Australian shares steady ahead of earnings
July 21st, 2009 by Bryden Elssmann
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8848.15 | 104.21 | 1.2% |
| NASDAQ | 1909.29 | 22.68 | 1.2% |
| S P 500 | 951.13 | 10.75 | 1.1% |
| FTSE 100 | 4443.62 | 54.87 | 1.3% |
| Nikkei 225 | 9395.32 | 51.16 | 0.5% |
| SPI Futures | 4050 | 42 | 1.0% |
| All Ords | 4,044.20 | 51.3 | 1.3% |
| Oil | 46.17 | 6.92 | 17.6% |
| Gold | 948.8 | 11.3 | 1.2% |
| Silver | 13.625 | 0.222 | 1.7% |
| Aluminium | 1713.5 | 42 | 2.5% |
| Copper | 5400 | 170 | 3.3% |
| Lead | 1699 | 95 | 5.9% |
| Nickel | 16375 | 495 | 3.1% |
| Tin | 13755 | 580 | 4.4% |
| Zinc | 1643 | 123 | 8.1% |
Wall Street
The Dow gained 104.21 points, or 1.19 %, to 8848.15, up for the sixth straight session, its longest streak in two years. And the S&P 500 added 10.75 points, or 1.14%, to 951.13. With the Dow adding more than 100 points and the S&P closing at an 8-month high, investors signaled optimism about second-quarter financial reports. Wall Street is using second quarter financial reports to set expectations for the pace of the economic recovery. Overall the mood for the market was lifted by earnings surprises last week as investors are continuing to focus on the fact that companies beat analyst expectations.
A report from Goldman Sachs released yesterday increased its 2009 target of the S&P500 to 1060, a 13% jump in the index.
Oil inched higher as the improving US economic outlook promised eventual relief from the current glut of oil and fuel coupled with a weaker US dollar. Oil was up US42 cents or 0.7 percent at $US63.98 a barrel.
The US dollar has dropped to its lowest level in five weeks agianst the Australian dollar, as the Aussie peaked at US81.75 cents.
Gold was stronger up $US11.30 to $US948.80 an ounce.
Australian Market
The ASX 200 gained for a fifth consecutive session yesterday although volume remained thin ahead of Australia's company reporting season in August. Australian stocks are set to hover this morning around the six-week closing high hit in the previous session. Mining and energy companies could rise following a jump in metals and oil prices on fresh hopes of a global economic recovery. With BHP set to open around 1.3% higher this morning based on overseas trading.
The US dollar has dropped to its lowest level in five weeks against the Australian dollar, as the Aussie peaked at US81.75 cents.
Grain exporter AWB went into a trading halt late yesterday as it prepares to make an announcement on its operations in Brazil and its full year trading outlook.
The SPI is currently trading at 4050 up 42 points or 1%.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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