Iron and gas are riding the dead cat higher today as terrible profit results offer a chance to Australia’s army of twenty something drunken fundies to do the opposite together. BHP and RIO are both up 1% but FMG is down 2% as hopes of its deal fade. In junior land ARI announced a -$1.9 billion shocker and MGX was every bit as bad at -$911 million, both with huge write downs, a glimpse of the futures for the majors:
Dalian is offering small support up two points from this morning at 376.
In gas it is going to script with my mooted bounce on terrible profits materialising in WPL’s -40% result and cut to its dividend to boot only to see its share price jump 2%. ORG (up 4.5%), STO (up 2.2%) and OSH (up 1.2%) didn’t need a second hint: