Posts Tagged ‘BHP Billiton’

    • Stock Market Analysis: Markets Finish Lower For A Third Week

    Monday, May 23rd, 2011

    * US stock markets fell for a third straight week, as retailers’ corporate earnings disappointed, though trading volumes were below average.
    * European stock markets ended lower Friday and were generally lower for the week as sovereign debt issues weighed on sentiment.
    * Asian share markets ended lower Friday, and are now down for a third week for their longest losing streak since November.
    * Commodities prices rose.  

    The SPI Futures is trading below the key level of 4800, closing down -0.8% (or -39 pts) at 4,701. The key levels for our index this week are 4820 and 4600. The ASX is set to trade lower as we have negative leads from markets in the U.S. and Europe.  

    Australian shares generally gave back their gains of the previous session on Friday, with the exception of the energy sector.  Expect the ASX market to drift lower today but energy stocks may offer some support as commodities prices consolidated overnight.  The mining tax will be in focus again this week after the WA government sharply increased the state iron ore royalities from the miners by $2 billion.

    See below for ASX listed companies in the news today.

    U.S. Markets

    US stock markets fell for a third straight week, as retailers’ corporate earnings disappointed and the IMF and EU responsed to the eurozone debt crisis. Technology, financial and industrial stocks all sold-off, though trading volumes were below average. 

    The Dow Jones traded lower, as did the S&P 500 which was dragged lower by the financial and industrial sectors, while the Nasdaq Composite declined for the first session in three. 

    U.S. stocks closed lower for a third week. The Dow dropped 0.7% and the S&P 500 edged 0.4% lower, which is the longest losing streak since August 2010.  The Dow Jones has lost 2.3% over the past three weeks but is up 8% for the year-to-date (YTD). The S&P 500 and Nasdaq are 6% higher for the year.  LinkedIn’s initial public offering (IPO) managed to hold on to its spectacular gains of its first trading session, in which it more than doubled. 

    There was a lack of economic data to influence the markets in either direction, while corporate news continued to point to a faltering economic recovery, with disappointing profit reports from Gap and Aeropostale prompting concerns about the sustainabiliy of U.S. consumer spending.

    The Dow Jones closed down -0.7% (or -93 points) at 12,512, the S&P 500 index closed down -0.8% (or -10 points) at 1,333, the Nasdaq ended down -0.7% (or -20 points) at 2,803, and the smaller cap Russell 2000 was down -0.7%.

    All 10 company groups that make up the S&P index traded lower: the Financials sector was down -1.4%, Materials were down -1.0, Industrials were down -1.1%, Consumer Staples were down -0.9%, the Technology sector was down -0.6%, while Energy sector was down -0.1%.

    European Markets

    European stock markets ended lower Friday and were generally lower for the week as sovereign debt issues weighed on sentiment. The Stoxx Europe 600 index fell 0.1% for the session, but is up 1.4% for the year. 

    The Fitch ratings agency has downgraded the Greek credit rating by three notches, citing the huge challenge Greece has ahead in securing its solvency. Investors were also cautious ahead of the Spanish elections which weighed on markets, while the S&P ratings agency has revised the outlook on the Italian economy to negative. 

    The euro dollar has dropped to its lowest level against the US dollar in 7 weeks due to the increasing concerns over the prospect of a Greek default, as traders bet against Greece being able to restructure their debt by the deadline. 

    The German market was down for a third straight week, due to the view that the eurozone’s largest economy, which has risen 5.1% for the year and outperformed in the region, is due for a period of consolidation given the troubled PIIGS economies.

    In London the FTSE 100 index was down -0.1% (or -7 points) at 5,948, the German DAX was down -1.2% (or -91points) at 7,266, while in France the CAC was down -0.9% (or -37 points) at 3,990.

    Asian Markets

    Asian share markets ended lower Friday, as European sovereign debt issues weighed on the global economic recovery.  The markets are now down for a third week for their longest losing streak since November. 

    The Japanese market sold-off again after data showed their economy contracted sharply in the first quarter of 2011, as the March earthquake and tsunami resulted in gross domestic product (GDP) contracting -0.9% in the first quarter of 2011, and is now tracking at a -3.7% annualised decline. The fall marked the second consecutive quarter of contraction, taking Japan into what economists consider a “technical recession”. 

    In China the Shanghai Composite declined, as did Hong Kong’s Hang Seng Index, with losses led by the financials due to concerns of the need for further tightening.

    In China the SSE Composite was down -0.1% (or -1 point) at 2,859, while in Hong Kong the Hang Seng Index closed up 0.2% (or 36 points) at 23,199 and in Japan the Nikkei 225 Index was down -0.1% (or -13 points) at 9,607.  The South Korean KOSPI was up 0.8%, while the Indian market was up 1.0%. 

    Commodities

    The Dollar Index was higher at 75.43 on a lower Euro, while the Australian Dollar last traded lower at 106.56. Commodities prices consolidated.

    For the session the benchmark crude NYMEX for June delivery was up 1.2% (or $US1.17) to settle at $99.91. Copper for June delivery was up 1.8% (or 7.2 cents) at $US4.1025, and June gold was up 1.1% (or $US11.60) at $US1,511.50.

    ASX Market News

    AUN – Austar the regional pay-tv provider has confirmed it is in discussions with Foxtel that may result in a takeover offer.

    APK – Australian Power and Gas the energy retailer is on track to meet its full year forecast net profit of $3.5 to $4.5 million, after reaching 250,000 customer accounts.

    BKN – Bradken, the consumable products supplier to the resources and freight rail industries, has acquired Wear Protect Systems Pty Ltd (WPS) and two of its related companies for an upfront payment of $13.3 million and an earn-out over two years.

    BXB – Brambles the pallets supplier and documents manager is still targeting an annual operating profit from $US740 and $US780 million, after sales in the 9-months to the end of March lifted 5 percent.

    FMG – Fortescue Metals Group has announced a maiden iron ore reserve estimate of 716 million tonnes (Mt) for the first stage of its Solomon Hub in WA.

    FXJ – Macquarie Radio Network (MRN) says it wants to look at Fairfax Media’s radio assets ahead of a potential bid.

    JHX – James Hardie Industries has posted a net loss of $US347 million for the full year to 31 March 2011, and expects the key US housing market to remain flat in the current year.

    LEI – Leighton Holdings says its Asian subsidiary has won two major contracts worth $547 million to construct the South Island Line (East) rail project in Hong Kong.

