The market is up 9. The SFE Futures are up 2 this morning.

The Dow closed down 17 but was down as much as 69 at one stage. European markets were lower as hopes of a Greek bond holders deal faded a bit and as Greek politicians leaders failed to agree on details of the austerity measures required for the second bailout that is required by the EU and the IMF. The oil price fell 66¢ to $97.18. The gold price fell after the US dollar index rose. The Australian dollar was lower overnight ahead of the RBA’s interest rate decision today and is now buying $1.072.

Main points

  • National Australia Bank (NAB) — Trading Update — Announced first Q cash earnings up 8% to $1.4bn, from $1.3bn, but higher funding costs are hurting the bottom line. The result was a bit below market expectations of $1.45bn and the stock is still down 2.5% to 2355c on predictably cautious outlook comments.
  • Macquarie Group (MQG) announced that their FY12 result is expected to be 25% lower than FY11 on the back of a deteriorating market. Although MQG had expected this year’s profit to come in below last year’s $956m, the fall is bigger than expected. MQG is down 4.87% to 2483c.
  • Cochlear (COH) reported a much better than expected 1st H net loss of $20.4m against forecasts of a loss of up to $90m. Revenue up 3%. EBIT down 10%. Declared an interim partially franked dividend of $1.20 payable on the 13th March 2012. COH up 5.6% to 6136c.
  • Transurban (TCL) reported a 1st H net profit of $96.6m, up 27.1% from $74.7m. Toll revenue on the 1st H was $473.8m up 6% from previous year. They also declared a 14.5c dividend payable 14th TCL is up 1.36% to 559.5c.
  • Bradken (BKN) reported a 1st H net profit of $43m compared to forecasts of $49m. Revenue at $690m up 29.1% from the previous year. BKN is down 0.62% to 800c.
  • Fortescue Metals Group (FMG) is believed to have a new mystery shareholder that has purchased a 2.89% stake worth $480m. Talk is that the buyer is Noble Group. FMG jumped 29c (5.7%) to close at 572c yesterday. FMG taking a breather today down 2.5c to 534
  • Leighton Holdings (LEI) announced their subsidiary has received a 6 year contract worth $1bn to extend operations at Oz Minerals’ copper and gold mine in South Australia. LEI up 3% to 2457c.
  • PMI Gold Corp (PVM) has appointed Michael Gloyne as its CEO which further strengthens its team as it moves towards development of its Obotan gold project in Ghana West Africa. PVM is up 32% this month and up 3.33% today to 124c.
  • RBA expected to cut rates by 25bp today although the general expectation is that the banks will only pass on 15bp

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