The market is down 22. The SFE Futures were down 2 this morning.

The Dow closed up 73 overnight and was up 87 at best on the back of Greek parliament passing the latest round of austerity measures. Nine out of 10 S&P 500 industry groups were higher. Industrials were best, up 1.2%, while Utilities were lower. Financial stocks were up 0.9%. European markets were stronger following the Greek agreement on austerity measures but with an EU finance ministers meeting tonight there are plenty of obstacles before we can rule out a Greek default. Metal prices were lower. The Aussie was back up above 107¢. The oil price was up $1.89 to $100.56. The gold price was down at $1724.50 an ounce.

Main points…

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  • GWA Group (GWA) — announced their 1st H results which were below expectations. Net profit fell 60% to $13.3m which was below consensus estimates. GWA is down 4% to 238c.
  • Western Areas NL (WSA) — 1st H earnings results were in line with consensus estimates. Net profit was down 64% to $24m, which beat an expected loss of $7.3m. WSA is down 1.9% to 564c.
  • Oakton (OKN) — first half earnings were below expectations. OKN reported a decrease of 5.5% in net profit of $6.9m which was below an expected $8.1m. OKN is down 5.6% to 126.5c.
  • Tabcorp (TAH) said they are seeking to raise $200m through a Subordinated Note issue.  TAH is down 14¢ to 276¢ — they went ex-dividend today, 13¢.
  • ANZ Bank (ANZ) down 4¢ to 2173¢ after confirming yesterday they will cut 1000 Australian jobs to offset lost revenue due weaker demand for loans and the volatile economic climate.
  • Leighton Holdings (LEI) is under investigation by police after making potentially corrupt payments in Iraq. The investigation my result in fines although LEI insists the outcome will not have a material effect on company profits. LEI  down 2.95% to 2269c.
  • AGL Energy (AGK) intends to gain full ownership of Victoria’s Loy Yang power station. It already owns 32.5% and is in negotiations with troubled Tokyo Electric Power to buy another 32.5% for $145m. AGK is down 0.56% to 1421c.
  • JB HI-FI (JBH) is increasing pressure on landlords and suppliers to drop prices in an effort to protect its margins after their result yesterday. The response from brokers was flat this morning.  JBH is down 0.25% to 1200c.
  • There was nothing of note in the RBA’s Assistant Governor Debelle’s speech at 8.30am this morning.

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