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View Count: 53 |  Publish Date: February 14, 2014
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Markets Live: Bumper week for shares

2:26pm: Rio and Newcrest have both given up their early gains, losing 0.4 and 1.2 per cent respectively, but thats not really bothering the broader market, with the ASX200 holding near the days highs.
Altogether its been a surprisingly strong week for the local sharemarket, which has so far chalked up a gain of 3.5 per cent, on track for its strongest week since December 2011.
There is a big dividend coming out of the market on Monday including $1.83 for CBA, IGs Stan Shamu says: This has perhaps seen some positioning on selected stocks as some investors rush in to receive the dividend before the ex-div date. We adjust our cash market for the dividend at 4pm today. Upvotes:0 Downvotes:0 Copy Link
Grabbing a nest egg ... Darren Lockyer. Photo: Andy Zakeli
1:59pm: What do the Future Fund, Melbourne University and former NRL player turned Channel 9 commentator Darren Lockyer have in common? Theyre all shareholders in recent ASX debutant Nine Entertainment.
Fairfax Media has obtained Nine Entertainment’s share register dated January 29, which details more than 1500 of Nine’s smaller shareholders.
Other shareholders include Adelaide Football Club captain Nathan van Berlo, the Queensland branch of the Scouts, and Ray Horsburgh, the chairman of Toll Holdings and former chairman of Essendon Football Club.
Macquarie Group subsidiary Idameneo (no 79) Nominees holds a small stake, as does Jonathan Epstein, the business partner of Future Fund chairman and Nine Entertainment director Peter Costello.
The biggest shareholders in Nine remain US hedge funds Oaktree Capital Management and Apollo Global Management, which nabbed control of Nine during the company’s 2012 survival talks by converting their debt to equity. Large institutional shareholders are Perpetual and Commonwealth Bank of Australia.
Chief executive David Gyngell has a large stake in his own name and via his private company NEC Saleco.
The $1.9 billion float of Nine Entertainment Co was one of the biggest but most disappointing floats of 2013. It listed at $2.05 and dipped as low as $1.80, before rallying 13 per cent since the beginning of the year to currently trade at $2.225.
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1:28pm: Gold is holding above $US1300 an ounce, trading at its highest level in more than three months.
Market signals are giving us a mixed view, but we are mildly bullish in the short term given the strong technical picture, says ANZs head of commodity strategy, Mark Pevan:While short-covering and additions to ETF (exchange-traded funds) holdings are supportive of the gold price, Chinese physical demand is expected to wane if prices push much further.A technical rally above USD1308/oz could target USD1365/oz, but would expect Chinese interest to decline sharply. If this is the case, we would look to fade the rally.
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1:12pm: Here’s one for global housing bubble watchers. On Tuesday, the Canadian government scrapped a program which allowed wealthy immigrants to fast-track the visa program.
The program offered permanent resident visas to investors with business experience, a net worth of at least $C1.6 million and an investment of $C800,000.
But it had come under scrutiny for allowing wealthy people to essentially buy their way into Canada - and thus contributing to the countrys overpriced housing market, considered to be one of the most overvalued in the world (see FTs chart).
The new immigration rules are likely to slow real estate sales especially at the luxury end of the market in property hot spots Vancouver and Toronto.
The decision came less than a week after the South China Morning Post published a series of exclusive investigative reports into the controversial scheme.
The paper found there are more than 45,000 wealthy Chinese immigrants, with a combined worth of least $C12.9-billion, waiting to get into Canada under the program.
The number of applicants is six times higher than the number for similar programs run by the US, Britain and Australia, the newspaper said, adding the Canadian program had turned into a scheme for helping rich mainland Chinese settle in Vancouver. Upvotes:1 Downvotes:1 Copy Link
12:24pm: Markets across the region are doing well today, following Wall Streets lead:Japan (Nikkei): -0.1%Hong Kong: +0.6%Shanghai: +0.15%Taiwan: +0.8%Korea: +0.9%ASX200: +0.75%Singapore: flatNew Zealand: +0.2%
‘‘It seems reasonable to start looking at bargains in the emerging markets,’’ said George Boubouras, chief investment officer at Equity Trustees. ‘‘The sell-off has been extraordinary.’’ Upvotes:1 Downvotes:0 Copy Link
12:21pm: A large write-down in the value of Queensland uranium ventures has forced Paladin Energy to a net loss of $US255 million for the first half.
