Our market is up 1. The SFE Futures were down 18 this morning.

Wall St recovered to close down 45 on Friday having been down 160 early on. European markets struggled on concerns that the EU’s Greek bailout is unlikely to happen any time soon. Weak 4th Q European GDP numbers didn’t help. Metals were mostly down in London, Oil fell 68c to $74.58 and Gold also dropped $8 to $1086. The Aussie dollar fell to 88.77c compared to 89.04c Friday morning.

Today’s results…

  • Bendigo and Adelaide Bank (BEN) — above expectations — 1H cash profit increased 24% to $139.7m. Maintain their dividend of 28c, despite some analysts expecting them to cut it. BEN up 4.35% to 1035c.
  • BlueScope Steel (BSL) — bigger than expected loss — announces 1H loss of $28m; most analysts were expecting a $14m loss with estimates ranging from $7m-$26m. BSL down 3.13% to 248c.
  • Healthscope (HSP) — in line with expectations — announces an 18% rise in 1H net profit to $45.1m from $38.4m but also say they have dropped the proposed takeover of aged-care provider Arcare. HSP down 3.67% to 446c.
  • Crane Group (CRG) — in line with guidance — net profit (excluding significant items) fell 46% to $18m from $33.2m. CRG down 7% to 863c.
  • West Australian Newspapers (WAN) — slightly ahead — 1H net profit fell 15% to $49.5m, slightly ahead of the $48.1m analysts expected. Patersons expected $50.3m. WAN down 2.8% to 727c.

In other news…

  • The AFR predicts Boart Longyear (BLY) could upgrade their earnings guidance when they release their results on Friday now that the outlook has improved for their major customers such as BHP, RIO and Xstrata. BLY unchanged at 35c.
  • Street Talk reports this morning that the National Australia Bank (NAB) offered to merger their MLC wealth management business with AMP Ltd (AMP) in return for a 30% stake in the combined company. AMP up 3c to 619c. NAB unchanged at 2440c.
  • Front page of the AFR tells us ASX Ltd (ASX) is developing a platform to trade managed funds. ASX up 11c to 3596c.
  • Macmahon Holdings (MAH) has won a 3 year contact extension to continue work at two BHP mines in the Pilbara valued at $500m. MAH releases results tomorrow. MAH up 0.5c to 63.5c.
  • Warrnambool Cheese (WCB) and Snowball Group (SNO) have both hit a fresh yearly high.

US Markets closed tonight for the Presidents Day Holiday. Chinese stockmarket closed all week for the Lunar New Year.