The market is up 18. The SFE Futures were up 18 this morning.

The Dow closed down 12 and the S&P 500 up 1 point. No Greek solution in talks with creditors although there are hints that one is on the way. Euro at a three week high on hopes that Greece will hit a deal. Some more bond auctions got away in Europe OK. FOMC Meeting starts tonight. China closed all week. Hong Kong closed for three days — re-opens Thursday.

Slow on the profits front overnight — Texas Instruments numbers a bit above expectations. DuPont, Johnson & Johnson and McDonalds results tonight. 15% of the S&P 500 have reported results with 59% above expectations which if anything is less than usual. Gold, silver and most metals (except Nickel) up a bit. Oil up a touch on the EU ban of Iranian oil imports. A$ over $1.05.      

Main points…

  • Newcrest Mining (NCM) produced 579,073 ounces of gold in the Dec. quarter, down almost 20% on the year. They have maintained their full year guidance for operating costs and copper production. Gold production forecasts for 2012 from continuing operations down 6%. NCM expect to list on the Toronto Stock Exchange by March after an application was lodged in December. NCM up 2% to 3283c
  • There is talk that Lynas Corp (LYC) has sourced the services of an investment bank and dealt directly with the counter party that’s providing it with financing. RBS believe the raising is debt related. If LYC received a permit approval from their refinery in Malaysia, it would unlock $120m working capital facility. The decision is not expected until next week. LYC was up 8% before being halted.
  • Oil Search (OSH) say full year revenue rose by 26% to $732.9m up from $583.5m, largely driven by a 45% rise in realized oil prices. Fourth quarter revenue was also up 26%. OSH up 3.4% to 689c.
  • Mirabela Nicklel (MBN) – Quarterly production numbers yesterday were disappointing with 2012 production guidance below expectations and higher costs – we have cut our target price from 318c to 250c. MBN down 10% to 110.5c. There are brokers with sell recommendations this morning.
  • Origin Energy (ORG) – Sinopec takes its stake in the Gladstone LNG project from 15% to 25% with the 10% stake being sold by ORG and its JV partner for $1.1bn. ORG up 11.5c to 1366c.
  • One broker says there is no chance of a private equity bid for Billabong International (BBG) because of their mounting debt, and that despite what management say, a capital raising is inevitable. BBG’s net debt totaled $472m compared to their market value of $476m. BBG down 8c to 190.5c.
  • PanAust (PNA) produced 59,897 tonnes of copper in concentrate in the year to December 31 at its Phu Kham operation, within its previously issued guidance range. They have forecast a rise in production and earnings in 2012.
  • Australian CPI numbers due out tomorrow – Consensus is for inflation at 2.5%, bang in the middle of the RBA’s 2-3% range.

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