $98.99 and Gold increased $28.50 to $1788.10. The Aussie dollar improved to 103.34c from 101.55c.
- Incitec Pivot (IPL) annual profit rose 13% to $463.2m in 2010/11 and says 2012 will be a transition year for its explosives business as it starts up a new ammonium nitrate plant in Queensland. They have a positive outlook for global fertilisers in the long term. IPL up 4c to 356c.
- DuluxGroup’s (DLX) full year profit up 52% to $93.24M with the company forecasting further improvement in the year ahead. Underlying net profit for the year was $77.6 million, up 13% from the previous corresponding period. DLX up 5% to 281c.
- Elders (ELD) reported a $395.4m annual loss but forecasts an improved performance for the current fiscal year. The result is worse than the $217.6m loss for the previous corresponding period. But underlying profit came in at $4.7m, up from loss of $15.1m. ELD down 0.5c to 25c.
- Beach Energy (BPT) now holds a 60.93% interest in Adelaide Energy after launching a $94 million bid last week. BPT is seeking to remove the remaining members of the Adelaide Energy board after taking control through the hostile takeover bid. BPT up 4c to 132c.
- Horizon Oil (HZN) up 6.6% to 24c after announcing a 30% upgrade to their Stanley Field resource in PNG.
- Ausenco (AAX) up 2.5% to 287c after they secured a Create phase contract to manage a $55m upgrade of terminal conveyors at the Iron Ore Company of Canada’s port facilities in Quebec.
- Lend Lease (LLC) has announced their JV Syntheo has secured a $141m contract from NBN Co. for the rollout of a passive fibre network in South Australia. LLC up 2c to 746c.
- One broker has upped their recommendation on BlueScope Steel (BSL) to Outperform from Neutral but they did have their target price cut to 108c from 113c. BSL up 3c to 80c
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