    MAK – Minemakers Ltd shares jumped after the phosphate explorer confirmed reports it was in talks with a state-owned Indian enterprise about jointly developing its Northern Territory project.

    MSF – Maryborough Sugar Factory has downgraded its full year earnings guidance as it expects a lower sugar cane crush this year as a result of bad weather.

    PNA – PanAust the copper and gold producer is on track to commission a second mine in Laos in December 2011, with first production expected in the March quarter of 2012.

    QBE – QBE Insurance Group will raise $493 million through the placement of subordinated debt notes with overseas institutional investors.

    RIO – Rio Tinto has priced $US2 billion of fixed rate bonds, comprising $US700 million of 5-year, $US1 billion of 10-year and $US300 billion of 30-year SEC-registered securities.

    TSE – Transfield Services has reaffirmed annual profit guidance, as it sells a business unit in the United States for $US255 million.

     

    Local Corporate Reporting

    Legend International (LGD)   Full year 2010 AGM
    Elders Ltd (ELD)            Interim 2011 Results
     

    Ex-dividend Date

    Dulux Group Limited

    Market Summary

    ASX – to open lower
    US & UK/Europe – lower

    US ADRs – Generally Lower

    BHP down -0.9% & RIO  down -1.2%; AWC down -2.7%
    ANZ down -1.2% & NAB down -1.0%
    NEM  up 0.1%, JHX down -0.2% , NWS down -1.1%

    Commodities Stock Index down -0.3%
    Gold Stocks Index up 0.3%
    Oil Stocks Index down -0.1% 

    By Michael Hevern
    Head of Research

    Written on 23 May, 7:15am

     
    For Buy and Sell recommendations on ASX listed companies register for a FREE trial of MDS Financial Research.

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    ASX Company News: NRW Holdings Secures BHP Mining Contract

    Thursday, May 19th, 2011

    NRW Holdings Limited (NWH), a leading Australian civil and mining services contractor, has been awarded a $158 million twelve month contract in the Pilbara. NRW’s contract award by BHP Billiton Iron Ore comprises three sections – the Goldsworthy to Finucane Island Rail Duplication earthworks; the Mooka Access Road and Mooka Marshalling Yard.

    NRW Holdings Ltd Managing Director and Chief Executive Officer, Jules Pemberton said of the project win, “This award takes NRW’s secured workload for next financial year (2011/12) to approximately $800 million out of a total order book of approximately $1.74 billion.” NRW’s peak workforce is expected to be approximately 200 with site mobilisation to commence in July 2011, and works to continue through until June 2012.

    www.nrw.com.au

    http://www.traderdealer.com.au/fundamentals/nwh

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    Stock Market Analysis: Positive End to Volatile Quarter

    Friday, April 1st, 2011

    *  U.S. stock markets finished the final session of the quarter flat on light volume.
    *  European markets fell overnight, weighed down by the financials.
    *  Asian markets generally ended higher yesterday.  Japanese stocks jumped as exporters rose due to a weaker yen.
    *  Crude oil has been the standout performer for the quarter, up 16.8%. Gold ended up 0.6% while copper fell -3.8% for the quarter.

    The SPI Futures is trading above the key weekly pivot level of 4750, closing flat at 4,867.  The key levels for our index today are 4800 and 4900. 

    The ASX is set to trade flat today as we rule off the quarter. We may see some profit taking in financials, miners and energy stocks to hold on to gains.

    In the Trader Dealer newsletter today we’ll be analysing the market’s performance over the quarter. Subscribe here for free!

    We had subdued leads from overseas markets overnight with investors staying cautious ahead of the Chinese PMI data and the U.S. non-farm unemployment report.  Investors still need to monitor the geopolitical unrest in the Middle East and North Africa, the Japanese nuclear crisis and the European sovereign debt concerns.  Investors also need to monitor the Aussie dollar which has again reached post-float highs.

    See below for ASX listed companies in the news today. 

    Economics News Today

    *   Australian PMI for March
    *   Commodity Price Index (CPI) for March.

    U.S. Markets

    U.S. stock markets finished the final session of the quarter flat on light volume. The markets closed off their best March quarter since 1999 and finished just below their peaks from the bull run in play since the turn around from the GFC early in 2009.  Gains were led by the materials and industrials sectors, while the consumer-discretionary and financial sectors fell. 

    Investors remained cautious ahead of the monthly payrolls report tonight, which is expected to show an increase of 195,000 jobs in March, but the market has already factored in a good report. 

    U.S. markets have outperformed for the quarter due to growing optimism that the U.S. economic recovery is strengthening, despite overseas disasters and geopolitical turmoil in the Middle East and North Africa.  For the first quarter of the year the Dow Jones is up 6.4%, while the broader S&P 500 ended up 5.4% and the tech-heavy Nasdaq is up 4.8% for the week.  The performance of the markets has been volatile for the quarter, having slipped into the negative early this month due to concerns over the earthquake and tsunami destruction in Japan and the conflicts in the Middle East and North Africa, which briefly sent the markets down over 6%. 

    The US dollar gained slightly against the euro and yen after the Federal Reserve Bank of Minneapolis President said key U.S. interest rates might have to rise in late 2011. On the corporate front Berkshire Hathaway’s shares also declined after CEO Warren Buffett said David Sokol, viewed as a top contender to succeed Buffett, had unexpectedly resigned.

    Crude oil futures settled at their highest level in two and a half years overnight as the US dollar weakened and Libyan rebels suffered a setback, raising fears that the conflict could be extended. 

    The Dow closed down -0.3% (or -31 points) at 12,319, while in the broader market the S&P 500 index was down -0.2% (or -2 points) at 1,325 and the tech-heavy Nasdaq ended up 0.2% (or 4 points) at 2,781.

    The ten company groups that make up the S&P index traded mixed, with out-performers including the Materials and Industrials sectors up 0.4%. The Financials and Consumer Staples sectors were down -0.4%,  and the Energy sector was down -0.3%.

    European Markets

    European markets fell overnight, weighed down by the financials.  The Stoxx Europe 600 index closed down 1%, with retailers posting heavy losses.  Financials sold-off due to concerns over the results of Irish bank stress tests prompting investors to sell financial shares across Europe. 

