The market is up 7. The SFE Futures were down 19 early on before news of a Greek deal saw them up 9 before the open.
The Dow closed down 89 points on Friday, ending its worst week in over a month. European stocks had their largest fall since January as uncertainty continued as to whether Greece will receive its next round of bailout funds and avoid default. Disappointing Chinese exports and imports didn’t help. George Soros predicts that indebted European countries face a “lost decade” of economic growth. The Aussie fell to its lowest level in almost 2 weeks at 106.40¢. The oil price was down $1.17 to $98.67 on Friday. Metals were down. The gold price was down at $1725.30 an ounce.
- JB Hi-Fi Limited (JBH) — released their 1st H results which were a bit better than expected. An interim profit of $79.6m, inline with guidance. Interim dividend was 49c compared to consensus of 45c. JBH is up 2.59% to 1230c.
- Leighton Holdings (LEI) — released their 1st H results which were better than predicted. LEI recorded a $340m net profit which beat an expected $270m. The company declared a 60c dividend was higher than the expected 50c. However, speculation over the possible breach of its code of ethics and Australian laws related to contract payments and a police investigation has seen the price down 3.2% to 2305c.
- Transfield Services (TSE) has secured a NZ$318m maintenance and project services contract renewal with Transpower a New Zealand electricity transmission grid owner and operator. TSE is up 4.09% to 230c.
- AGL Energy (AGK) is in negotiations with Tokyo Electric Power to buy a heavily discounted stake in Victoria’s largest power station Loy Yang Power for $145m. The power station provides a third of Victoria’s power needs. AGK is down 0.14% to 1409c.
- Canadian resources house Teck Resources has surfaced as the buyer of a $480M stake in Fortescue Metals Group (FMG). Teck Resources is Canada’s largest diversified miner and has a market value of $22bn. FMG is up 1.72% to 533c.
- Murchison Metals (MMX) shareholders will meet today to vote on a $325M offer from Mitsubishi for its key assets. This will mark the end to a joint partnership which has lasted nearly five years. MMX is unchanged trading at 43.5c.
- Ramelius Resources (RMS) has given guidance of an expected half year profit for the six months to 31 December 2011 of $23M. RMS is up 0.45% to 112.5c.
- Australian Housing finance numbers see home loans up 2.3% in December higher than the +1.8% expected.
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