The market is up 52
following the 118-point fall
yesterday and has been up 75
at best led by a bounce in the bank sector, which has accounted for half the market rise today. Dow Jones was down 47
overnight. SFE Futures were down 6
The Dow was down 93
at worst on mixed economic data. The Fed Bank of San Francisco President John Williams said the Fed’s current quantitative easing program would be needed well into 2013, with “strong monetary stimulus” required to engender a sustained economic recovery.
European market down
-- UK FTSE down 1.62%, German DAX 1.88%, France down 2.29%, Spain down 1.82%, Italy down 3.13%.
-- Copper down 1.18%, nickel down 3.12%, zinc down 0.91%, aluminium down 1.29%. Spot iron ore down $2.70 to $156.20.
- Santos (STO) -- Underlying NPAT of $606 million was above consensus $589 million. Reported NPAT was $519 million. Result was driven by 10% higher production and revenue higher by 33% increase due to increased oil production from Vietnam and Cooper basin fields and gas from Carnarvon basin projects. Dividend 15c. PNG LNG on track for first gas in 2014 (project 75% complete). Production guidance maintained at 53-57mmboe and capex guidance at 4 billion. STO is up 1.85% to 1213c.
- Sims Metal Management (SGM) -- Net Loss of $295.5 million, which includes an impairment charge of $354 million, which was expected. Net profit was $10 million. Interim dividend scrapped. CEO to retire. SGM is up 3.47% to 1104c.
- Sky Network Television (SKT) -- Net profit of $68 million, up 9%. Revenue was $443 million, up 3.9%. Interim dividend of 12c and special dividend of 32c. SKT is up 3.66% to 425c.
- Silex Systems (SLX) -- Net loss of $8.39 million, down 49.3%. No dividend declared. Cash reserves of $71.9 million. SLX is up 9.15%.
- Telecom Corporation of New Zealand (TEL) -- Net profit of $162,000, down 83.9% but above an expected $155,000. Revenue was $2.135 million, down 9.5%. Dividend of 8c. TEL is up 2.23% to 183c.
- Transpacific Industries Group (TPI) -- Underlying net profit of $35.8 million, above an expected $29.2 million. Net profit was $42 million. Revenue up 3.8% to $1.2 billion. No dividend declared. TPI is up 10.69% to 88c.
- Western Areas (WSA) -- Net profit of $2.1 million, down 91%. Interim dividend cut to 2c. Result included an impairment charge after the company walked away from an exploration JV. WSA is down 0.58% to 430.5c.
- Billabong (BBG) -- Net loss of $536.6 million. Underlying profit of $19.2 below an expected $21.8 million. Global sales of $699.6 million down 8.1%. Downgraded financial year earnings to be in the range of $74 million to $85 million from $85 million to $92 million. BBG is down 2.75% to 88.5c.
- Bell Financial Group (BFG) -- Net loss of $2.8 million impacted by $3.5 million in one-off items. Revenue was down 15% to $132.3 million. BFG down 1.39% to 71c.
- Crown (CWN) -- Net profit of $243.5 million up 15% and above an expected $241.3 million. Interim dividend of 18c. CWN up 1.39% to 1171c.
- Platinum Asset Management (PTM) -- NPAT down 7.04% to $62.4000. Dividend of 8c. PTM is up 0.76% to 529c.