    In economic news data showed an acceleration in euro-zone inflation, to a 2.6% annual rate in March (up from 2.4% in February), adding to the negative sentiment due the spectre of higher interest rates.  Immediately after the close of European trading, the Irish central bank released the bank “stress test” results, which showed that four Irish banks will be required to raise EUR24 billion in order to meet new capital requirements. 

    The PIIGS markets sustained heavy lossess with the Italian FTSE MIB index, the Spainish IBEX 35 index, the Greek ASE Composite and the Portuguese PSI 20 index all down over 1.5%. 

    The German and London markets also closed lower overnight.  These markets had a volatile quarter with the German DAX and London’s FTSE selling off -13% and -8.5% respectively, from their year-to-date peaks after the Japanese disaster.  Both markets have since recovered strongly with the DAX up 5.8% and the FTSE 100 flat for the quarter.

    Overnight the FTSE 100 index closed down -0.2% (or -40 points) at 5,908, the German DAX was down -0.2% (or -15 points) at 7,041, while in France the CAC was down -0.9% (or -35 points) at 3,989.

    Asian Markets

    Asian markets generally ended higher yesterday, though trading volumes were down due to caution ahead of the release of key U.S. Non-farm payrolls figures for March (due out tonight). 

    Japanese stocks recovered from early losses as the yen’s recent weakness and optimism about reconstruction after the devastating earthquake and tsunami boosted investor sentiment.  The South Korean market rose 0.7% and in Hong Kong shares extended gains on the back of strong earnings reports from a number of companies. 

    The Chinese market bucked the trend by declining yesterday on renewed concern about further monetary policy tightening by the Chinese central bank.  The Chinese press reported the Chinese March CPI will likely exceed 5%, and the central bank could raise interest rates around April or towards the middle of the year to help bring prices down. Materials companies were sold-off in the session and banks were also weaker. 

    Asian markets avoided the volatilty of other global markets, except for Japan, which was down 25% directly after their disaster.  The Chinese market outperformed for the quarter up 4%, while the Hong Kong market rose 2.1%, the South Korean market ended up 2.7%, and the Japanese market rebounded strongly from the lows of the quarter to end down -4.1%.

    In China the SSE Composite closed down -0.9% (or -28 points) at 2,928, while in Hong Kong the Hang Seng Index was up 0.3% (or 76 points) at 23,527 and in Japan the Nikkei 225 Index was up 0.5% (or 46 points) at 9,755.

    Commodities

    The Dollar Index was lower at 76.01 on a higher Euro, while the Australian Dollar last traded above parity at 103.08. Commodities were generally higher.

    For the session the Benchmark crude NYMEX for April delivery was up 2.4% (or $US2.45) to settle at $US106.79. Copper prices remain around 2-year highs. Copper for April delivery was up 0.8% (or 3.4 cents) at $US4.2690.  April gold was up 1.1% (or $US15.10) at $US1,432.40.

    For the quarter crude oil has been the standout performer, up 16.8% for the quarter, while Gold ended up 0.6% and Copper fell -3.8% for the quarter.

    ASX Market News

    BHP – BHP Billiton, the world’s biggest resource company, has approved a $US319 million investment at Chile’s Escondida copper mine.

    DOW – Downer EDI, together with partner firms, has secured new contracts worth $275 million, with Downer’s share approximately 50%.

    GBG – Gindalbie Metals Ltd has become a new Australian iron ore producer with the maiden shipment from its Karara project in the Mid West region in WA.

    ILU – Iluka Resources Ltd has been asked by the ASX to explain the recent spike in its share price.

    LYC – Lynas Corporation, the rare earths miner, has sold $55 million of new shares to institutions to raise funds to develop and equip its mine and processing plant.

    MBN – Mirabela Nickel plans to borrow $US375 million by selling senior unsecured notes in a private offering to pay down other debt facilities.

    NWS – James Murdoch, the youngest son of News Corp chairman Rupert Murdoch, has been named deputy chief operating officer of the news and entertainment giant.

    RIO – Rio Tinto Ltd has waived the minimum acceptance conditions attached to its $US4 billion takeover bid for South Africa-focused coal miner Riversdale Mining.

    SFR – Sandfire Resources is on track to complete debt funding arrangements for its $400 million DeGrussa copper and gold project in WA in the June quarter.

    TSI – Transfield Services Infrastructure Fund (TSI) has had an 85 cents per share bid from a major Thai power producer, non-binding offer to acquire 80 per cent.

    UGL – UGL says it has entered into a JV with a Saudi Arabian engineering firm to deliver facilities and property management services across the Middle Eastern country.


    Local Corporate Reporting     
    Ten Network Holdings Ltd (TEN)      Interim 2011 Results

     

    Ex-dividend Date
     
    CUS – Customers Limited (3 cents) 
    GOW – Gowing Bros. Limited (5.5 cents)
     

    Market Summary    


    ASX – to open lower
    US & UK/Europe – higher overnight 
     
    US ADRs –  Broadly Mixed
     
    BHP up 1.6% & RIO up ; AWC up 1.1%
    ANZ flat & NAB up 0.5%
    NEM  up 0.9%, JHX down, NWS up 0.3%
     
    Commodities Stock Index up 0.1%
    Gold Stocks Index up 0.4%
    Oil Stocks Index up 0.1%

     

    By Michael Hevern
    Head of Research
     

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    Stock Market Analysis: Financials Offer Market Support

    Wednesday, March 9th, 2011

    *  U.S. markets advanced overnight, led by the Financials.
    *  European stocks finished slightly higher, but mining stocks declined as oil and gold prices fell.
    *  Asian stock markets ended higher yesterday, as crude oil prices eased.
    *  Commodities were generally lower, the US dollar rose, as Gold and Crude oil prices eased.

    The SPI Futures is trading below the key pivot level of 4850, closing up 0.1% (or 7 pts) at 4,813.  The key levels for our index today are 4850 and 4780. M&A activity continues to drive specific stocks. 

    The ASX is set to trade higher today.  We had positive leads from overseas markets.  Expect Financials to recover and Gold and Energy stocks to weigh on the market today.  

    See below for stocks in the news today.

    Economics News Today

    *  Westpac – Melbourne Institute Consumer Sentiment Survey for March
    *  Housing Finance Approvals for January
    *  DEEWR Monthly Leading Indicator of Employment for March.

    U.S. Markets

    U.S. markets advanced overnight, led by the financials, in the hopes that U.S. banks will start to offer increased dividends and share buybacks. However the S&P 500 and Nasdaq indices are still down for the month of March. 

