The market is up 22. SFE Futures were up 3 this morning.
Dow closed down 4 and was down 45 at worst with the S&P500 and the Nasdaq finishing flat. Thin volumes. Markets initially fell after a Bundesbank report in which the German central bank clearly criticised any moves by the European Central Bank to embark on government bond purchases.
Bonds flat. European politicians are returning from holiday at the moment with a series of Euro leader meetings scheduled this week and next – fuelling hopes of ECB action. On the back of that the Spanish 10 year bond yield was down 16bpts (2.5%) to 6.28%.
Best Sectors — Technology (+0.4%), Health Care (+0.3%) and Financials (+0.3%).
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Worst Sectors — Telecoms (-0.8%), Consumer Goods (-0.3%) and Energy (-0.3%). Metals mixed – Copper was down 1.14%, Nickel up 1.81%, Aluminium down 1.17% and Zinc down 0.11%. Oil down 10c to $95.91 on talk of a rise in Saudi Arabian oil production. Gold up $3.60 to $1623 (highest level since mid June). Aussie dollar is at 104.48c.
- Amcor (AMC) — FY result OK, debt increases to $3.56bn — Net profit of $634.9m up 11.3% some 3% below consensus of $613m. AMC is down 2.72% to 751.5c.
- Monadelphous (MND) — Good profit result, above consensus — Net profit of $137.3m up 44.5% from $95.1m and well above a market consensus of $120.3m. Result was a record profit. MND is up 5.71% to 2294c.
- Sonic Healthcare (SHL) — Profit result slightly below consensus — Net profit of $316m up 7.3% from $294.5m and slightly below a market consensus of $317m. SHL is down 1.44% to 1298c.
- Consolidated Media Holdings (CMJ) — FY result OK, takeover expected by 4th Q12– Operating net profit of $97.9m up from $2.3m and above an analyst forecast of $90.6m. CMJ is unchanged on 344c.
- Oil Search (OSH) — Interim result weaker than expected — Net profit of US$107.5m down 6.2% from US$114.5m and below a broker forecast of US$112.5m. OSH is down 0.56% to 715c.
- Arrium (ARI) — Profit in line with company guidance — Net profit of $58m down 75% from $230m. The result included a $125m writedown of LiteSteel beam technology made during the year. ARI is up 5.56% to 85.5c.
- Charter Hall Retail Trust (CQR) — Earnings in line with market consensus — Profit of $9.7m. Operating earnings were $86.3m or 28.81c per unit which was inline with an expected $86.8m. CQR is up 0.85% to 355c.
- Emeco Holdings (EHL) — Profit result in line — Net profit of $69.7m up 40.6% and above an analyst forecast of $68.9m. EHL is down 1.04% to 95c.
- Miclyn Express Offshore (MIO) — FY result slightly above consensus — Net profit was US$65.5m up 20% and slightly above a market consensus of US$65.1m. MIO is up 1.7% to 214c.
- Aussie dollar up following RBA minutes — the minutes gave little direction on the next move in interest rates.
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