The market is up 44. The SFE Futures were up 6 this morning.

The Dow closed up 46 points on Friday and was up 64 at best on hopes that Greece will receive a bailout after the EU finance ministers meeting tonight and on positive US economic data. In a surprise move the Chinese also eased bank reserve requirements for the first time in 3 months – theoretically a good move for the resources sector.  The S&P 500 was up 0.2% on Friday at a new 9-month high. The index ended the week 1.4% higher for its 6th weekly rise in the past 7 weeks. The gold price was down $2.50 to $1725.90. Metals mixed on the LME. The Aussie dollar was up, now buying 107.77¢. The oil price up 93¢ to $103.24

Main points:

  • Bendigo & Adelaide Bank (BEN) released interim results with a net profit of $57.9m, down from $173m. The cash profit was up 0.3% to $162.6m which was in line with an expected $162.3m.
  • UGL Ltd (UGL) reported FY profits results which were down 15% to $55.4m below consensus for $62m. The weaker results were due to higher than anticipated acquisition costs. An interim dividend of 34c.
  • Amcor (AMC) released their 1st H result with net profit up 14% to $304.7m which was better than the expected $300m. Earnings outlook is expected to be well ahead on the year. Full year guidance for all 3 divisions was maintained.
  • Lend Lease (LLC) recorded a 1st H profit of $217.8m which fell 3.8%, but better than an expected $192m. Revenue jumped 34% to $5.79bn with an interim dividend of 16c.
  • Bluescope Steel (BSL) reported a net loss of $530m compared to a net loss of $55m last year. The figure was below market forecasts. No interim dividend was declared. It included a one-off restructuring cost of $260m.
  • Billabong International (BBG) has received a new takeover offer from TPG Capital to buy all its shares for $3. BBG is considering the proposal.
  • Challenger (CGF) released NPAT results of $127m lower than the $139m expected. This included a negative investment earnings market adjustment of $107m. Core earnings down 83% to $20m which was below the $31m expected.
  • Macquarie Atlas Roads Group (MQA) released their FY results. Net profit was down 5.6% to €395m. Revenue was up 4.2% to €2.022bn. Figures were inline with expectations.
  • Caltex (CTX) plans to shut down two of its domestic refineries marking the end of its presence as a fuel refiner. The move will put close to 800 jobs at risk.
  • Sydney Airports (SYD) released their traffic performance figures for Jan.

For a five day FREE TRIAL of the MARCUS TODAY newsletter Click Here. You will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including:

  • Overnight developments, news, comments, rumours, broker recommendations and ideas from Marcus and his Team.
  • Our Portfolio recommendations which is actively managed on behalf of subscribers … no “set & forget”. Everything you need to effortlessly
  • managed your own long term investment portfolio.        
  • Daily Technical Trading ideas and data, including daily scans of the ASX 300 for stocks changing trend.
  • Stock Database — all the numbers with comments on the top 300 stocks and more.
  • Educational section — Marcus’s Educational and Entertaining articles.

Subscribe to MARCUS TODAY. We are sure you will enjoy and profit from what we offer … we have one of the highest re subscription rates in the financial newsletter industry.