    There was a rush of buying into the financials sector.  Bank of America reported encouraging results and raised hopes it will increase dividends and share buybacks.

    Energy stocks weighed on the market, as crude oil prices fell in volatile trading, after reports that more countries may step in to boost production and that Libyan leader Moammar Gadhafi may be looking for a way to step down. The U.S. dollar extended gains against the euro and other currencies overnight as investors turned their attention back to European sovereign debt problems.

    The Dow closed up 1.1% (or 130 points) at 12,220, while in the broader market the S&P 500 index was up 0.9% (or 12 points) at 1,322 and the tech-heavy Nasdaq ended up 0.8% (or 21 points) at 2,767. The S&P 500 key at levels are 1324 and 1275.

    Except for Energy, all 10 company groups that make up the S&P index rose, with outperformers being  Financials up 2.2%, Industrials up 1.6%, and Materials up 1.2%. The Energy sector was down -0.8%.

    European Markets

    European stocks finished slightly higher, with the Stoxx Europe 600 up 0.4% after 2 days of losses.  Mining stocks were among the biggest decliners in Europe, as gold prices fell. Greek banks also posted sharp losses, down up to 7%, a day after Greece’s sovereign debt rating was downgraded. 

    Crude oil pulled back from its 29-month highs after media reports that Libyan leader Moammar Gadhafi may step down.  In London the FTSE 100 index was flat, as mining and energy stocks, and the prospect of interest rate rises, weighed on sentiment. 

    The German market also ended flat, as stocks generally rose despite the ECB indicating it may raise interest rates several times this year.  German factory orders, seasonally adjusted climbed 2.9 percent in January (compared to a 3.9 percent fall back in December), which was inline with expectations.

    In London the FTSE 100 index closed up 0.1% (or 1 points) at 5,975, the German DAX was up 0.1% (or 3 points) at 7,164, while in France the CAC was up 0.6% (or 25 points) at 4,015.

    Asian Markets

    Asian stock markets ended higher yesterday, as crude oil prices eased.  Emerging markets are set to return to favour in coming quarters, according to Macquarie Securities, after investors have been underweight in the region amid concerns over policy tightening and other worries. 

    In Japan the market ended flat, as bargain-hunters and M&A activity helped provide support, though exporters continued their slide.  South Korean shares advanced, though gains were capped as foreigners were net sellers. 

    Chinese shares ended flat, after recovering from an early sell-off, as property stocks recovered.  In Hong Kong, stock gains were led by HSBC Holdings (up 2.3%), reversing a multiweek slide.

    In China the SSE Composite closed up 0.1% (or 4 points) at 3,141, while in Hong Kong the Hang Seng Index was up 1.7% (or 398 points) at 23,711 and in Japan the Nikkei 225 Index was up 0.2% (or 20 points) at 10,525.

    Commodities

    The Dollar Index was higher at 76.79 on a lower Euro, while the Australian Dollar last traded above parity at 100.98. Commodities were general lower.

    For the session the Benchmark crude NYMEX for April delivery was down -0.8% (or -$US0.81) to settle at $US104.63.  Copper prices back at 2-year highs. Copper for April delivery was up 0.3% (or 1.20 cents) at $US4.3250.  April gold was down -0.5% (or -$US7.20) at $US1,429.70.

    ASX Market News

    AMC - Amcor has raised 550 million euros in eight year bonds so Australia’s biggest packaging company can refinance existing European debt.

    AMP – AMP has won court approval for its $14 billion takeover of the Melbourne-based wealth manager, and a further four senior executives of AXA Asia Pacific will move to AMP.

    CSS – Clean Seas Tuna Ltd has placed $6.9 million worth of shares with private Norwegian aquaculture investor Frode Teigen.  The placement of 62.7 million shares at 11 cents per share lifts Mr Teigen’s stake in Clean Seas Tuna to 17 percent.

    EXT – Extract will consider the implications of a possible recommended cash takeover offer for its 42.7% of Kalahari by Chinese state-owned CGNPC Uranium Resources Co Ltd.

    LLC – Lend Lease Group has been awarded a $US170 million to expand Delta Air Lines’ Terminal 4 at John F Kennedy Airport in New York.

    LYC – Lynas Corporation, the rare earth miner, may sell its Crown polymetallic deposit at Mount Weld in WA to Forge Resources.

    NWS – U.S. investors are pressuring News Corp to increase its offer to buy full control of satellite TV operator British Sky Broadcasting Group PLC.

    RIV – Rio Tinto’s offer of $3.9 billion to acquire the Africa-focused coal, Riversdale Mining company, expires 18 March. Wuhan Iron & Steel (Group) Corp, China’s third-largest steelmaker by output, has not given up on a deal to take a minority stake in RIV.

    WOW – Woolworths Ltd. has priced a new $500 million five year bond, its first in the domestic market since 2006. At four times oversubscribed, the bonds were priced at 105 basis points over swap.


    Local Corporate Reporting     
    EQN – Equinox Minerals Limited       Full year 2010 Results
    Ex-dividend Date
     
    AMO – Ambertech Limited (0.5 cents)
    ARA – Ariadne Australia (0.5 cents)
    FXL – FlexiGroup Limited (5 cents)
    GAP – Gale Pacific Limited (1 cents)
    LWB – Little World Bev. (5 cents)
    NWS – News Corp (7.5 cents)
    NWSLV – News Corp – A Non-Voting Cdi (7.5 cents)
    OSH – Oil Search Ltd (2 cents)
    RUL – Runge Limited (1 cents)
    SDM – Sedgman Limited (3 cents)
    SLM – Salmat Limited (11.5 cents)
    SWL – Seymour Whyte Ltd (3.5 cents)
    TSE – Transfield Services (5 cents)

     

    Market Summary    

    ASX – to open higher
    US & UK/Europe – higher
     
    US ADRs –  Broadly Higher
     
    BHP down -0.2% & RIO down ; AWC down -0.9%
    ANZ up 1.7% & NAB up 1.5%
    NEM  down -1.3%, JHX up 0.9%, NWS up 1.1%
     
    Commodities Stock Index down  -0.2%
    Gold Stocks Index down -0.6%
    Oil Stocks Index down  -0.7%

     

    By Michael Hevern
    Head of Research

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    Dividends: BHP Billiton Ex Dividend On 7/3/2011

    Sunday, March 6th, 2011

    BHP Billiton Limited (BHP) will go ex dividend on 7/3/2011. The current dividend payment is 45.8 cents and it is 100% franked. The record date is 11/3/2011 and the dividend will be paid on 31/3/2011. Based on the full year payment the dividend yield is 2.1%.

