Spotless Lower on Revamp Costs
Spotless, another company in the growing services sector, saw the market switch tack on its 2009 result, dominated as it was by some deck clearing costs after a restructure.
Companies in the News
Australian Economy
Australia Market Report of August 25: Worries on Resources Eased
The Australian share market closed firmly in the black on last Friday, driven by a resurgent resources sector after the commodities index posted its biggest weekly gain in 33 years. US stocks rose on Friday as financial stocks gained and a plunge in oil prices soothed worries about inflation and consumer spending.
Midday Market Roundup 25/08/2008
The market is up 101 following the lead in the US with Financials bouncing (Banks fell 6% last week) and Resources underperforming on the back of weaker metal prices. Oil price down 5.7% on Friday and Woodside one of the few stocks not up today. Gold price also fell $5 and the gold sector is also down. VIX Volatility index down 5.10% to 18.81. Lowest level since 6th June – correlates to better market sentiment. Oil price down $6.75 to $114.48. Still up 0.9% on the week. Retailers and consumer stocks doing well on the back of the fall in the oil price. Harvey Norman has results on Friday and is up 5%. Telstra Ex dividend 14c but is only down 6c.
Last Week of June 30 Profits: Strains Emerge
If we thought last week was dramatic, with the huge profit of BHP Billiton, good to average results from a string of companies like Qantas, a poorly received effort from Wesfarmers, and bad news from Babcock and Brown, then the coming week will be climatic.
Will Oil Help Or Hinder Our Market
Asian stocks, including Australia fell last week, sending the region's benchmark index to its lowest in more than two years.
More Problems For BNB/ANZ
Just when Babcock and Brown and the ANZ Bank thought they had put a miserable week behind them, Friday reminded them of another unresolved problem: a new hitch at the much reduced Tricom margin lending business which both helped recapitalise earlier in the year after it got into trouble and then lost a saviour.
IAG Result Is Not As Bad As It Looks
Yes it was a "poor result" for Insurance Australia Group, as the newish CEO, Michael Wilkins said after clearing the decks and producing a big loss for the year to June.
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