Our market is up 37.

The SFE Futures were up 40 this morning. Good session on Wall Street overnight finishing up 150. The Dow was up 231 at best. The reason for the rise was the suggestion that the Germans will lead an EU bailout of Greece. No official announcement as yet and none likely until after the EU Summit tonight. As the Euro rose Metals had a positive session as did the oil price closing up 2.9% to $73.64. Gold put on $5 to $1072 and the Aussie improved to 87.88c from 86.47c.

Results season is in full swing…

  • Commonwealth Bank (CBA) — 1H result in line with guidance and expectations. They only recently had a profit upgrade so no surprises here — 1H net profit of $2.91bn (compared to guidance of $2.9bn). CBA down 46c to 5229c having rallied initially.
  • BHP Billiton (BHP) — 1H result quite a bit better than expected — announces a net profit of $US6.14bn ($US5.7bn excluding significant items) compared to the $US5.1bn analysts expected. They have declared a US42c dividend, up from US41c. BHP up 68c to 4053c.
  • Boral (BLD) — beats consensus — announces a 1H net profit of $67.9m, down 9% but beats analysts expectations of $51.7m. Importantly, they predict FY profit to be in line with forecasts of $123.5m. BLD up 27c to 575c.
  • Computershare (CPU) — results in line with very recent guidance — they recently had a profit upgrade — 1H profit up nearly 30% to $US169.9m. (Consensus was for $US174.3m). CPU down 9c to 1186c.
  • Stockland Group (SGP) — result in line with expectations — underlying profit came in at $334.6m, up 17%. Patersons expected $337.4m. SGP up 9c to 399c.

In other news…

  • According to the Sydney Morning Herald, the National Australia Bank (NAB) has set a six week deadline to reach an agreement with AXA Asia Pacific’s (AXA) parent company AXA SA on the takeover of AXA. But the NAB is hoping to lock in the parent company in order to prevent any type of resurgence from AMP. NAB down 34c to 2478c and AXA up 1c to 636c.
  • There is talk that Irish company, Independent News & Media, might be selling its 32% stake in APN News & Media (APN) to institutions. APN up 4c to 229c.
  • Suncorp-Metway (SUN) – Market Update – says their 1H net profit will increase to between $355m-$375m, ahead of analyst expectations of $350m. A few had already factored in a possible upgrade after IAG lifted their FY insurance forecast last week. SUN up 1.9% to 911c.
  • Woodside Petroleum (WPL) has awarded contracts to Bechtel Group Inc. for the basis of design phase of the Browse liquefied natural gas processing plant in WA state. WPL up 54c to 4265c

The Dow Futures are up 6 at midday.

MARCUS PADLEY is the Author of the MARCUS TODAY Daily Stockmarket Newsletter.

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