The market is up 28. 14 points are thanks to a rise in the big four banks with a bit of Citi research from Europe highlighting Australian banks as good income plays being blamed for the interest. SFE Futures were up 5 this morning.
The Dow closed down 7 — The Dow was up 21 at best and down 34 at worst. Low volume again — Only 4.8bn shares were traded on all US exchanges overnight, a number nearly 30% down on the average daily trade seen so far in 2012. US Best: Consumer Services, Health Care, Basic Materials and Financials all rising around 0.3%. US Worst: Utilities (-0.5%) and Energy (-0.3%). Metals were mixed on the LME with Copper up 0.3%, Aluminium down 0.03%, Zinc -1.22% and Zinc -1.22%. Gold up $3.90 to $1606.30. Oil up 86c to $94.29 with US crude inventories coming in lower than expected. Crude Oil Inventories measure the weekly change in the number of barrels of commercial crude oil held by US firms. BHP and RIO down 1.04% and 2.92% in ADR form in the US with BHP closing at the equivalent of 3246c down 16c on last night’s close here. RIO went ex dividend hence its relative fall and 4.75% fall in the UK. The Aussie is at 105.05c.
Reporting Season Results & Announcements
- Wesfarmers (WES) — FY Profit in line with consensus forecast — Net profit rose by 11% to $2.1bn from $1.90bn in line with consensus forecasts. WES is up 3.2% to 3354c.
- AMP — Interim results above estimates — Net profit of $383m up 10% from $349m. The rise in profit was largely attributable to the company’s merger with Axa Asia Pacific. Underlying NPAT, which removes costs associated with the merger was $491m above an expected $469m. AMP is up 2.4% to 426c.
- ASX — FY results a bit below consensus — Net profit of $339.2m down 3.7% from $352.3m. The result missed a consensus forecast of $341m and included significant items of $7m. Underlying profit was $346.2m down 2.9% blamed on global uncertainty reducing trading activity. ASX is down 0.19% to 3135c.
- Brambles (BXB) — FY results below forecasts — Net profit US$576.3m up 21% from $475.3m but below a consensus forecast of US$600.5m. Underlying profit of $1.01bn up 18% and inline with company guidance of US$1.05bn-US$1.08bn. BXB is down 4.04% to 617c.
- Dexus Property Group (DXS) — FY results weaker than expected — Net profit of $181.1m down 67% from $553m and below and expected $371.6m. DXS is down 2.26% to 97.25c.
- Adelaide Brighton (ABC) — Interim Results OK, weaker guidance — Net profit of $67.5m up 9.8%. Guidance of between $145m-$155m compared with the $155m consensus. ABC is down 7.69% to 300c.
- iiNet (IIN) — FY results beat expectations — Profit was up 11% to $37.05m beating a consensus forecast of $32.5m. Revenue was up 19% to $831m, EBITDA was up 47% to $145m beating Patersons’ forecast of $133.3m. IIN is up 2% to 359c.
- Invocare (IVC) — Interim results OK — Net profit $20.36m up 40.5%. Interim dividend of 15c FF. IVC is up 1.95% to 861.5c.
- Matrix Composites & Engineering (MCE) — FY results inline with guidance — Net loss of $14.4m was better than an expected loss of $17.6m. MCE is up 3.9% to 213c.
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