Commodities weigh market down
September 24th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9748.55 | -81.32 | -0.8% |
| NASDAQ | 2131.42 | -14.88 | -0.7% |
| S P 500 | 1060.87 | -10.79 | -1.0% |
| FTSE 100 | 5139.37 | -3.23 | -0.1% |
| Nikkei 225 | 10370.54 | -73.26 | -0.7% |
| ASX 200 | 4,734 | 70.4 | 1.5% |
| COMEX Gold - Dec 09 | 1014.4 | -1.1 | -0.1% |
| COMEX Silver - Sep 09 | 16.91 | -0.205 | -1.2% |
| COMEX Copper - Sep 09 | 280.8 | -5.65 | -2.0% |
| WTI Spot | 68.7 | -2.85 | -4.0% |
| AUD-USD | 0.8695 | -0.0039 | -0.4% |
| Aluminium | 1848 | -16.5 | -0.9% |
| Copper | 6111 | -184.5 | -2.9% |
| Lead | 2213 | -21 | -0.9% |
| Nickel | 17705 | 55 | 0.3% |
| Tin | 15200 | -245 | -1.6% |
| Zinc | 1892 | -33 | -1.7% |
Australian stocks are set to open lower on Thursday, in line with losses on Wall Street overnight, as investors worry that the Federal Reserve is closer to trimming its support for the U.S. economy. The Fed's policy-setters kept interest rates unchanged, as expected, but also said the U.S. central bank would slow purchases of mortgage debt, seen as a step towards withdrawal of its extraordinary support for the economy. In addition, losses on metals and oil prices are likely to weight on resources stocks.
Company News
Shares in industrial brands business Alesco Corporation Ltd (ALS) gained 0.2 per cent to $5.11 yesterday. The company says its level of profitability for the first quarter of fiscal 2010 is below last year but says it expects to see improvement in some of its divisions. In July Alesco posted a net loss of $12.8 million for the year to May 31 compared to a profit of $58 million in 2008. At the company’s annual general meeting chairman Sean Wareing told shareholders that the company believes that the worst is behind it in terms of the external market place, and the company’s trading remains subdued. Mr Wareing says Alesco’s performance this financial year will be driven by the timing of the recovery in the new housing and renovation markets. Alesco Corporation fell into the red in 2009 after posting profits the four years previous.
Shares in Insurance Australia Group rose 1.34 per cent to $3.78 yesterday. Australia’s second largest insurer says it expects to see a stronger performance this financial year after rebuilding the foundations to strengthen the business. CEO Michael Wilkins says the company expects gross written premium to grow in the range of one to three per cent and for IAG’s insurance margin to improve to within a range of nine to 11 per cent. IAG says it will focus on improving its Australian direct insurance business through more effective marketing and improved efficiency. And says it will rebuild the fundamentals in its Australian intermediated business, CGU, through better pricing and improved underwriting, and improve the performance of its New Zealand business. IAG posted a profit in 2009 after a loss the year before.
Options Expiry
Today is Options Expiry, if you have any open positions for September please contact your broker on 07 3031 9960.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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