    *Current Yield: 1.0% Franking: 100% DRP Discount: Not Available

    BHP Billiton Limited

    *Yield has been calculated on the closing price on the 27/2/2011. Current yield is based on the current dividend payment only.

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    ASX Company News: Leighton Awarded 3 Year Extension At BHP Poitrel Mine

    Wednesday, March 2nd, 2011

    Leighton Contractors (LEI) has been awarded a three-year contract extension valued at approximately $225 million by BHP Mitsui Coal Pty Ltd (BMC) to continue contract mining services at the Poitrel mine. The Poitrel mine site is located 35 kilometres south east of Moranbah in Central Queensland.

    Greg Fokes, General Manager of Leighton Mining, said the company was proud to be awarded the contract extension. “We have been working with BMC at Poitrel since 2006, providing a range of services including project management, surface mining, engineering and maintenance,” he said. “This contract extension recognises the high quality production and safety performance at the mine over recent years and I congratulate the team at Poitrel on this milestone which is testament to their commitment.”

    Leighton Mining currently employs around 220 people at the mine. Leighton Contractors, a wholly owned subsidiary of Leighton Holdings Limited, is one of Australia’s leading contracting and project development groups with over $12.3 billion work in hand, employing more than 10,000 people across Australia and New Zealand. The company services clients across a range of industries and sectors including resources, construction, telecommunications, energy, infrastructure and facility management.

    www.leighton.com.au

    http://www.traderdealer.com.au/Fundamentals/lei

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    Stock Market Analysis: Weekly Market Wrap – February 18 2011

    Friday, February 18th, 2011

    The Australian Market Tracks Higher on a Robust Earnings Season

    Global markets continued to trade higher this week following a positive start after the resignation of Egyptian President, Hosni Mubarak. Investors have chosen to ignore the tensions simmering in the Middle East and North Africa, and the crude oil price has held steady around $US86.

    Trading in the Australian market has been dominated by the corporate earnings season, which has generally produced robust results. The ASX All Ordinaries held above the 5000 level, while the S&P ASX200 looks set to test 5000 in the near-term.

    US Markets

    The US markets continued their melt-up this week, with the Dow Jones and the S&P500 continuing to trade above the key threshold levels of 12000 and 1300. The S&P500 stock index has now doubled from its GFC low, with the market capitalisation of the S&P 500 now about $US12 trillion, compared to the $US6.9 trillion during the sell-off in early 2009. M&A activity has again been a key driver for the US markets.

    Overnight, the Dow closed up 0.2% at 12,318, while in the broader market the S&P 500 index rose 0.3% to 1,340 and the tech-heavy Nasdaq ended up 0.2% at 2,832.

    European Markets

    European stock markets rose this week to a two-and-a-half year high, led by the financials. Investor sentiment was boosted by some solid earnings news as the French and German markets rose to levels unseen since 2008.

    The Stoxx Europe 600 index has rallied nearly 6% in 2011 (YTD), rising 0.2% overnight and is up for a fifth straight session to its highest close since at least August 2008. The Bank of England (BoE) has forecast that the British economy will likely avoid a double-dip recession, despite suffering contraction in the final quarter of last year. The FTSE is up 3.2 percent for 2011 (YTD), and up 73 percent since March 2009. The French CAC is testing multi-year highs and in Germany the market has now doubled from its GFC low and is at 2-year highs.

    Overnight in London the FTSE 100 index closed flat at 6,087, the German DAX was down -0.1% at 7,406, and in France the CAC was flat at 4,171.

    Asian Markets

    Asian markets have been trading higher this week. The Chinese and Hong Kong markets have bounced off key support levels following China’s release of January inflation data which rose less than expected. The consumer price index (CPI) rose 4.9% (vs expectations of 5.4%), while wholesale inflation rose at a faster-than-expected annual rate of 6.6%. The Japanese market has hit a 9-month high with some sector rotation from the high-flying tech stocks into exporters that have lagged in performance for the year-to-date.

    Yesterday in China the SSE Composite closed down marginally -0.1% at 2,927, while in Hong Kong the Hang Seng Index was up 0.6% at 23,302 and in Japan the Nikkei 225 Index was up 0.3% at 10,837.

    Australian Earnings Snapshot

    Some general themes that have come from this week’s earnings report are:

    * Resource companies are confident of the outlook for commodities as emerging markets continue to drive growth.
    * Energy stocks will continue to benefit from the high crude oil prices.
    * Airlines are seeing improvement in global aviation markets.
    * Real estate trusts look to be turning the corner.

    Among the upbeat results:

    * BHP Billiton reported a 71.5 percent rise in 1H11 net profit.
    * Qantas delivered stronger-than-expected 1H11 results.
    * Santos, the oil and gas producer, reported a 15.2 percent increase in FY net profit.
    * Westfield Group has returned to profitability with more than $1 billion in profit.
    * Wesfarmers increased 1H11 profit by 33 percent.

    On a negative note, we saw biotech disappoint and uranium producers struggle:

    * Biota Holdings, the influenza vaccine developer, slumped 28% after reporting a 1H11 loss.
    * CSL, the global blood products and vaccines maker, reported a 19 percent fall in 1H11 profit, and expects FY11 profit to decline.
    * Paladin Energy has increased its 1H11 net loss by 55 percent.

    Our View

    Next week we should see the S&P ASX200 continue to track towards 5000, though we are due for some consolidation. Currently trading at 4925, it’s above its key weekly resistance level around 4860. The focus for next week will be on the unrest in the Middle East, Asian concerns over inflation, European debt concerns and, locally, the continuing earnings reporting season. Key levels for next week will be 5000 to 4800.

    Investors need to monitor the tensions simmering in the Middle East and North Africa, with unrest in Libya and Bahrain, and tensions between Iran and Israel over the Suez Canal. Be prepared to hedge your positions, as the current low options volatility provides investors holding long term portfolios an opportunity to hedge their positions cheaply.

    By Michael Hevern
    Head of Research

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    Stock Market Analysis: Markets Rise on Solid Corporate Earnings and M&A

    Thursday, February 17th, 2011

    *  U.S. markets recovered overnight after strong corporate earnings results and a further round of corporate M&A deals
    *  European stock markets rose overnight to two-and-a-half year highs, led by the financials.
    *  Asian markets ended mixed yesterday.  The Japanese market hit a 9-month high.
    *  Commodities were generally higher.

