The market is up 8. The SFE Futures were up 2 this morning.
Dow Jones down 34. Dow was up 63 at best and down 76 at worst. UK up 0.6%, France down 0.01% and Germany up 0.95%. Chinese data out over the weekend was weaker than expected. The Chinese cut reserve requirements over the weekend confirming that they are a bit behind the curve, that the Chinese economy continues to slide. Indian industrial production also below expectations. The Greeks fail to form a government and although not confirmed it looks like they will have to move to new elections next month prolonging the uncertainty. Gold under $1600. The A$ toying with parity. Most metals down.
- New Note issue — The NAB has announced a Note Issue this morning. See Marcus Today for more details.
- Incitec Pivot (IPL) — interim results — delivered a profit of $143.5m down 13% and below an expected $190.7m. Although results were below expectations the company painted a bright second half outlook. Second half guidance of $80.1m in earnings was as expected. Explosives business is expected to deliver moderate volume growth.
- DuluxGroup (DLX) interim profit of $39.4m (excluding one off items) down 2% but in line with consensus of $39m. Interim dividend of 7.5c. The company expects profit for FY12 to be higher than last year’s $77.6m as benefits from cost control measures will be realised. DLX has made a $188m bid for Alesco Corp (ALS) Overall solid results in challenging conditions. DLX is unchanged on 303c.
- Decmil Group (DCG) has won a major contract with Fortescue Metals Group (FMG) worth $137m. Work is expected to be completed within the next 12 months.
- Leighton Holdings’ (LEI) subsidiary John Holland Group has been awarded a $570m rail contract to deliver the City to Maribyrnong River section of Victoria’s Regional Rail Link project. The project with be under an alliance contract with other construction partners. The last week has seen LEI awarded around $1.7bn of new work but the share prices continues to fall.
- Paladin Energy (PDN) has announced their local workforce at Kayelekera has walked off in protest at the company’s refusal to accept a 66% pay increase. This comes after a 50% devaluation of the national currency in Malawi. Production was shut for 22 hours. The plant is expected to operate at about 65% capacity until the work force returns. While the action will have an impact on total production results, PDN believes it will not be significant if employees return to work on tomorrow.
- Westpac ex dividend 82c FF this morning.
- CBA has a 3Q trading update on Thursday.
- A$ very close to parity as the appetite for ‘risk assets’ wanes on European political uncertainty, slowing Chinese growth and Australian interest rate cuts.
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