The Market is up 6. Dow Jones was up 49. SFE Futures were down 9 this morning.
The Dow was up 79 at best as snowstorm Nemo developed on the east coast of the US with a foot of snow in New York and two feet in Boston slowing things down a bit. The S&P 500 hit a 5 year high while the Nasdaq hit a 12 year high. Over the week the Dow was down 0.1% the S&P 500 was up 0.3% and the Nasdaq was up 0.5%. The US trade deficit narrowed from US$48.61 billion to an almost three-year low of US$38.54 billion in December prompting Goldman Sachs to add 0.2% to their GDP forecast for the fourth quarter 2012. Best sectors — technology (+1.1%), energy (+0.8%), consumer services (+0.7%), health care (+0.7%) and basic materials (+0.7%). European market up — UK FTSE up 0.57%, German DAX up 0.81%, France up 1.35%, Spain up 2.00%, Italy up 1.40%. Metals up — copper up 1.16%, nickel up 0.80%, aluminium up 0.96%, lead up 0.47%. Spot iron ore unchanged at $155.10. Gold down $4.40 to $1666.00. Volumes were 50% of the 250 day average.
- JB Hi-Fi (JBH) — First half of 2013 profit better than expected — NPAT $82.1 million above an expected $78.5 million. Interim dividend of 50c vs 49.5c consensus. Financial year profit guidance upgraded to $108-$112 million. Total sales $3.25 billion. JBH is up 13.53% to 1250c.
- Fleetwood Corp (FWD) — Trading update — occupancy at Searipple village was 40%-50%, lower than expected. Revenue is now expected to be $140 million down from $194 million and EBIT $13 million down from $41 million. Interim dividend cut to 30c from 43c. FWD is down 5.07% to 954c.
- The number of home loans fell 1.5% to 45,335 in December. The market was expecting the number to be unchanged.
- Coffey International (COF) — Financial year 2013 result better than expected. EBIT $15.9 million, NPAT $3.7 million. COF is up 7.53% to 39.25c.
- DWS Limited — HY Results — NPAT of $8.31 million slightly below an expected $8.7 million. DWS is down 6.42% to 153c.
- Mesoblast (MSB) – First half of 2013 strategic update and results — cash reserves $178.6 million, net loss $27.8 million. MSB is flat at 707c.
- Insurance Australia Group (IAG) says claims from recent floods and bushfires could cost up to $175 million. IAG’s reinsurance program for 2013 limits the impact of a single natural disaster event to $150 million. IAG is down 0.58% to 516c.
- Alacer Gold (AQG) — Has agreed to sell their 49% stake in the Frog’s Leg mine. AQG is up 7.73% to 460c.
- Paladin Energy (PDN) — Completion tests passed at Kayelekera and Langer Heinrich. PDN is up 0.92% to 110c.
- ASX — Commits to code of practice for cash equities. Price up 0.5%.
- Rio Tinto (RIO) — Welcomes ACCC’s decision that their Hamersley and Robe rail lines should not be opened to up to other users.
- Redflex (RDF) — Down 20% on an earnings downgrade. NPAT is expected to be in the range $5.5-$6.0 million.