The market is up 21. The SFE Futures were up 11 this morning.

Wall St. closed down 53 overnight. The Dow was down 7 at beat and down 188 at worst on suggestions that Moody’s may downgrade Greece’s credit rating hampering their ability to borrow. They are the last ratings agency to have an ‘A’ rating on Greek sovereign debt.

Main results today:

  • QBE Insurance Group (QBE) — results slightly below forecasts — FY net profit increased by 6% to $1.97bn, analysts expected $2.01bn. Price smashed on outlook comments.
  • Woolworths (WOW) — results in line with $400m on market share buyback announced – 1H net profit came in at $1.1bn, They also reiterated FY guidance for 8-11% growth. Declared an interim dividend of 53c, up 10.4% on last year. $400m on market share buyback includes buying 16m shares or 1% of the shares on issue. Patersons maintain their Hold recommendation.
  • Crown (CWN) — Results in line with expectations– normalized 1H profit came in at $145.6m. Strong growth in VIP commissions.
  • AGL Energy (AGK) results some 15-20% better than expected. Reiterated earnings guidance.
  • Harvey Norman (HVN) — Results in line with expectations – net profit up 60% to $158.9m, analysts expected $158.6m. Declared an interim dividend of 7c, up from 5c. No guidance given by management. Patersons maintain their Hold recommendation.

In other news…

  • ANZ Bank (ANZ) — Trading Update — up 2.7% today — underlying unaudited profit for the Q came in at $1.6bn up 16% helped by a fall in provisions for problems loans. Top end of expected range. Bad debts down 35%.
  • Street Talk suggests Henderson Group (HGG) is looking for acquisitions and IOOF Holdings (IFL) seems to be its likely target. IFL closed 7.5% higher yesterday and up another 9c to 609c today.
  • Last day of the results season today. On the whole a good results season with earnings on balance upgraded around 5% but mostly on cost cutting efforts rather than revenue rises.
  • PanAust (PNA) in trading halt pending a material acquisition. Last traded at 47c.
  • Stocks hitting fresh yearly lows today: Gunns (GNS), Beach Energy (BPT), Reverse Corp (REF).

The Dow Futures were up 2 at midday.