Paladin wrote down the value of its Queensland exploration assets by $US226.5 million after tax, while lower uranium prices also weighed on performance, with the gross loss for the half at $US29.3 million. That compares with a gross profit of $US11.3 million a year earlier.
Sales revenues for the December half slid 12 per cent to $US171 million, despite a 3 per cent rise in production to a record 4.253 million pounds of uranium oxide.
The persistent weakness in uranium prices forced Paladin earlier this month to announce it would cease production at the smaller of its two mines, the Kayelekera operation in Malawi, until prices recover toward $US70 a pound. Upvotes:1 Downvotes:1 Copy Link
11:47am: The Australian dollar has bounced back above 90 US cents on the back of the benign Chinese inflation numbers, recovering all its losses from yesterdays local jobs data shock.
The currency jumped as high as 90.26 US cents and is currently trading at 90.11 US cents. Thats back from the days low of 89.56 US cents.
The dollar plunged more than 1 cent yesterday to as low as 89.28 US cents after employment data came in weaker than expected.
Australian dollar ... rises up on Chinese consumer prices data. Photo: Bloomberg Upvotes:2 Downvotes:1 Copy Link
11:42am: Chinas consumer prices rose 2.5 per cent in January from a year earlier while producer prices fell 1.6 per cent, official data from the National Bureau of Statistics showed, broadly in line with market expectations.
Economists had expected consumer inflation of 2.3 per cent and factory-gate prices to fall 1.7 per cent. Month-on-month, consumer prices rose 1 per cent versus a forecast of a 0.7 per cent rise. Upvotes:0 Downvotes:0 Copy Link
11:31am: James Packer’s Crown Resorts will earn a return on its investment in Macau for the first time, after its joint venture casino operator in the region, Melco Crown, said it would begin to pay a regular dividend.
After its fourth quarter results for 2013, in which net income doubled to $US223.2 million, Melco said it had recommended the board approve the payment of a maiden dividend and a subsequent ongoing policy.
Crown owns a 33.6 per cent stake in Melco, alongside Lawrence Ho, the son of casino tsar Stanley Ho. Crown – then PBL – invested about $600 million in Melco in 2004. Although the market value of its stake is now worth about $6.8 billion and represents about half of Crown’s current share price, the company is yet to enjoy a tangible return.
Goldman Sachs analyst Adam Alexander says he expects future special dividends as well as the stated policy:Given its strong cashflow and that both MSC [Macau Studio City] and COD [City of Dreams] Manila projects are fully funded, we see scope for the company to distribute more cash via special [dividends] from time to time, unless it identifies sizeable overseas opportunities (for example Japan, Korea).
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11:18am: Better-than-expected earnings and a 25 cent dividend jump have seen renewed investor appetite for Rio Tinto, with some analysts forecasting shares in the global miner to surge over the next 12 months.
UBS analyst Glyn Lawcock maintains a buy rating and a 12-month price target of $90:We attribute the better net debt result to lower interest and tax paid and favourable working capital adjustments. Despite lower net debt and a further US$2 billion in proceeds coming through in [the first half of 2014], Rio said it still sees 2014 as a year of debt reduction.
Citi analyst Clarke Wilkins expects a further 15 per cent increase to Rio’s dividend in 2014, and the share price to rise to $80.Despite forecasts predicting the price of iron ore to slip from its current level of $US122 per tonne, increased production is likely to offshore any potential weakness for Rio.There is also significant potential production growth in copper and coal over the next couple of years. Divestment of non-core assets could also be a key driver for the stock as the balance sheet is further strengthened.
But Baillieu Holst analyst Adrian Prendergast, while impressed with Rio’s result, is less optimistic about the company’s share price.Rio was good buying back around $58-$62 a share when it became our favoured large cap miner, but with the share price now up at $68 and 15 ‘Buys’ already in the market, the stock is starting to lose some of its value appeal despite still not being expensive. Upvotes:1 Downvotes:0 Copy Link
11:03am: Trading in Transpacific shares has been choppy on its interims, with early gains to $1.20 not sustained, leaving the shares trading off 1.3 per cent at $1.13 in late morning trading.
