The market is down 30. The SFE Futures were down 7 this morning.

The Dow closed down 2 while the S&P 500 was up 0.23% and the Nasdaq up 0.17%. Financials stocks underperformed, down 0.3%, while Technology and Healthcare stocks were up. European markets were mostly higher. Most metals were down on the LME. The gold price was down $9.90 to $1776.40 an ounce. The Aussie dollar was down buying 107.07¢. The oil price up $1.94 to $109.77.

Main points:

  • Caltex Australia (CTX) delivered an interim loss of $714m down 325% including significant items after a write down in refinery assets of $1.16b. Profit excluding one-offs and the impact of changes in the oil price fell to $264m which was inline with a consensus of $267m. Final dividend of 28c was above consensus. CTX is up 0.23% to 1301c
  • Beach Energy (BPT) – Interim profit of $56.3m up 165% in line with consensus helped by higher oil prices. Total production of 3.46m boe was down 0.7% after rain and spot fires caused access issues. Dividend of 75c. Higher capex is expected for FY12 assuming no flooding. BPT is down 5.6% to 166c.
  • Mesoblast Ltd (MSB) interim loss of $44.1m after costs associated with the expansion of multiple clinical and preclinical trials. Total revenue was $18.7m. Company has a strong cash position of $241m which will enable development of multiple products. MSB is up 3.3% to 781c.
  • Spark Infrastructure Group (SKI) net profit up 2% to $82.6m. EBITDA rose 7.1% to $1.17bn. Full year distribution was 10c above an expected 9.5c. The company has given guidance of 3%-5% distribution growth for FY13-FY15. Positive regulatory outcomes will result in additional $315m to 2015. SKI is up 0.7% to 140.5c.
  • Roc Oil Ltd (ROC) recorded a FY profit of US$27.7m, the first annual profit since 2005. Total sales were US$285m, 21% above expectations. ROC has given guidance to meet a production target of 6,000-7,000 barrels of oil. ROC is up 2.5% to 40c.
  • Lynas Corp (LYC) – thousands have rallied in Malaysia against the operation of LYC’s rare earths production plant. The opposition party have said they will shut down the plant if they come into power. The government has said it is monitoring the plant closely to ensure its safety. LYC is down 3.1% to 125c.
  • Billabong International (BBG) has rejected a $765.3m takeover bid by US private equity firm TPG Capital. BBG said the $3 price did not reflect the fundamental value of the company.   BBG is in discussions with TPG to give it an opportunity to increase its proposed price. BBG up 3.7% to 302c.
  • SFG Australia (SFW) interim profit up 43% to $13.5m above expectations driven by merger with Shadforth Financial Group Holdings. Revenue was up 46% to $64.3m. Fully franked dividend of 1c. SFW is up 3.0% to 34c.  

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