Australian Shares

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What’s in a name for Onesteel?

The reporting season is looking a bit like a damp squib; not much fizz to be seen. Although there have been exceptions, such as mineral exploration service provider Boart Longyear, which had operating revenue up 36.9% and double digit growth forecast. In the ailing manufacturing  sector there has been the predictable travails. Bluescope’s headline net loss worsened from $49.2m in

1

Little banks, little growth

The regional banks have not been impressing analysts for a while now. It is an interesting demonstration about what analysts do. They assess relative value, mainly for the purposes of arbitrage plays by institutions. So in relative terms, the regional banks do not look great, they argue. Whereas if one takes Deep T’s analysis to

1

Market Morning

Equity markets in Europe increased overnight, but had no further leads as US markets were closed for a public holiday. As mentioned this morning, it seems all risk markets are rising at once, so let’s have a closer look at what happened last night in detail: The UK FTSE finished up 40 points or 0.7%

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Trading Day – 20th February

The bulls were out in force today in Asia, even though the Japanese trade deficit blew out, the news the Chinese authorities eased reserve ratios for lending (hence signalling a slowing Chinese economy) boosting risk-on plays across the board, with the S&P/ASX 200 Index gaining 60 points or 1.4% to 4256 points, regaining all of Thursday’s losses:

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Trading Day – 17th February

Rebounding from overnight leads the S&P/ASX 200 Index gained 14 points or 0.3% to 4195 points, still below 4200. Other Asian markets had much better days, with Japan’s Nikkei 225 up 1.7% to 9394, well above resistance at 9000 points and building on its breakout whilst the volatile Hang Seng is currently up nearly 1% to 21464

0

Billabong surfs up

Before announcing its interim results today, Billabong (BBG) requested a trading halt, which brought about speculation that private equity was circling to pick up the troubled retailer. News this morning verified the rumours, with TPG Capital making a takeover bid of $765 million, or $3 per share. The price jumped some 60% after the trading

0

Earnings Roundup – Thursday

The earnings avalanche rolls on, here’s a roundup of today’s reporters, updated throughout the day as the results come in, then collated here for the week: Qantas – QAN Covered here. Adelaide Brighton – ABC The cement and lime producer Adelaide Brighton (ABC) announced full year results to the market today, coming up with a

6

The Flying Wombat empties the pouch

Qantas (QAN) announced their interim results to the market this morning, and amidst the massive slump in profits – down some 80% on the previous period, mainly due to the industrial dispute – they announced the sacking of 500 staff: Qantas will cut about 500 jobs as a result of a review of its maintenance

5

Westfield splits the brokers

Westfield has underperformed the ASX 200 since the beginning of last year and brokers are giving very mixed signals. What is perhaps most interesting is glimmers of improvement in the US market. Deutsche is a buyer, with a price target of $9.60. It likes the buy back and is bullish on the US prospects: Today’s result was overshadowed

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Risk rally rapidly aging

The S&P risk rally looks mature. An important top has held for five days without breach. I see the index as now biased back to 1297, the 38% fibonacci level for the run up from December.        

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Earnings Roundup – Wednesday

The earnings avalanche rolls on, here’s a roundup of the minor reporters, updated throughout the day as the results come in, then collated here for the week: Dominoes Pizza (DMP) The fast food retailer has posted an exceptional HY profit result this morning, leading the share price up by over 8%, with net profit after

4

Energy sector picks

The energy sector in Australia is of course dominated by the prospects for gas, as a Deutsche report suggests today. It has two associated risks: operational risk, including financing, and price risk. Of the two, the latter seems the more pressing, with gas prices falling in America and the prospect of America exporting LNG. Deutsche says all the focus

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CBA sticky tapes profit together

Australia’s largest building society, Commonwealth Bank (CBA) reported their half year results to the market this morning and it makes for confused reading, either by design or default. Cash earnings were up 7% on the first half 2011 results, to $3.56 billion but actual net profit earnings increased by some 19%, with solid Return on

0

Trading Day – 14th February

Well that could have been a Valentine’s Day Massacre if it wasn’t for the Bank of Japan announcing another round of QE – this time only $130 billion (in USD). The S&P/ASX 200 Index fell pretty much from the open absorbing the Moody’s downgrade of European sovereigns, losing over 1% before the BoJ announcement at 2.30pm before

