Dow Jones Down 50.71 pts
October 21st, 2009 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10041.48 | -50.71 | -0.5% |
| NASDAQ | 2163.47 | -12.85 | -0.6% |
| S P 500 | 1091.06 | -6.85 | -0.6% |
| FTSE 100 | 5243.4 | -38.14 | -0.7% |
| Nikkei 225 | 10336.84 | 100.33 | 1.0% |
| ASX 200 | 4,846 | 53.3 | 1.1% |
| COMEX Gold - Dec 09 | 1058.6 | 0.5 | 0.0% |
| COMEX Silver - Sep 09 | 17.558 | -0.067 | -0.4% |
| COMEX Copper - Sep 09 | 293.2 | -3.45 | -1.2% |
| WTI Spot | 79.09 | -0.52 | -0.7% |
| AUD-USD | 0.924 | -0.0051 | -0.5% |
| Aluminium | 1921 | 50.5 | 2.7% |
| Copper | 6444 | 184 | 2.9% |
| Lead | 2315 | 124 | 5.7% |
| Nickel | 19170 | 340 | 1.8% |
| Tin | 15050 | 290 | 2.0% |
| Zinc | 2100 | 65.5 | 3.2% |
Overnight the Dow Jones Industrial Average fell 50.71 points or 0.5% to 10041.48. U.S. stocks were weighed down by disappointing third-quarter revenue from DuPont and Coca-Cola. Worse than expected data on home building and building permits hurt Home Depot and other housing-related companies. The weak economic data and revenue stalled the market's excitement from Monday, when the Dow Jones Industrial Average and S&P 500 both closed at new 2009 highs in anticipation of strong earnings reports.
On the local front the XJO today should open fairly flat following on the back of a soft night on Wall Street. Look for the XJO to be down between 20-30 points on light volumes.
Company News
Fortescue Metals Group (FMG) shares closed slightly higher yesterday, inching up 0.25% to $4.03. Fortescue Metals Group’s technical woes at its mines in Western Australia's Pilbara region appear to have been ironed out. The company says production rates are rising, driven by processing improvements and contributions from its second mine in the region. The company's CEO Andrew Forrest said he accepted Fortescue has had its fair share of skeptics but that’s being dispelled as it delivers better production. Fortescue Metals Group posted a profit of $508 million in 2009 after being in the red the four years before.
BHP Billiton (BHP) shares up 2.12% to $39.91. The mining giant has declared force majeure on some supply contracts after the closure of a copper rich shaft at Australia’s Olympic Dam. Force majeure is a legal clause allowing a company to miss deliveries because of circumstances beyond its control. BHP is still investigating damage caused by a mechanical failure to the hoist system at the mine’s Clark shaft two weeks ago. BHP says it’s told affected customers of the disruption to shipments. BHP Billiton’s net profit in 2009 was about a third of its result the year before when it made over US$15 billion.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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