Tricom Today ASX Stock Market Report 25-02-09

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The market is up 11,was up 51 earlier – underperforming the 70 point rise predicted by the SFE Futures this morning. Financials up 0.3% following the 14.8% rise in the banks in the US overnight on the back of positive comments from Bernanke reassurance that the banks won’t be nationalized. All our banks up 1-2% early on. Resources up 0.1% – BHP and RIO up 0.9% and 0.4% following significant jumps in the miners overnight in the US and a rise in metal prices. Industrials up 1.7% – APN News and Media (APN) posted a FY NPAT loss of $24m. Final dividend will be 12c. Guides FY09 underlying NPAT to be $120m in-line with consensus. Balance sheet in good shape. Doesn’t expect further jobs cuts. Expects a slow 1H09, picking up in the 2H. Property up 2.1% after recent heavy falls - Westfield up 2.4%.

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