Australian Market Set For More Gains
October 16th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10062.94 | 47.08 | 0.5% |
| NASDAQ | 2173.29 | 1.06 | 0.0% |
| S P 500 | 1096.56 | 4.54 | 0.4% |
| FTSE 100 | 5222.95 | -33.15 | -0.6% |
| Nikkei 225 | 10238.65 | 178.44 | 1.8% |
| ASX 200 | 4,860 | 28.8 | 0.6% |
| COMEX Gold - Dec 09 | 1050.6 | -14.1 | -1.3% |
| COMEX Silver - Sep 09 | 17.415 | -0.493 | -2.8% |
| COMEX Copper - Sep 09 | 285.9 | 1.45 | 0.5% |
| WTI Spot | 77.58 | 2.4 | 3.2% |
| AUD-USD | 0.9205 | 0.0058 | 0.6% |
| Aluminium | 1855 | -50.5 | -2.7% |
| Copper | 6192 | -90 | -1.4% |
| Lead | 2169 | -132 | -5.7% |
| Nickel | 18130 | -430 | -2.3% |
| Tin | 14655 | -395 | -2.6% |
| Zinc | 1988 | -75.5 | -3.7% |
The Australian market is set for more gains, with resource stocks rising after higher oil and metals prices There will some caution over financial firms after some U.S. bank earnings disappointed. Investors may cap gains. A surge in oil prices helped Chevron and Exxon Mobil push the Dow Jones Industrial Average further above the 10000 level. The DJIA closed up 47.08 points, or 0.47%, to 10062.94, marking its fifth gain in six sessions. Gains were led by Chevron, up 1.23, or 1.6%, to 76.69, and Exxon Mobil, up 1.10, or 1.5%, to 72.94.
BHP
BHP Billiton shares rose yesterday, adding 1.3% to $38.90. BHP Billiton is on the verge of $220 million takeover deal for Pilbara iron ore junior United Minerals. Its BHP’s first takeover bid for an Australian-listed company since it bought WMC Resources for $9.2 billion in 2005. BHP is expected to make an announcement as early as this morning. BHP Billiton’s profit highlight in 2008 with over US$15 billion.
Aussie Dollar
The Australian dollar continues to advance riding a wave of optimism on hopes for continued demand from China for raw materials, and on a yield basis after the Reserve Bank of Australia's recent interest rate hike. The currency was recently up at $0.92, helped by RBA Governor Glenn Stevens's comment that the feared downturn in the economy had not materialized and that there were risks for Australia in keeping interest rates too low for too long.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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