    The SPI Futures is trading above the key level of 4800, and closed up marginally 0.2% (or 11 pts) at 4,923.  The key levels for our index today are 4950 and 4870. M&A activity continues to drive specific stocks. 

    The ASX is set to trade higher today.  We will continue to focus on local earnings reporting this week, as we had positive leads from overseas markets.   Expect Financial and Materials stocks to be in focus. See below for stocks in the news today.

    Economics News Today

    * International Merchandise Imports for January
    * Foreign Exchange Transactions and Holdings of Official Reserve Assets for January.

    U.S. Markets

    U.S. markets recovered overnight, after strong corporate earnings results and a further round of corporate M&A deals.  Stock gains were led by the materials and energy sectors, but retailers also rose after M&A activity.  The gains came despite a mid-session pullback, after Israel’s foreign minister warned that the two Iranian warships that were crossing the Suez Canal into the Mediterranean Sea were seen as “provocations” that Israel cannot ignore. 

    The S&P 500 stock index has now doubled from its GFC low, with the market capitalisation of the S&P 500 now about $US12 trillion, compared with the $US6.9 trillion during the selloff in early 2009. 

    The Fed Reserve’s Federal Open Market Committee (FOMC) meeting minutes showed the Fed is more optimistic about the U.S. economic outlook, raising their growth outlook for 2011, as they expected inflation to remain low and unemployment to remain high. 

    In economic news U.S. home construction rose 15% in January to the highest level since September, boosted by multi-family homes, and producer prices (PPI) also showed mild gains, which should ease inflation concerns. 

    In coporate news:
    * Discount retailer Family Dollar Stores surged 22% after receiving an unsolicited takeover bid;
    * Dell jumped 13% after the computer maker reported 4Q earnings tripled, thanks to strong demand from corporate customers and lower component costs
    * Deere gained 2% after fiscal 1Q earnings doubled, helped by agricultural-equipment sales in the U.S. and Canada.

    The Dow closed up 0.5% (or 62 points) at 12,288, while in the broader market the S&P 500 index was up 0.6% (or 8 points) at 1,336 and the tech-heavy Nasdaq ended up 0.8% (or 21 points) at 2,826.

    Sectors that make up the S&P index delivered solid performances, with outperformers including the Materials and Energy sectors up 1.3%, and Industrials and Financials 0.5%.

    European Markets

    European stock markets rose overnight to two-and-a-half year highs, led by the financials.  The Stoxx Europe 600 index gained 0.4% above its highest closing level since August 2008.  Investor sentiment was boosted by some solid earnings news, as the French and German markets rose to levels unseen since 2008. 

    In London the FTSE 100 index reversed the losses of the previous session.  The Bank of England (BoE) has forecast that the British economy will likely avoid a double-dip recession, despite suffering contraction in the final quarter of last year.  Inflation is expected to hold well above its target of 2 percent this year, rangeing between 4% to 5% near-term.  However, the central bank, in releasing its quarterly economic report, also predicted annual inflation would hold “well above” its target of 2.0 per cent this year, and would fluctuate between 4.0 and 5.0 per cent in the near term.  Financials continued to lead the gains after the encouraging results from Barclays and the French bank Societe Generale is seen as signalling that the turnaround of the banks, that suffered severely from the GFC, is underway.

    In London the FTSE 100 index closed up 0.8% (or 48 points) at 6,085, the German DAX was up 0.2% (or 14 points) at 7,414, while in France the CAC was up 1.0% (or 41 points) at 4,171.

    Asian Markets

    Asian markets ended mixed yesterday.  The Japanese market hit a 9-month high as exporters led the gains on the back of a weaker yen, and as the US dollar hit a 2-month high against the yen. 

    In Hong Kong the market has bounced off a key support level that has been in place for the past 4 months.  In China the Shanghai Composite rose for a fifth straight session, boosted by steelmakers, which were bought up as they were able to pass on production cost hikes.  However the Chinese inflation data showing a 4.9 percent rise in prices could provide some headwinds for the market amid fears that further tightening measures may be required. 

    In China the SSE Composite closed up 0.9% (or 25 points) at 2,924, while in Hong Kong the Hang Seng Index was up 1.1% (or 257 points) at 23,157 and in Japan the Nikkei 225 Index was up 0.6% (or 62 points) at 10,808.  The Indian market has jumped nearly five per cent in a 4-day rally as bargain hunters stepped in after its recent sharp sell-off last week.

    Commodities

    The Dollar Index was lower at 78.24 on a higher Euro, while the Australian Dollar last traded just above parity at 100.32. Commodities were generally higher.

    For the session the Benchmark crude NYMEX for December delivery was up 0.8% (or $US0.69) to settle at $US85.01.  Copper prices back at 2-year highs. Copper for December delivery was down -1.5% (or -6.6 cents) at $US4.4745.  December gold was up marginally 0.1% at $US1,374.30.

    ASX Market News

     
    AAD – Ardent Leisure Group the theme park operator, reported 1H11 net profit was up 130 per cent, and says all its divisions have strong growth momentum heading into the 2H11.

    ALZ – Australand has forecast earnings to grow by at least five percent in 2011 after returning to profitability in 2010 and says the outlook for residential, industrial and office sectors remains positive.

    ARP – ARB Corporation, the automotive group, has reported a double-digit lift in 1H11 net profit amid strong sales growth and says it expects reasonable growth for the FY11.

    BHP – BHP Billiton reported a 71.5 percent rise in 1H11 net profit and is confident of the outlook for commodities as emerging markets continue to drive growth.

    BOQ – Bank of Queensland has cut its full year profit guidance and warned of flat dividends, due to the effect of Queensland floods and Cyclone Yasi.
    BTA – Biota Holdings, the influenza vaccine developer, has slumped 16% after reportig a 1H11 loss, but says it aims to prioritise programs that are likely to lead to near term commercial returns.

    COF – Coffey International has slumped 14% after reporting a 1H11 net loss of $4.7 million, but it expects a better second half performance.

    CSL – CSL, the global blood products and vaccines maker, reported a 19 percent fall in 1H11 profit, and expects FY11 profit to decline around 10 percent, at the current exchange rates.

    DMP – Domino’s Pizza Enterprises, the fast food supplier, posted a 17 percent rise in 1H11 net profit, upgrading full year guidance to 15 percent growth.

