The market is up 44. The SFE Futures were up 6 this morning.

The Dow closed up 46 points on Friday and was up 64 at best on hopes that Greece will receive a bailout after the EU finance ministers meeting tonight and on positive US economic data. In a surprise move the Chinese also eased bank reserve requirements for the first time in 3 months – theoretically a good move for the resources sector.  The S&P 500 was up 0.2% on Friday at a new 9-month high. The index ended the week 1.4% higher for its 6th weekly rise in the past 7 weeks. The gold price was down $2.50 to $1725.90. Metals mixed on the LME. The Aussie dollar was up, now buying 107.77¢. The oil price up 93¢ to $103.24

Main points:

  • Bendigo & Adelaide Bank (BEN) released interim results with a net profit of $57.9m, down from $173m. The cash profit was up 0.3% to $162.6m which was in line with an expected $162.3m.
  • UGL Ltd (UGL) reported FY profits results which were down 15% to $55.4m below consensus for $62m. The weaker results were due to higher than anticipated acquisition costs. An interim dividend of 34c.
  • Amcor (AMC) released their 1st H result with net profit up 14% to $304.7m which was better than the expected $300m. Earnings outlook is expected to be well ahead on the year. Full year guidance for all 3 divisions was maintained.
  • Lend Lease (LLC) recorded a 1st H profit of $217.8m which fell 3.8%, but better than an expected $192m. Revenue jumped 34% to $5.79bn with an interim dividend of 16c.
  • Bluescope Steel (BSL) reported a net loss of $530m compared to a net loss of $55m last year. The figure was below market forecasts. No interim dividend was declared. It included a one-off restructuring cost of $260m.
  • Billabong International (BBG) has received a new takeover offer from TPG Capital to buy all its shares for $3. BBG is considering the proposal.
  • Challenger (CGF) released NPAT results of $127m lower than the $139m expected. This included a negative investment earnings market adjustment of $107m. Core earnings down 83% to $20m which was below the $31m expected.
  • Macquarie Atlas Roads Group (MQA) released their FY results. Net profit was down 5.6% to €395m. Revenue was up 4.2% to €2.022bn. Figures were inline with expectations.
  • Caltex (CTX) plans to shut down two of its domestic refineries marking the end of its presence as a fuel refiner. The move will put close to 800 jobs at risk.
  • Sydney Airports (SYD) released their traffic performance figures for Jan.

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