The Reserve Bank of Australia is widely expected to raise the benchmark interest rate by another 25bp in May to 4.50% from 4.25% in the previous month, and hawkish commentary following the rate decision could drive the exchange rate higher as the central bank pledges to normalize policy further this year.
Archive for April, 2010
Manufacturer of uncoated freesheet paper Domtar Corp. (UFS, UFS.TO) Friday posted a profit for the first quarter compared to a loss last year, reflecting price increases and higher pulp, paper and wood shipments during the quarter. On an adjusted basis, earnings per share nearly doubled. Further, the company expects second quarter results to be affected by higher-than-average maintenance costs. UFS shares are currently trading down by more than 5%.
Branded apparel manufacturer VF Corporation (VFC) Friday reported a sharp increase in profit for the first quarter that comfortably surpassed analysts’ estimates, driven by strong margins and a small increase in sales. The company declared a quarterly cash dividend and also lifted its earnings per share guidance for fiscal 2010.