0

GWA and Paladin disappoint

Only two relatively minor results from earnings season today – an avalanche tomorrow and Thursday. Keep up to date as I will update the weekly summary posts on the sidebar throughout the day and note special/unusual results (alongside the ASX8) as separate posts. GWA Group (GWA) GWA Group, a manufacturer and distributor of commercial and

0

Week 2 Earnings Roundup

Earnings season is now in full gear, so get your roundup here at MacroBusiness for Week 2, with this post updated daily throughout the week – look on the sidebar for easy access. In the Week 1 Roundup we saw quite a few majors starting off the earnings season, including BHP-Billiton, (BHP) Rio Tinto (RIO)

1

Power up

In terms of supply and demand the energy sector seems to be the best one way bet in the markets. But what exactly is the best way to play it? For instance, it is likely that gas stocks will come under pressure if the US starts to export LNG, as seems increasingly likely. Oil stocks are often pretty fully

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Trading Day – February 13th

The S&P/ASX 200 Index again started off shakily as the Greek parliament “voted” for another austerity package to save its economy, and then jumped out of the gates and climbed solidly for most of the day, rising almost 1% or 39 points to 4285 points taking back all of Friday’s losses: I mentioned on Friday

1

Week 1 Earnings Roundup

As the earnings season kicks into full gear, a full roundup will be provided here at MacroBusiness each week, with significant reports (e.g missed earnings or surprise results) reported daily. Last week saw quite a few majors starting off the earnings season, including BHP-Billiton, (BHP) Rio Tinto (RIO) and Telstra (TLS), and Newcrest Mining (NCM)

1

Happy with Rio

The newspaper headlines suggested that Rio Tinto had delivered a result so poor that the unimaginable had to occur — senior executives would not get their bonuses. But the picture from brokers was very different. They are mostly pretty sure the downs are done with, adding that they were larger than expected. Deutsche’s has a

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Trading Day

Wherefore art thou bulls? The S&P/ASX 200 Index started off shakily and then slumped as Chinese trade balance numbers and the “outrageous” espresso sized out of cycle hike by ANZ set risk hearts a flutter. The market fell almost 1% or 37 points to 4245 points: This chart does not look good – the market

5

Trading Day

A very interesting day on Asian markets, particularly if you like volatility! At the open, the S&P/ASX 200 Index was off slightly, and then coming into lunch slumped as risk merchants reacted to a “too-high” CPI (inflation) number from China. Why? Because it may – may – preclude the use of the expected stimulus to

2

Telstra rings it in

Telstra (TLS) have announced their half year results to the market today, which immediately sold off the stock, down some 2% after lunch, although most of this could be contributed to the higher than expected Chinese CPI figures, since the underlying performance was in line with expectations. Past the financial minutiae, the question is can

5

A US threat to the gas boom

One of the most interesting aspects of the BHP result was the management comments about the company’s shale gas investments. Questions are being asked about their long term value. RBS has this to say: Shale gas investments under review At the investor briefing, BHP management stated its capex program for the US onshore (shale gas) business was under review. The

0

Earnings report roundup

Yesterday we saw Australand (AZL) and Ansell (ANN) report their interim results to the market, alongside the Big (Western) Australian covered earlier here. Here’s a round up of their results: Australand Australand Property Group reported net profit (after tax) down 15% to $140.6 million for the year ended 31 December 2011, compared to $165.8 million

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A tale of two construction sectors

After my bit on ABC’s “The Business” last week (linked on the MacroTV sidebar) I decided to give a run-down on forces influencing construction.  In a nutshell, the Australian construction sector is a tale of two economies – Mining and The Rest. Mining and Infrastructure As the RBA, Treasury, the federal government and every other financial commentator has

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Trading Day

A good solid day on Asian markets, the S&P/ASX 200 Index finishing up 0.4% or 16 points to 4290 points, almost hitting the crucial 4300 point level earlier in the session, and slowly developing into a medium term trend: Japan’s Nikkei 225 finsihed up 1% or 98 points to 9015, breaking through the 9000 point

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The Big Western Australian

The Big Australian BHP-Billiton (BHP) announced their interim or half year results to the market this morning. Given that the top four miners and top four banks, by their dominance and size in the index (and unfortunately, the economy), these result have higher than normal importance. You may have heard about it, since it was

2

Unimpressed with NAB

  The general sentiment amongst brokers is that NAB carries the highest risk of the four major banks, most notably because of the ill fated investment into Britain. Right on cue, NAB’s UK banks did disappoint, but overall the performance was held to have enough positives to at least sustain neutral recommendations. With a prospective