Busy week ahead
August 10th, 2009 by Bryden Elssmann
Closing Data
| 9370.07 | 113.81 | % | |
|---|---|---|---|
| NASDAQ | 2000.25 | 27.09 | 1.4% |
| S P 500 | 1010.48 | 13.4 | 1.3% |
| FTSE 100 | 4731.56 | 41.03 | 0.9% |
| Nikkei 225 | 10412.09 | 24 | 0.2% |
| ASX 200 | 4,299 | -26.9 | -0.6% |
| COMEX Gold - Dec 09 | 959.5 | -3.4 | -0.4% |
| COMEX Silver - Sep 09 | 14.668 | 0.023 | 0.2% |
| COMEX Copper - Sep 09 | 278.55 | 3.35 | 1.2% |
| WTI Spot | 70.93 | 0 | 0.0% |
| AUD- USD | 0.8372 | -0.0003 | -0.0% |
| Aluminium | 1972 | -29.5 | -1.5% |
| Copper | 5964 | -71 | -1.2% |
| Lead | 1815.5 | -81.5 | -4.3% |
| Nickel | 19505 | -570 | -2.8% |
| Tin | 14850 | -850 | -5.4% |
| Zinc | 1822 | -50.5 | -2.7% |
The Australian market is expected to open higher today, boosted by a July jobs report out of the US that showed the unemployment rate fell unexpectedly, fuelling hopes that America might be pulling out of recession. Resource stocks could get a boost from higher gold and metals prices, but oil companies may slip after a fall in the price of the oil.
A busy week of company earnings results, Bendigo and Adelaide Bank will post their annual results today. Later in the week BHP Billiton, Commonwealth Bank, Telstra and Leighton will also be reporting.
Rio Tinto shares last traded lower, down 2.15% to $60.57. A report published yesterday on a Chinese government-run website claims Rio Tinto spied on China’s steelmakers for six years, costing them over $100 billion in excessive charges for iron ore. The article said government agencies should enhance their surveillance at key companies they supervise. The accusations follow the detention of four Rio executives, including Australian Stern Hu on charges they stolen state secrets. Rio Tinto’s best net profit was in 2006.
The Commonwealth Bank ended Friday up 0.23% to $44.45. CBA has settled its dispute with the former owners of BankWest over the $2.1 billion it paid to buy the regional lender before the acquisition was hit with higher-than expected bad debts. CommBank has reportedly received a hefty discount of on the price it paid late last year to British bank HBOS, now owned by its British rival Lloyds. But the terms of the revised deal have not been released as the dispute had to be resolved by mediation and both sides agreed to keep the result confidential. CBA’s profits have been increasing over the past four years.
Australia's largest industrial property trust GMG Goodman Group has announced an extension of trading halt. GMG said Monday that it raised A$923 million through its underwritten institutional equity raising to cut debt at A$0.40 each, an 18% discount to their last traded price of 49 cents in an attempt to cut debt.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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