Moelis and Co told clients today it has a $1.30 target price, as it gains increasing confidence in management getting its balance sheet issues back under control:We continue to see TPI as offering exposure to a broad domestic economic recovery given the margin leverage inherent in its waste management operations and rapidly degearing balance sheet.As such we remain positive on the stock with any updates on the proposed divestment of the NZ operations the next milestone to revisit. Upvotes:1 Downvotes:0 Copy Link
10:49am: The world needs to adjust to the Federal Reserve’s tapering, Treasurer Joe Hockey has told Bloomberg in an interview, backing a stimulus reduction by the US that sparked market turmoil and emergency measures in some emerging markets.
“It’s not something that hasn’t been foreshadowed,” Hockey said. “The world can no longer rely on methadone every day. Sooner or later we need to wean ourselves off and that’s what tapering is about.”
Hockey said the Fed was within its rights to cut stimulus.
“Our own central banks have the responsibility to act in our own national interests,” he said. “It’s a balancing act. The US Fed can speak for itself, but I don’t see any systemic difficulties in developing nations.”
Hockey also talked about this years G20 meetings culminating in Novembers summit in Brisbane and including the central bankers gathering next weekend in Sydney.
The focus will be on issues including cutting tax avoidance in the digital economy by multinational companies, reducing the threat of shadow banking, and promoting more private-sector involvement in infrastructure building - an agenda Hockey described as “realistic.”
Cut the daily methadone for markets, Joe Hockey says. Photo: Stefan Postles Upvotes:0 Downvotes:2 Copy Link
10:33am: Newcrest chief executive Greg Robinson, who will step aside for Sandeep Biswas later this year, says he hopes to put the company back in a position to be paying dividends soon.
Newcrest has made steady progress on producing lower cost, high margin ounces, he says. Our focus remains on optimising our current operations, maintaining our growth options and maximising free cash flow to enable the company to reduce gearing and to return to paying dividends to shareholders.
So why are Newcrest shares trading slightly lower despite a fairly positive outlook, the miner delivering better than expected first-half earnings and the gold price topping $US1300 for the first time in three months overnight?
While the underlying result was better than the market had expected, analysts are nervous about a rise in net debt to $US4.5 billion, which could force the company to sell new shares to shore up its balance sheet later in the year.
The markets right to be nervous about a potential rights issue. The half-year (result) hasnt quite put that concern to bed, says David Lennox, an analyst at Fat Prophets in Sydney. Upvotes:1 Downvotes:0 Copy Link
10:12am: RBA assistant governor Chistopher Kents speech on the resource boom and the Australian dollar today was mainly an academic one, centering on a model of the “real equilibrium exchange rate” based on the terms of trade and real interest rate differentials.
But Kent did note yesterday’s weak unemployment figures.
He pointed out that the jobs numbers were weak, but added that employment is a lagging indicator. And he said unemployment isn’t too different to what the RBA has been expecting, something many economists noted yesterday.
Kent also provided the following chart comparing the actual real trade-weighted index of the Australian dollar with estimates of the medium-term ‘equilibrium’ exchange rate, to show how the actual exchange rate frequently diverges from what the model suggests is fair value.
‘‘This is the level that the exchange rate has tended to settle at over time for given levels of the terms of trade and the interest rate differential,’’ Kent said. ‘‘We can see that the exchange rate has, on occasions, deviated noticeably and for some time from the ‘equilibrium’ estimates.’’
The dollar, by the way, is trading at the days high of 89.93 US cents, having quickly shrugged off its brief slip in the wake of Kents speech. Upvotes:0 Downvotes:1 Copy Link
9:59am: Bubble watch takes us to an unusual area today: law. The number of law students has doubled in the past decade, with more than 12,000 graduates now entering a job market that comprises about 60,000 solicitors each year, the AFR has found.
The startling increase in the number of law graduates has been driven by the popularity of post-graduate law courses, where the number of students completing their courses increased 330 per cent from 1635 in 2001 to 7036 in 2012.
The number of bachelor’s graduates in law increased by a more modest 26 per cent during the same period, from 4514 in 2001 to 5706 in 2012. Combined, this has meant a jump of students graduating with some form of undergraduate or postgraduate law qualification from 6149 in 2001 to 12,742 in 2012.
There are about 60,000 practising solicitors in Australia, according to an Urbis survey from the national law market.
This oversupply of law graduates has been fed by the 36 university law schools around the country and means fierce competition for entry positions at law firms.
