The market is down 3 which is a good performance considering Telstra and the CBA have gone ex dividend and between them knocked 20 points off the index between them. SFE Futures were up 5 this morning.
US market up 25. The Dow was up 31 at best and down 5 at worst. The Dow Jones is now at a four month high (still on light volumes). Options expiry pushed volumes up marginally on Friday. The S&P traded in just a three point range. Consumer confidence numbers were a bit better than expected as was the US leading index.
Apple shares hit a record high on rumours that they will be releasing a mini iPad and iTV product. Facebook fell another 4.1% to $19.05 (it hit $45 on listing) as stock continued to come out of escrow. Markets also up on hopes that the German government would support the ECB plan to stem the euro-zone debt crisis and on expectations that the Chinese would soon unveil additional stimulus initiatives. Over the week the Dow was up by 0.5%. The ASX 200 was up 2.15% and the Chinese market down 2.5%.
European Markets up — The UK’s FTSE was up 0.31%, France up 0.23%, Germany up 0.64%, Spain up 1.94%, Greece up 1.22% and Italy up 1.30%. European stocks are now at 13 week highs – the longest winning streak in 7 years. Germany made further suggestions that they would support the ECB in backing the euro zone.
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Metals all up — Copper up 1.21%, Nickel up 0.67%, Zinc up 0.67%, Aluminium up 0.96%, Lead up 2.98% and Tin was up 2.17%. Oil up 41c to $96.01 on the US economic stats and continued Middle East tensions. Middle East-related worries remained after Hezbollah’s chief warned that Iran’s response to an attack by Israel would be “huge”. Gold down $1.70 to $1617.50. Over the week gold was down 340c or 0.33%.
- Bendigo & Adelaide Bank (BEN) — FY Result below expectations — Net profit was $195m down 43% from $342.1m. BEN is down 0.69% to 863c.
- Challenger (CGF) — FY Result below expectations — Net profit of $149m down 43% from $261m and below forecasts of $176m. CGF is down 0.13% to 385c.
- BlueScope Steel (BSL) — FY loss greater than expected but outlook positive — Net loss of $1.04bn which was better than last year’s loss of $1.05bn. BSL is flat at 40c.
- Imdex (IMD) — FY Result better than expected – Net profit of $45.8m up 58% and above consensus forecast of $44.5m. IMD is up 0.86% to 175c.
- Macmahon Holdings (MAH) — FY Result — Positive guidance — Net profit was $56.1m up 45%. MAH is up 3.75% to 66c.
- Western Areas NL (WSA) — FY Results — Net profit was $40.2m down from $135m and slightly below an expected $42.5m. WSA is up 5.9% to 448c.
- Fleetwood Corp (FWD) — FY Result — Profit was $53.2m up 3.8%. EDBITDA was $91.7m up 2.5% and revenue was $407.4m down 12.7%. FWD is down 1.62% to 1279c.
- NIB Holdings (NHF) — FY Result — Net profit of $67.6m up 3% from $65.5m. NHF is down 0.3% to 163c
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