    DXS – Dexus Property Group has upgraded its FY11 earnings guidance after returning to profitability and reported an interim net profit after tax of $294.4 million for 1H11.

    GCL – Gloucester Coal has increased 1H11 profit by 28 percent on the back of strong coking coal sales.

    GPT – GPT Group, the Property investor, says it has sold a portfolio of senior living communities in the US for $US890 million.

    MRM – Mermaid Marine the supplier of marine services to the oil and gas industry, has reported a small jump in 1H11 profit, and is predicting a stronger second half.

    QAN – Qantas 1H11 results, due out today, are expected to include a fourfold increase in profit after improvement in global aviation markets, and a possible resumption of dividends.

    SKC – Sky City the casino operator says its 1H11 normalised net profit rose 2.1 percent to $51 million, as revenue was steady in Auckland but softer in Darwin after the introduction of smoking bans.

    SAI – SAI Global, the applied information provider, has reported 1H11 profit up 23 percent, and says full year profit will grow by another third.

    SMX – SMS Management and Technology has posted a 15 per cent rise in 1H11 net profit.

    TRS – The Reject Shop posted a 16 percent fall in 1H11 net profit, but could not provide guidance for the FY11 due to uncertainty about the costs to the company of the Queensland floods.

    WDC – Westfield Group has returned to profitability with more than $1 billion in profit as the group’s restructure provides the platform for long term growth.


    Local Corporate Reporting     
     
    ACP – Abacus Property Group     Interim 2011 Results
    ABC – Adelaide Brighton Ltd      Full year 2010 Results
    AMP – AMP Ltd                           Full year 2010 Results
    ASX – ASX Ltd                            Interim 2011 Results
    EDT – EDT Retail Trust               Interim 2011 Results
    LLC – Lend Lease Corp                Interim 2011 Results
    OGC – Oceanagold                      Full year 2010 Results
    NHC – New Hope Corp Ltd        Quarterly Activities Report
    QAN – Qantas Airways               Interim 2011 Results
    STO -  Santos Ltd                         Full year 2010 Results
    WES – Wesfarmers Ltd                Interim 2011 Results
    WDC – Westfield Retail Trust     Interim 2011 Results
    ANN – Ansell Ltd                  Interim 2011 Ex-dividend date
    GUD – G.U.D. Holdings        Interim 2011 Ex-dividend date
    OZL – OZ Minerals               Full year 2010 Ex-dividend date
     
    Market Summary    

    ASX – to open higher
    US & UK/Europe – higher
     
    US ADRs –  Higher
     
    BHP down 1.3% & RIO up ; AWC up 1.0%
    ANZ up 2.2% & NAB up 1.3%
    NEM  down 0.1%, JHX down 0.2%, NWS up 1.2%
     
    Commodities Stock Index up 1.0%
    Gold Stocks Index up 1.1%
    Oil Stocks Index up 1.2%

     

    By Michael Hevern
    Head of Research
     

     

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    Stock Market Analysis: Markets Continue to Absorb the Bad News

    Friday, February 4th, 2011

    *  US markets recovered after opening lower.  Initial concern over the escalating violent protests in Egypt offset better-than-expected economic news in the US.
    *  European markets traded lower overnight, as the ECB left interest rates on hold at 1 percent.
    *  Most markets in Asia were closed for Lunar New Year holidays.
    *  Commodities prices were lower.
    *  The U.S. Non-farm payrolls report, a key barometer on the state of U.S. economy, is due Friday.

    The SPI Futures is testing the key level of 4800, closing up 0.3% (or 13 pts) at 4,796.  The key levels for our index today are 4830 and 4750. M&A activity continues to drive specific stocks.

    The ASX is set to trade on lighter volumes, as Queensland assesses the aftermath of tropical cyclone Yasi, and as we had subdued leads from overseas markets.  Materials stocks are likely to remain in focus today, as the S&P ASX200 hovers around the key 4820 level.  The Chinese market will be closed again for Lunar Near Year.  See below for stocks in the news today.

    Economics News Today

    * RBA Australian Quarterly Statement on Monetary Policy
    * AOFM conducts a tender process to issue $700 million of the November 2012 bond line.

    U.S. Markets

    U.S. markets recovered after opening lower.  Traders initially took profits, as concerns over the escalating violent protests in Egypt offset better-than-expected economic news in the U.S.  Investors are increasingly worried that the continung clashes in Egypt between pro and anti-government demonstrators could threaten the stability of the region, impacting other oil-rich countries throughout the Middle East like Saudi Arabia, Jordan and Syria.

    The retail sector gained traction after better than expected December sales figures showed sales were nearly double what analysts forecast, despite heavy snowstorms across much of the nation. Investors were also cheered by comments from the US Federal Reserve chairman Ben Bernanke, as he opened the door for more stimulus (QE3?) to the U.S. economy if required, as inflation remains low and unemployment, currently at 9.5%, is expected to remain stubbornly high this year. 

    Economic data is again supporting the view of that the economic recovery is intact:
    * the Institute for Supply Management’s index (ISM) of non-manufacturing activity rose to 59.4 in January (above the forecasts of 57.0)
    * the Department of Commerce said U.S. factory-goods orders unexpectedly rose in December, climbing 0.2% (above forecasts of an expected 0.5% decline)
    * non-farm business productivity rose at a 2.6% annual rate in the fourth quarter, (above forecasts of an expected 2.1% increase)

    The Dow closed up 0.3% (or 36 points) at 12,078, while in the broader market the S&P 500 index was up 0.3% (or 4 points) at 1,308 and the tech-heavy Nasdaq ended up 0.3% (or 7 points) at 2,757.

    Most sectors that make up the S&P index rose, with outperformers being Consumer Discretionary up 0.5% and Materials up 0.4%.  The Non-farm Payrolls Report, a key barometer on the state of U.S. economy is due Friday.

    European Markets

    European markets traded lower overnight.  The Stoxx Europe 600 index rose 0.1%, holding the previous session’s gains, despite 5 stocks falling for every 4 that rose.  Investors focused on the escalating tension in Egypt. 