Read more ($)
Law graduates at a high ... but the job market for solicitors peaked in 2008. Upvotes:0 Downvotes:2 Copy Link
9:47am: While dividend hunters may be cheering Telstras first dividend increase since 2005, analyst expectations for the telcos share price, currently at $5.18, are mixed.
Credit Suisse analyst Fraser McLeish is confident the telco can continue to grow, rating it at outperform, with a price tag of $5.70:We remain positive on the Telstra investment story with strong cashflows being supported by continued mobile growth, cost savings and NBN payments. We see upside from the emerging Asian growth strategy. Finalisation of NBN negotiations should be a key catalyst.
Nomura analyst Sachin Gupta has lifted his recommendation to a buy, with a target price of $5.50 for the stock:The reasons are simple: 1) consistent good operational and financial performance – it continues to gain share in key growth segments; 2) good dividends – finally an increase after 8 years and further capital management remains a possibility, we think; and 3) Telstra is very much a relative call too  – our strategists are cautious on Australia and have FX forecast of 85c by year-end. Against this backdrop, Telstra can continue to outperform we think.
CIMB Morgans have upgraded their share price target by 5 cents, to $5.20, but still only rate the stock a hold.Upside risks include stronger margins in mobile and further NBN-related work. Downside risks include stronger mobile competition and ongoing high levels of capex and cost to support growth.
Macquarie remains the most bearish, with a neutral rating, and the only price target that would see shares fall, with a 12-month target price of $4.80:On a more medium-term view, some earnings risks exist, particularly if the competitive dynamic in mobiles shifts and Telstra is unable to compensate from new revenue streams.
Telstra shares are up 0.2 per cent at $5.16, extending yesterdays rise. Upvotes:1 Downvotes:0 Copy Link
9:35am: Shares have followed the lead from Wall Street and shrugged off poor jobs data yesterday to move higher in early trading.
The ASX 200 index is up 0.5 per cent, or 24.3 points, to 5332.4, mirroring the rise in the broader All Ords.
Among the early movers and shakers, Rio has jumped 1.3 per cent as investors responded positively to the mining giants earnings and dividend boost, revealed after the local market closed yesterday. The stock is up 1.3 per cent to $68.68, while BHP has felt the love, gaining 0.7 per cent.
Those results have driven the metals and mining sector 0.9 per cent higher, while the best performing sector is IT, up 1 per cent. Gold miners are also up 0.9 per cent, despite the market showing it was not overly impressed with Newcrests earnings update this morning, selling the stock lower by half a per cent point to $11.20.
Other stocks reporting this morning were Sims Metal Management, which jumped 5 per cent, and Transpacific Industries, which has gained 2.4 per cent.
Consumer discretionary is the only sector lower - by 0.1 per cent - dragged down by David Jones and 21st Century Fox.
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9:30am: There was a bit of excitement on Wall Street over news of another mega-merger: Comcast will buy Time Warner Cable for about $US45.2 billion, creating a behemoth that will dominate the US media industry.
The all-stock deal, which was approved by the boards of both companies, trumps a proposal from Charter Communications to buy Time Warner Cable for about $US38 billion. It is expected to close by the end of the year, pending shareholder and regulatory approvals.
How big is this merger compared to previous ones?
While it seems like a big deal - including debt its around $US67 billion - and if it gets approved by the regulators, and its fair to say thats a big if as the deal has the potential to reshape US pay TV and broadband markets, its actually only ranked 16th in M&A history, according to the following table by Business Insider using Bloomberg data.
Note: the biggest deal refers to the AOL-Time Warner merger, Time Warner is the current name of the acquirer. The second biggest deal refers to Vodafone Airtouchs acquisition of Mannesmann. Vodafone Group is the current name of the acquirer.
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8:58am: Soaring jobless numbers and a raft of soft economic data have forced Joe Hockey to rethink the severity of his first budget with the Treasurer declaring it will now be focused on growth.
The declaration represents a marked change in tone emanating from Canberra after Mr Hockey had consistently signaled a tough budget to drive it back to the black.
Rocked by an unexpectedly steep deterioration in the jobless rate to 6 per cent - the highest rate in a decade - the federal government is grappling with a worsening economic picture, as companies shed jobs, factories close, and economists warn of worse to come.
With the opposition claiming he had presided over 63,000 job losses - equal to one position lost every three minutes - Prime Minister Tony Abbott said he very much regretted that unemployment was edging up.
