Another weak day on the market
December 18th, 2008 by Lawrence Grasso
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8824.34 | -99.8 | -1.1% |
| NASDAQ | 1579.31 | -10.58 | -0.7% |
| S P 500 | 904.42 | -8.76 | -1.0% |
| FTSE 100 | 4324.19 | 15.11 | 0.4% |
| Nikkei 225 | 8612.52 | 44.5 | 0.5% |
| SPI Futures | 3574 | 19 | 0.5% |
| All Ords | 3,515.00 | 16.1 | 0.5% |
| Oil | 40.17 | -3.67 | -8.4% |
| Gold | 868.5 | 25.8 | 3.1% |
| Silver | 11.42 | 0.715 | 6.7% |
| Aluminium | 1423 | -19 | -1.3% |
| Copper | 3020.5 | -55 | -1.8% |
| Lead | 980 | -36 | -3.5% |
| Nickel | 9660 | -445 | -4.4% |
| Tin | 11400 | -350 | -3.0% |
| Zinc | 1054.5 | -9 | -0.8% |
Another weak day on the market
U.S. stocks fell on Wednesday as pessimism about the economy overshadowed gains by retailers and a recovery among financials. Stocks fell as investors worried whether the Fed had any more ammunition left after its bold move on Tuesday to slash borrowing costs to a record low, even zero, while it pledged to use "all available tools" to jumpstart the U.S. economy. Energy companies also slipped as crude oil fell briefly below $40 a barrel, the first time since July 2004.
Australian stocks are set to fall, with concerns over the health of the global economy keeping a lid on activity.
CBA
The Commonwealth Bank Group today confirmed that it is in the process of finalising a $2 billion capital raising comprising:
$1.65 billion through a placement at $26.00 underwritten by UBS; and
$357 million raised under the VWAP placement at $28.37 per share.
The Commonwealth Bank confirmed that it had terminated the previous placement arrangements made with Merrill Lynch International Australia Limited.
Gold
With a big move on gold over night ($25.80 or 3.06%) look for LGL and NCM to have a nice bounce. This would be a great opportunity to sell calls or take profit, ask your broker for assistance.
LEI
Over the next week of trading look for Leighton’s to move towards a gap fill at $30.15 on the daily chart. It’s a buy for me.
Today
“Today is Options expiry. Please examine your positions and contact your adviser early.“
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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