The market is down 25. The SFE Futures were up 4 this morning.

Wall Street closed up 45 overnight. The FOMC decision and statement is out at 4.15am our time tomorrow. Talk that they may announce new stimulus measures to combat a weak economic outlook. Last night the NYSE had the lowest volume of trade all year. Metals were mostly mixed, the oil price was up 80c to $81.50 and Gold fell $2.70 to $1202.60. The Aussie dollar fell to 91.65c from 91.92c.

Today’s earnings results…

  • Bradken (BKN) — FY net profit better-than-expected — FY net profit up 9.6% to $70.44m, up from $64.3m and above the $66.6m analysts expected. Patersons maintain their BUY recommendation describing the result as solid. They maintain their 980c target price. BKN down 9c to 784c.
  • Cochlear (COH) — In line with Expectations — FY net profit up 19% to $155.2m (v $130.5m last year) and in line with the $155m analysts expected. Says sales of their new implant Nucleus 5 were gaining momentum, up 20% in the 2nd H. Div 105c against 95c. COH down 2.24% to 6968c.
  • Alumina (AWC) — 1st half result up from US$4.2m to US$44.2m despite currency and on higher sales and lower costs. Cash flow improvement saw the dividend reinstated. Positive comments made about the Alumina market. AWC up 2.7% to 168.5c.
  • Australian Agriculture Co (AAC) — Half Year Result — 1st half net loss of $12.2m, an $18.1m improvement on last year. Revenue came in at $105m, up 43% on last year. AAC up 1c to 153.5c.

In other news today…

  • National Australia Bank — 3Q Trading Update — Cash profit came in at approximately $1.1bn, in line with the quarterly average although some analysts were expecting more. Their Tier 1 capital ratio stood at 8.79%, down from 9.09% at the end of March. Reaction a bit flat on a lack of positive surprise. NAB down 25c to 2480c.
  • Santos (STO) announced after the close of market yesterday that they expect their 1st H net profit to be between $180m-$200m, exceeding the $152m that analysts expected on average. STO up 1.3% to 1367c.  STO up 19c to 1368c.
  • Ivanhoe Australia (IVA) — Trading Halt — They will raise up to $231m through a 288c a share entitlement offer to fund acquisition and development of their projects in QLD and pay down debt owed to their parent company. IVA last traded at 321c.
  • NAB business survey sees a confidence drop in July.
  • Tabcorp and Westfield Group ex dividend/distribution today.
  • A swathe of Chinese economic data due out tomorrow.

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