The market is up 13 and has rallied from being down 12 first thing. SFE Futures were up 8 this morning.

The Dow closed down 39 — Down 95 at worst taking back most of Friday’s gains with only five Dow stocks finishing up. There were no US economic numbers released on Monday but a mass of them are due on Wednesday and Thursday including Retails sales, PPI, CPI, Industrial production and Crude inventories. The weak Japanese GDP numbers yesterday our time and some Chinese GDP downgrades from brokers seen as a factor in the weakness. European markets were mainly down with Germany down 0.51%, France down 0.27%, the UK FTSE down 0.29% with Spain up 0.31%. Greek economy contracted by 6.2% in the previous 12 months to June a small improvement on the 6.5% drop YonY reported to the March Q. The market had expected -7.0% so they were better than expected.  Metals were all down on the LME with Copper down 1.36%, Lead down 1.97% and Zinc down 1.11%. Gold was down $10.60 to $1612.20, Oil was down 12c to $92.75. The Aussie dollar is at 105.19c. 

Reporting Season Results & Announcements

  • National Australia Bank (NAB) — 3rd Q trading update a bit below expectations — Cash earnings were $1.4bn unchanged from the previous year and slightly below a broker consensus figure of $1.47bn. NAB is down 1.6% to 2465c.
  • GWA Group (GWA) — Down on a weaker outlook — net profit was $45.6 slightly above an expected $42.1m. Final dividend at 8.5c. GWA expects 1H13 NPAT to be down. GWA down 3.96% to 194c.
  • Singapore Telecommunications (SGT) — 1st Q results better than expected — Net profit rose 3.2% to S$945.3m which was higher than a forecast S$919m. SGT is up 0.2% to 256.5c.
  • (CRZ) — FY results better than expected — Net profit $71.6m up 23% from $58.3 last year. The result was above an expected $69.1m. Dividend of 13.2c with a special dividend of 6c. CRZ is up 7.22% to 683c.
  • Cardno (CDD) — FY results slightly weaker than expected – Net profit of $74.2m up 26% but slightly lower than the expected $77.1m. CDD is up 0.12% to 826c. 
  • Goodman Fielder (GFF) — FY results better than expected — Net loss after a $267m write-down of $146.9m which was 12% lower than $166.7m last year and better than expected — underlying profit of $96.5m down 29%. GFF is up 4.08% to 51c.
  • Oakton (OKN) – FY results better than expected – NPAT of $11.84m down 10% but was above an expected $10.5m. OKN is up 7.29% to 132.5c.
  • Domino’s Pizza (DMP) — FY results in line — NPAT was up 25.7% to $26.9m which was inline with an expected $26.4m. DMP is up 2.77% to 966c.
  • Ansell (ANN) — FY results in line — NPAT $130m up 5.9% which was inline with consensus forecast. ANN is up 3.12% to 1423c.
  • NAB Business Confidence up in July. Index rose to 4 after readings of -3 in June and -2 in May. Rise in confidence suggests global conditions becoming more stable.
  • New Motor Vehicle Sales fell 0.8% in July, 90,133 new vehicles sold down from 90,859 in June.

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