The market is up 1. The SFE Futures were up 2 this morning.

US markets were closed for the President’s Day holiday. European markets were higher on hopes that Greece will finally secure a bailout and avoid default and on news of China easing monetary policy over the weekend. The gold price was higher on the Chinese news, up $9.60 to $1735.50. Metals were up on the LME. The Aussie dollar was down, now buying 107.57¢. The oil price up $1.68 to $104.92

Main points:

  • Oil Search (OSH) released their FY results. Profit was up 9% to $235.7m beating an expected $228.4m. Final dividend was 2c as expected. The PNG LNG Project remains on track to generating significant revenues.
  • Boart Longyear (BLY) released their FY results. Profit was up 89% to US$160m which beat an expected US$146.9m. Revenue was up 37% to $2.02bn.
  • Downer EDI Limited (DOW) 1stH profit up 19% to $85m exceeding expectations of $80.7m. Stronger than anticipated revenue $3.8bn vs consensus $3.4bn.
  • Monadelphous Group (MND) released their 1st H results. Profit was $57.5m up 26.3% in line with a consensus $57.8m. Sales revenue was $879.5m up 25.6%. They will pay a fully franked dividend of 50c up from 40c.
  • OneSteel Limited (OST) reported a first half net loss of $74m, down from last year’s $116m profit. Was better than an expected $57m loss. Result included an impairment charge of $130m relating to the write down of LiteSteel Technologies businesses. Unfranked interim dividend of 3c maintained.
  • Mirvac Group (MGR) released their HY results. Profit was up 1% to $176.6m better than an expected $167.3m. Total revenue down 16% to $805.6m. Quarter distribution was 2c.
  • Flight Centre (FLT) released their interim results. Profit was $81.6 up 16% in line with a consensus $83.1m. EBITDA was $137.5m up 13.4%. A fully franked dividend of 41c was announced up from 36c.
  • Sonic Healthcare (SHL) released their 1stH results. Profit up 6% to $143m below consensus of $149m. Revenue was $1.642bn up 9%. Strong Aussie dollar has softened results. SHL is on track to deliver FY2012 guidance of EBITDA growth 10-15%.
  • Leighton Holdings (LEI) has won a $515m contract to build a luxury hotel complex in Dubai. It will become the largest integrated hotel complex in the Middle East
  • Marcus Today has added a new trade to our Trading Section today. A mining services company with good results, good management, a strong outlook statement, a PE around 8x, Yield around 8%, dividend due, financially strong, has cash, a share  buyback and is recovering from a profit and share price dip. To read more sign up for a free trial at www.marcustoday.com.au.

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