    The ECB met to decide on interest rates and had to weigh the risk of higher inflation against the danger that higher borrowing costs could worsen the Euro-zone debt crisis.  The euro slipped over 1% after European Central Bank (ECB) president Jean-Claude Trichet confirmed that interest rates remain on hold at 1%, and the ECB is in no rush to raise rates in the first half of 2011.  A report on the purchasing managers index (PMI) showed Europe’s service and manufacturing industries expanded at 59.4 in January (vs previous reading of 55.2), led by surging growth in Germany and France.

    In London the FTSE 100 index closed down -0.3% (or -17 points) at 5,983, the German DAX closed up 0.1% (or 10 points) at 7,194, while in France the CAC was down -0.7% (or -30 points) at 4,056. 

    Asian Markets

    Most markets in Asia were closed for Lunar New Year holidays, with the Hong Kong, Shanghai, Seoul and Taipei markets all closed.  The Japanese market sold off after news that anti-government protests in Egypt had turned violent, which has sent oil prices higher.  In India the market rose 2.0 percent as bargain hunters stepped in, but Indian shares have fallen more than 13 percent year-to-date.

    In China the SSE Composite closed at 2,799, while in Hong Kong the Hang Seng Index is at 23,909 and in Japan the Nikkei 225 Index was down -0.3% (or -26 points) at 10,431.

    Commodities

    The Dollar Index was up 0.8% at 77.75 on a lower Euro, while the Australian Dollar last traded above parity at 100.76. Commodities were generally lower.

    For the session the Benchmark crude NYMEX for December delivery was down -0.1% (or $US-0.11) to settle at $US90.75.  Copper prices backed off around 2-year highs. Copper for December delivery was up 0.3% (or 1.3 cents) at $US4.5470.  December gold was up 1.6% at $US1,355.20.

    ASX Market News
     
    AGO – Atlas Iron Ltd, the iron ore miner, has reported a 24 percent increase in its direct shipping ore (DSO) resources in WA.
    BHP – BHP Billiton says its has moved to the next phase its proposed Jansen Potash Project in the Canadian province of Saskatchewan.
    BRM – Brockman Resources, the iron ore explorer, says the hostile takeover bid by its biggest shareholder, Wah Nam International, continues to gain little traction.
    CXY – Cougar Energy says Yorkville Advisors have frozen the company’s line of credit in view of the Queensland government’s proposal to ban mining operations at its Kingaroy UCG project.
    EQN – Equinox Minerals, the copper miner, says it had increased the scope of studies for its Lumwana mine expansion in Zambia.
    ILU – Iluka Resources, the mineral sands producer, is still considering floating its lucrative iron ore royalty stream.
    IPL – Chemicals and explosives company Incitec Pivot, says Cyclone Yasi has disrupted fertiliser production and distribution in North Queensland.
    MSF – Maryborough Sugar Factory is in a trading halt, pending a market update about the effects on the company of Tropical Cyclone Yasi.
    MTS – Metcash, the owner of the IGA chain of grocery stores, has struck a deal to supply about 230 Mobil Quix and other convenience and petrol outlets.
    NWS – News Corporation reported 2Q earnings results which showed net profit more than doubled amid stronger advertising sales and US cable television fees.
    ORI – Orica, the chemicals and explosives group, says recent flooding in Queensland is expected to reduce group earnings by $20 million to $30 million for the four months to 31 January, 2011.
    QBE – Bank of America-Merrill Lynch is in talks to sell its Balboa insurance division to QBE.  Balboa is a property and life insurance provider that was part of Countrywide Financial, the troubled California lender that Bank of America-Merrill Lynch acquired in 2008.

    QHL – Quickstep, the Australian engineering firm, has signed a $580 million deal to manufacture parts for the air force’s new Joint Strike Fighter.  Shares jumped 10%.

    RMD – ResMed Inc, the sleep-disorder breathing products supplier, lifted 1H11 net profit by 31 percent. Revenue rose 13 percent and ResMed expects demand for its products to continue to grow.

    SUN – Suncorp Group, the Queensland based insurer, expects the net claims costs arising from Cyclone Yasi to be capped at $10 million.

    TAH – Tabcorp Holdings says the January floods on the east coast of Australia have wiped $10 million from revenue. However they still expect to see revenue and earnings growth in the 2H11.

    VBA – The ACCC has approved the five-year alliance between airlines Virgin Blue Holdings and Etihad Airways.

    WDC – Westfield Group says the estimated distribution for the 2H 2010 will be 31.56 cents per stapled security.

    WPG – WPG Resources has entered into an arrangement with an American clean coal developer to commercialise a coal upgrading technology.

     

    Local Corporate Reporting     
     
    NEC – Northern Energy Corporation    Full year 2010 Results
      
    Market Summary    

    ASX – to open higher
    US & UK/Europe – mixed
     
    US ADRs –  Broadly Higher
     
    BHP up 1.4% & RIO up ; AWC up 2.2%
    ANZ up 2.0% & NAB up 0.8%
    NEM  up 2.9%, JHX up 0.6%, NWS up 4.6%
     
    Commodities Stock Index up 0.3%
    Gold Stocks Index up 2.6%
    Oil Stocks Index down 1.1%

     

    By Michael Hevern
    Head of Research

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    ASX Company News: Logicamms Secures $10 million of Contracts With BHP Billiton

    Tuesday, January 11th, 2011

    LogiCamms Limited (LCM) is pleased to advise it has secured a multidiscipline contract worth over $10m by BHP Billiton to execute delivery of a new process facility at the existing Olympic Dam Copper, Uranium and Gold production plant at Roxby Downs, South Australia.

    LogiCamms Managing Director, Adam Keats, said the win is a testament to the Company’s highly capable team and shows confidence in its ability to deliver multidiscipline EPC projects. “LogiCamms is very pleased to have secured the execution phase of this multidiscipline project particularly after we delivered the feasibility study for BHP Billiton. “Our high calibre people and diversified capability platform will ensure we continue to meet market demands and support major assets such as Olympic Dam. “BHP Billiton have been and continue to be one of our major customers and we look forward to delivering the project and achieving an exceptional result,” Mr Keats said.

    LogiCamms operates in the mining and minerals, hydrocarbons, infrastructure and specialist industries providing project and specialised engineering services that improve the value and productivity of assets.The company is headquartered in Perth, Western Australia with 7 additional offices across Australia including Brisbane, Melbourne, Adelaide, Darwin, Gladstone, Mackay and Whyalla.  LogiCamms’ Vision is to be a Market Leader delivering Outstanding Customer Solutions.

    www.logicamms.com.au

    http://www.traderdealer.com.au/Fundamentals/LCM

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