8:36am: An interesting question on coal:
8:35am: Something on the recent dramas in Italy. Here's a full story on the bond fallout from the election:
8:33am: A few good tweets this morning on a range of issues, kicking off with earnings:
8:30am: Energy utility AGL has boosted its net profit to $364.7 million for the December half, well up from $117 million earned a year earlier, which largely reflects the inclusion of the Loy Yang A power station which was acquired last year.
Revenue rose to $4.97 billion from $3.6 billion, with earnings a share reaching 66.5c up from 24.5c.
Underlying earnings rose 20 per cent to $279.4 million, it said, after booking a loss on the change in value of financial instruments.
The group enjoyed a strong performance of its power generation business thanks to the full inclusion of Loy Yang A which was partly offset by weakness on the retail side, amid stiff competition for customers and eroding margins.
Even so, AGL said it lifted customer numbers by more than 60,000 in the key NSW market.
The interim dividend has been raised to 30c a share from 29c a share.
8:25am: Sydney Airport has reported a net profit of $179.2 million for the 2012 financial year, an increase a 47.4 per cent increase from the previous year.
The company declared a a full-year dividend of 21 cents per share.
Southern Cross Airports Corporation Holdings, the owner of Sydney Airport, reported a consolidation net loss of $80.3 million for the year ending December, down from $121 million the year before.
Sydney Airport's chief executive Kerrie Mather said the volume of international passengers had growed by 5.6 per cent as new international low-cost airlines came to the city.
"2013 has started strongly with 3.9 per cent international passenger growth in the year to date," Ms Mather said.
"Management will continue to market Sydney Airport to our airline customers and work closely with our industry and government partners to drive tourism growth.
Sydney Airport also reported revenue of $1.06 billion for the 2012 financial year.
8:18am: Slater & Gordon has reported a net profit of $19.1 million for the six months to December, a 61.3 per cent increase from the previous corresponding period, as the law firm signalled its intention to advance its UK expansion.
Slater & Gordon, the first law firm in the world to list on a stock exchange, declared a fully franked interim dividend of 2.75 cents per share.
"Expansion into the UK is progressing well and delivered in line with expectations of $34.3 million in revenue and [net profit before tax] of $3.5 million for the period," the company said.
"One the back of this performance Slater & Gordon is well placed to expand its operations in the UK in a market that is four to five times that of Australia."
Slater & Gordon's managing director Andrew Grech said his firm was in "good shape".
"We have strong prospects for further profitable growth and we have the resources and the people to be able to deliver it."
8:17am: First up in earnings ...
Westfield Group has reported a net profit of $1.72 billion for the 2012 financial year, an 18.3 per cent increase from the previous corresponding period.
The shopping centre owner declared a final total dividend of 24.75 cents per share.
"The performance for the year has been very good and in line with expectations," Westfield Group's co-chief executives Peter and Steven Lowy said.
"This has been a significant year for the Group as we continued to position WDC to generate greater shareholder value."
Westfield Group also reported earnings before interest and tax of $2.12 billion, a 3 per cent increase from 2011.
8:14am: For a comprehensive look at this morning’s business news, check today’s need2know. Here are this morning’s key markets numbers:
- SPI futures are 29 points higher at 5007
- The $A is lower at $US1.0229
- In New York, the S&P500 was 0.61% higher at 1496.94
- In Europe, the FTSE100 lost 1.34% to 6270.44
- China iron ore was flat at $US151.90 a metric tonne
- Gold rose $US29.80 to $US1615.50 an ounce
- WTI crude oil fell 76 cents to $US92.35 a barrel
- Reuters/Jefferies CRB index lost 0.2% at 293.23
8:11am: Morning everyone. Welcome to the Markets Live blog for Wednesday.
Contributors: Thomas Hunter, Jens Meyer, Max Mason
This blog is not intended as investment advice
BusinessDay with agencies
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