Midday Market Roundup 9th February

Our market is down 28. The SFE Futures were down 31 this morning.

Wall Street fell 103 overnight and closed below 10,000 for the first time in 3 months. It is 11 years since the Dow Jones first hit 10,000, in other words, the US equity market has gone nowhere in 11 years. The Dow was up 16 at best and down 108 at worst.

Commodities did OK. Metals up. Gold put on $13 to $1066 and oil was flat at $71.67. The Aussie dollar fell slightly to 86.47c from 86.63c yesterday morning.

Results season is in full swing…

 * Cochlear (COH) – interims result better than expected – profit up 8%to $72.5m ahead of forecasts for $68.5m. COH up 4.15% to 6394c.

    * Bradken (BKN) – interims result ahead of expectations – made $25.7m, down 26.4%, but ahead of Patersons’ expectations of $21m. They forecast improving trading conditions in the 2H. Patersons maintain their BUY recommendation. BKN up 11.6% to 653c.