Investors are bracing for the next wave of earnings reports with our market expected to open on a firmer footing after yesterday's sell-off despite a weak trading session for global equities last night.
While shares in Europe and US dipped into the red, the negative drag is offset by a 1.8% jump in the West Texas Intermediate (WTI) crude oil price to $US42.62 a barrel and a 0.5% improvement to the iron ore price to $US59.92 a tonne.
These factors are setting the scene for a 0.4% jump in the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) this morning and oil giant Woodside Petroleum Limited (ASX: WPL) will be thankful for the bounce in the oil price as it fronts shareholders with a 39% drop in first half net profit to $679 million due to weakness in the commodity.
Information solutions company Recall Holdings Ltd (ASX: REC) posted a full year net profit of $65 million that met market expectations and said it is aiming to deliver close to double-digit revenue and earnings growth for 2015-16, while gaming machine company Ainsworth Game Technology Limited (ASX: AGI) posted a 14% increase in full year net profit of $70.4 million.
Global wine maker Treasury Wine Estates Ltd (ASX: TWE) announced a 25.9% increase in earnings per share to 21.9 cents for 2014-15 and declared an 8 cent a share dividend to bring its full year payout to 14 cents a share, which is one cent higher than last year.
Other notable companies that will post results today include property group Stockland Corporation Ltd (ASX: SGP), steel maker Arrium Ltd (ASX: ARI), online jobs classified company SEEK Limited (ASX: SEK), media group Seven West Media Ltd (ASX: SWM), entertainment facilities operator Ardent Leisure Group (ASX; AAD) and shopping centre manager Federation Centres Ltd (ASX: FDC).
Among the small caps, information technology consultancy SMS Management & Technology Limited (ASX: SMS) and mortgage broker Mortgage Choice Limited (ASX: MOC) will also be under the earnings spotlight as they hand in their profit reports today.
Meanwhile, lenders mortgage insurance company Genworth Mortgage Insurance Australia (ASX: GMA) will trade without its dividend entitlement today.
There's plenty happening on the corporate deals front too. The Australian reports that power utility AusNet Services (ASX: AST) is seeking a financial backer for its bid for New South Wales state owned TransGrid, while Macquarie Group Ltd's (ASX: MQG) Airwave Solutions could be sold to Motorola in a deal that may be worth around £1 billion.
Coal may not be as out of favour as one might think. Mining giant Rio Tinto Limited (ASX: RIO) has received expression of interest for its Mount Pleasant thermal coal mine from an Indonesian group, according to the Australian Financial Review. Rio Tinto's other coal assets are also being eyed by two other parties.
Stay tuned to the Motley Fool throughout the day as we bring you the latest updates and analysis from the reporting season.
