Transport and logistics group Toll Holdings was another company that soften up the market ahead of reporting the actual figures with its decision to distribute the 62% or so of Virgin Blue it owned to Toll shareholders and take a write-off.
The market is down 104. That comes on the back of a 241 point fall on Wall St. Our market is emulating the US this morning with financials down 3% and property sector down 4.1%. Resources down but outperforming. We are waiting for the RIO results due on the close this afternoon. Plenty of results. Woolworths down 1.6% on theirs. Suncorp-Metway down 2.7% on theirs. Emeco Holdings down 9% on theirs.
The Australian share market closed higher yesterday on gains from the financial sector, and following a strong lead from Wall Street over the weekend. The benchmark S&P/ASX200 rose 83.5 points, or 1.69%, to 5014.9, while the broader All Ordinaries gained 79.9 points to 5090.1.
The chances are fading fast for the quick resolution for the restructuring of the billions of dollars in debt and dodgy assets values in companies like Allco, Centro Properties, ABC Learning, Babcock and Brown and even some of the Macquarie Group satellites.
The 2008 Goodman Fielder result was long on red ink and explanation, and short of the sort of news investors wanted to read about the year past, and the year that's now underway.
Transfield Services Ltd, a provider of maintenance services which has been growing rapidly in the US, says its net profit will grow by up to 20% this year, after meeting reduced guidance for the year to June 30.
Victorian-based pie and pastry group, Patties Foods had a similar 2008 to Goodman Fielder as it too battled rising commodity and logistics costs and some manufacturing inefficiencies.
