The market is down 18. The SFE Futures suggested a 29 point rise in the market this morning. Financials down 1.5%. Banks all down. ANZ down 5% on lower-than-expected 1H results. Resources down 0.8%. Industrials and property up 0.2% and 0.5%. Energy stocks doing well despite the fall in the oil price overnight.

The Dow was down 8. Up 66 at best. Down 87 at worst. Fears around Swine Flu persist. Europe and Asian indices all down. Financials down 1.8%. Fears that the Bank of America and Citigroup might require more capital. Consumer confidence comes in higher-than-expected. House price index better-than-expected. IBM ups its dividend. BHP and RIO both down in ADR form overnight — 1.18% and 5.67% respectively. Metals down. Gold down $14.60.

ANZ Bank (ANZ) 1H results missed consensus — posted 1H cash profit of $954m — analysts expected $1.19bn with estimates ranging from $1.09bn to $1.28bn. 1H net profit down 28% to $1.42bn. Bad debts up to $1.37bn from $681m. The underlying credit impairment charge was $1.44bn. Higher credit impairment and provisions higher than expected. ANZ cut its interim dividend to 46c per share from 62c a year ago. Credit Suisse says the result was slightly disappointing. Macquarie Group seem positive about the “strong” underlying result.

  • Arrow Energy (AOE) said it will examine European expansion opportunities this year and plans to certify first reserves from its international business by 2010 and produce first gas by 2011.
  • OZ Minerals (OZL) have produced better-than-expected results at Prominent Hill.
  • Felix Resources (FLX) post in-line production numbers in the March quarter — coal production was at 1.2m tonnes — up 3% on-year. Remains in talks about a possible change of control.
  • Fortescue Metals (FMG) down over 3% on cutting production guidance by 15% — said they wouldn’t make up for lost production with FY09 sales now projected at 26m tonnes.
  • Bendigo Mining (BDG) posted a solid 1Q result with positive cash flow. Positive guidance on production for the CY09.
  • Macquarie Airports (MAP) announced EBITDA from its global airport assets for the March quarter fell 19% to $176m from $217.6m a year ago after a 22% decline in passenger numbers.
  • DUET Group (DUE) announced the Dampier Bunbury Pipeline (has 63% stake) has obtained commitments from banks to refinance a $480m capital expenditure facility.
  • Origin Energy (ORG) appointed John Akehurst to the board.
  • Crown (CWN) subscribes to US$45m in additional equity in Melco Crown.
  • Riversdale Mining (RIV) secures a contract for Benga Coal project.

Other…

  • The National Australia Bank (NAB) posted 1H09 cash profit slightly below expectations yesterday. Broker reactions: RBS Equities — SELL — 1498c target price — they see further earnings risk and have lowered their forecasts by 4%. UBS Warburg — NEUTRAL — upped target price to 2050c from 1800c. Macquarie Equities — NEUTRAL — 2285c target price. Citi — cut to SELL from HOLD — cut target price to 1850c from 2000c. GSJB Were — HOLD — 2207c target price.
  • Deutsche Bank said BlueScope (BSL) will need to refinance about $1.5bn by FY12 — won’t rule out a $1bn raising in the future.
  • ABB Grain (ABB) up over 3% after their 20% jump yesterday on the back of Canada’s Viterra 900c-950c cash-scrip bid for the group — Austock says the offer could rise to 1000c per share but warns the deal could take fout to eight months.
  • JP Morgan says BHP could achieve a number of synergies at its Olympic Dam operations via an acquisition of Oz Minerals (OZL).

The Dow Futures suggest a 20 point rise on Wall Street.

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