Australian shares set for cautious start
July 28th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9108.51 | 15.27 | 0.2% |
| NASDAQ | 1967.89 | 1.93 | 0.1% |
| S P 500 | 982.18 | 2.92 | 0.3% |
| FTSE 100 | 4586.13 | 9.52 | 0.2% |
| Nikkei 225 | 10088.66 | 144.11 | 1.4% |
| ASX 200 | 4,140 | 49.8 | 1.2% |
| COMEX Gold - Aug 09 | 953.5 | 0.4 | 0.0% |
| COMEX Silver - Jul 09 | 13.99 | 0.115 | 0.8% |
| COMEX Copper - Jul 09 | 254.5 | 2.3 | 0.9% |
| WTI Spot | 68.34 | 1.38 | 2.1% |
| AUD-USD | 0.8228 | 0 | 0.0% |
| Aluminium | 1828 | 30 | 1.7% |
| Copper | 5615 | 64 | 1.2% |
| Lead | 1789 | 50 | 2.9% |
| Nickel | 16895 | 270 | 1.6% |
| Tin | 15050 | 95 | 0.6% |
| Zinc | 1706 | 28.5 | 1.7% |
U.S. stocks closed slightly higher Monday as surging new home sales helped lift Bank of America and a host of other financials but technology stocks, including Verizon Communications, paused after a string of daily gains. Overall, the Dow closed slightly higher in a quieter session. It was a light day for corporate earnings reports after the flood of better-than-expected news had driven the index for the past two weeks. For the session, the Dow climbed 15.27 points, or 0.17%, to 9108.51, marking its 10th gain in 11 sessions.
The U.S. Department of Housing and Urban Development reported that sales of newly constructed single-family homes jumped 11 per cent in June pushing the building sector higher, up 3 per cent. U.S. Federal Reserve Chairman, Ben Bernanke announced the economy is beginning to recover and declared the U.S. will come out stronger than before due to lessons learnt.
Australian stocks are set for a cautious start this morning, supported by stronger base metals prices, though modest gains on Wall Street might fail to provide much forward momentum. The market is likely to open higher with the SPI 5 points at 4118.
In company news: Shares in oil and gas producer Santos Ltd rose 0.75 per cent to $14.70 yesterday. Santos says it has secured a four year extension to its existing contract with Newmont Mining Services in Western Australia. Commencing in late 2009, Santos says total sales revenue under the contract will be approximately $100 million. The gas will be supplied from the offshore John Brookes gas field, processed at the East Spar Gas processing facilities on Varanus Island and transported through the Goldfields Gas Transmission Pipeline. Santos posted net profit of $1.65 billion in 2008.
Gold rose 40 cents to US$956.30 an ounce and Silver rose 12 cents to US$13.99 and copper gained 4 cents at US$2.56. Copper prices returned to nine-months highs, which could boost the resources sector, though mining giant BHP Billiton is projected to open down 0.7 percent based on trade in its New York listing.
And finally, oil rose 33 cents to US$68.38 a barrel while the Aussie dollar is buying 82.3 US cents, 78.33 Yen, 57.79 Euro cents and 49.92 British Pence.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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