He called on Labor to scrap the mining and carbon taxes and restore the building industry watchdog in order to get growth going.
The softening outlook is being fueled by flat public sector demand, low activity in the non-mining sector, and soft domestic demand in the part of the economy not associated with either exports or imports.
NAB chief economist Alan Oster said the jobless rate would get worse, reaching 6.5 per cent this year even though below-trend growth at 3 per cent was not ordinarily a serious problem.
He said GDP growth was being held up by exports such as coal and LNG, but in the domestic economy, activity was flat, requiring governments to step in with infrastructure spending to fill the hole.
Mr Hockey bristled at the suggestion that he was contemplating a stimulatory budget, but in other comments, he also warned against the inevitability of the jobless rate reaching 6.25 per cent later this year, because such predictions were based on current settings.
Read more.
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8:45am: If you’re after a morning read, there was a great piece in The New York Times this week on “The Limbo of Asian Markets”:
Like limbo dancers struggling to shuffle under a low bar before standing upright again, emerging markets must shuffle along under weak commodity exports and capital outflows before they can recover their balance and let strong domestic demand for products like cars, electronics and instant noodles carry their economies forward again.
The question is whether their consumers and businesses will continue to spend, or whether international troubles will spill into domestic economies in ways they cannot control.
Read more.
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8:33am: Rios boss delivered for shareholders, writes BusinessDay columnist Mal Maiden:
There is still an aluminium anchor trailing behind Rio Tinto, but chief executive Sam Walsh gave shareholders what they wanted on Thursday night.
Rios 10 per cent rise in underlying earnings to $US10.2 billion slid above market expectations of $US9.7 billion, and a US14¢ - 15 per cent - lift in final dividend also surprised on the high side.
Walsh had promised to cut operating costs by $US2 billion during the year, and delivered cuts of $US2.3 billion. He had promised to trim the groups exploration and development budget by $US750 million, and cut it by $US1 billion.
He said he would pull capital expenditure down from more than $US17.5 billion to about $US13 billion, and hit that target. Rio sold more minerals even as he tightened the screws, and its operating cash flow jumped 22 per cent to $US22 billion.
The groups aluminium division boosted net earnings from $US54 million to $US557 million, but thats an ordinary return on a business that is in the books at almost $US19 billion even after write-downs of almost $US30 billion since the ill-fated $US38 billion acquisition of Alcan in 2007.
Rios iron ore business is an absolutely huge and high-class engine, however. It generated $US25.9 billion or 47 per cent of Rios total revenue last year, and earned almost $US10 billion.
Walsh is making Rio leaner and more profitable pound for pound, but the iron ore price that the group receives is always a hugely important external factor.
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8:27am: Newcrest Mining made a $40 million statutory profit in the first half of the 2014 financial year, in a result that was much better than expected just a few months ago.
The gold miner also beat expectations for its underlying earnings, which at $207 million were better than the $166 million predicted by a consensus of analysts.
The result was built upon higher than expected production in the first half, and significantly lower costs than expected.
As previously revealed, the gold miner had produced at an all in costs of just $921 per ounce during the December quarter.
Across the entire first half, the miner produced at $1003 per ounce.
The results came as the gold price pushed above $US1300 per ounce this morning for the first time since November 8.
The lustrous metal has now risen by $US107 per ounce over the past two months, further boosting Newcrests bid to break even.
As expected, Newcrest was not able to pay out a dividend for the first half.
Shares in the miner were worth $6.99 on December 10, but the stock has followed the gold price higher since then, and it last traded at $11.26.
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8:23am: Gold, poised for the longest rally since 2011, topped $US1300 an ounce for the first time since November after signs of faltering US economic growth added to the rising investor appetite for haven assets.
US retail sales fell in January by the most in 10 months, and jobless claims unexpectedly rose last week, government data showed today. Federal Reserve Chair Janet Yellen said Feb. 11 that the recovery in the US labor market is far from complete.
Bullion jumped 70 per cent from December 2008 to June 2011 as the central bank pumped more than $US2 trillion into the financial system.
Gold, which slid the most since 1981 last year as some investors lost faith in the metal as a store of value,has climbed 7.9 per cent in 2014 amid a drop in emerging-market currencies and rising physical demand, including bars and coins.
