Daily FNArena News - Australia

A solid result despite tough conditions and a bright outlook sees Merrill Lynch upgrade Billabong to a Buy.

The Zinifex takeover destroyed significant shareholder value, but brokers are giving Oz Minerals the benefit of the doubt on expectations of strong future growth.

Ausenco delivered a better than expected half-year result, and with full year guidance suggesting further gains, most brokers are positive on the stock.

A solid FY08 sees another broker covering the stock, but more runs on the board are needed before anyone’s really impressed.

Centennial Coal matched earnings expectations for FY08, but forecast volume and margin increases has brokers positive on the stock.

Our athletes, Newcrest and Lihir, have both provided disappointing results on the gold front, although bullishness prevails for the miners.

The 1H08 result from Melbourne IT was sound and the FY outlook upbeat. Two local brokers are singing the company’s praises over the medium to longer term.

The Westpac-Melbourne Institute Leading Index fell again in June, suggesting continuing weakness in the economy and the need for a rate cut soon.

It all comes down to your interpretation of the word “early”.

Primary Healthcare has sold its pharmacy assets to Zuellig at an earnings multiple that puts the writing on the wall for Australian Pharmaceutical Industries.