Market Open: BHP headlines another big day in up-and-down February reporting season | Feb 17

ASX today − Australian shares are heading for a modest open on Tuesday morning, with most traders keeping one eye on the bumper February reporting season. I’ll rush through all the preamble so we can get to the ASX stock news there, because there’s a lot on the plate as we get Week 8 underway properly.

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The U.S. indexes are closed another day, too, thanks to their President’s Day holiday over in the States, so no guidance there until tomorrow.

And China is closed all through the week to celebrate the New Year over there. The Middle Kingdom usually weighs a little less on Australian moves, but it is still notable that we’re flying without U.S. and Chinese traders alike.

One major thing to watch today: The RBA is releasing the minutes from its latest policy meeting today (out 11.30am Sydney time). Considering it was that (not so shocking) “hike” call, it should be an interesting read.

As I said − loads in company news today, so we’ll head straight there.

ASX stocks to watch

First up, Coles (ASX:COL) and the ACCC’s landmark Federal Court battle will run through Week 8 (with Woolies (ASX:WOW) scheduled for April). The Fed Court has already heard the ACCC’s barrister, Garry Rich, declare the ‘Down, Down’ deals may be “literally true” − but were still designed to dupe Aussie customers. Coles, for its part, denied all the allegations on day one of the case.

Elsewhere, Genesis Minerals (ASX:GMD) has become the Oz stock to watch on the HotCopper forums this week after lobbing what it described as a “very logical” $639 million bid for gold rival Magnetic Resources (ASX:MAU).

So too Aeris Resources (ASX:AIS), which joined Monday’s M&A party with an offer for Peel Mining’s (ASX:PEX) promising South Cobar copper project.

In reporting, Challenger (ASX:CGF) has shared a statutory net profit of $339M in the December half, on record annuity sales and “disciplined costs.” The group’s handing out a full franked interim dividend at 15.5c/share.

And finally, blue-chip BHP (ASX:BHP) is reporting this morning. Its January update already told us production will be strong, while net debt’s expected to climb to ~US$14.8B through the to-December reporting period.

HealthCo (ASX:HCW), Seek (ASX:SEK), Judo Capital (ASX:JDO), and more are today, too, as February’s major reporting season chugs onward.

Select Harvests (ASX:SHV) has its AGM later today as well.

Buck and ore

Now – in forex, the Oz dollar is buying US 70.7c.

Looking at commodities, all in the greenback,

Iron Ore is hovering near-flat, selling at $96.80 a tonne in Singapore today,

Brent Crude is +1.4%, at $68.69/Bbl,

Gold is selling at $5,016/ounce,

US natgas futures dumped -5%, to $3.09 per gigajoule.

That’s HotCopper’s Market Open, I’m Isaac McIntyre – happy trading.

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