The rally hasnt swayed Goldman Sachs analysts who yesterday reiterated that prices will grind lower this year. The 2013 slump forced writedowns for Barrick Gold Corp. and Goldcorp Inc.
The deterioration in the job market is becoming increasingly evident, said Jeff Sica, who helps oversee more than $US1 billion of assets as president of Sica Wealth Management in Morristown, New Jersey. People are realizing that the economy still needs stimulus to grow, and that is keeping gold supported. Yellen sounded dovish. Todays key economic numbers makes it clear that all is not well.
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8:23am: The Reserve Bank is back at jawboning down the Australian dollar - albeit oh so mildly.
The RBAs deputy governor for economics, Christopher Kent, said in a speech in Sydney today that a lower exchange rate would assist in achieving balanced growth in the economy and bring about a quicker return to trend growth.
He acknowledged the impact of a lower currency on inflation, saying that it would also add a little to inflation, for a time.
On present indications, inflation is expected to be somewhat higher than wed thought in November, in part because of the further depreciation since then, but it is still expected to remain consistent with the inflation target, Mr Kent said.
The Australian dollar showed a slight dip but recovered quickly to last trade at $US89.78.
Read the full speech here. 
 
The Aussie dollar is back below 90 US cents, and dipped slightly on a speech by an RBA official this morning. Upvotes:0 Downvotes:0 Copy Link
8:15am: Scrap metal merchant Sims Group has doubled its December half net profit to $9.3 million, benefiting from a stronger performance in Australia and the US in particular.
It described second half trading conditions as challenging, pointing in particular to the difficult weather conditions in much of the northern hemisphere.
Despite the sluggish trading conditions in Australia during the December half, Sims managed to boost the pretax profit to $47.7 million, well up from $16.9 million earned a year earlier.
In the US, the pretax profit surged to $8.8 million from $1.8 million.
Cost reduction remains a key focus it said, as it looks to a steady improvement in the US - its largest market - for future earnings growth.
In Australia, continued soft trading conditions has prompted some competitors to either leave the market or to reduce volumes it said.
Earnings per share for the half stood at 4.5c, after a loss of 144.8c a year earlier.
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8:06am: Quick note from the team at NAB on overnight action on Wall Street:
US equity markets have overcome some disappointing economic news and moved higher overnight, buoyed by Comcast’s $US45bn deal for Time Warner, and earnings results for CBS and Goodyear Tire.
On the data front, US retail sales fell 0.4 per cent in January (0 per cent expected), with a large 2.1 per cent fall in auto sales.
It appears that the bad weather in January has affected the outcomes. Jobless claims also took a weather hit, unexpectedly rising to 339,000 from 331,000 (median estimate was for 330,000).
Continuing the weather theme, Fed Chair Yellen’s testimony to the Senate has been postponed due to a snowstorm, with a new date not yet announced.
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8:06am: Waste handler Transpacific Industries has enjoyed a profit resurgence thanks to lower interest charges, with the December half net profit rising to $167.1 million from $42 million a year earlier.
The gross profit, as measured by EBITDA, slipped to $192.9 million from $205.3 million, which was mainly due to the sale earlier of the groups commercial vehicle sales arm.
Revenue rose 5.1 per cent to $726.9 million, reflecting a slight lift in underlying volumes handled.
The group is pursuing the sale of its New Zealand arm, which is not expected to be finalised until later in the financial year.
The bottom line was flattered by a gain from the sale of the commercial vehicle division. Stripping this out, the net profit was $41.7 million, a rise of 16.5 per cent.
Read more.
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8:05am: Local stocks are poised to open higher, shrugging off yesterdays weak jobs data and after a positive lead from Wall Street.SPI futures up 33 points at 5296 at 8.45am AESTAUD at 89.86 US cents at 8.45am AESTOn Wall St, S&P500 +0.58%, Dow Jones +0.4%, Nasdaq +0.94%In Europe, Euro Stoxx 50 +0.1%, FTSE100 -0.23%, CAC +0.17%, DAX +0.6%Spot gold has reached $US1302.60 an ounceBrent oil dips 14 US cents to $US108.65 per barrel
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8:05am: Good morning and welcome to the Markets Live blog for Friday.
Your editors today are Jens Meyer and Patrick Commins.
This blog is not intended as investment advice.
BusinessDay with wires.
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Time: 5:57  |  News Code: 372908  |  Site: brisbanetimes
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