End of quarter buying
September 30th, 2009 by Cale McCulloch
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9742.2 | -47.16 | -0.5% |
| NASDAQ | 2124.04 | -6.7 | -0.3% |
| S P 500 | 1060.61 | -2.37 | -0.2% |
| FTSE 100 | 5159.72 | -5.98 | -0.1% |
| Nikkei 225 | 10100.2 | 90.68 | 0.9% |
| ASX 200 | 4,753 | 75.7 | 1.6% |
| COMEX Gold - Dec 09 | 994.4 | 0.3 | 0.0% |
| COMEX Silver - Sep 09 | 16.178 | -0.017 | -0.1% |
| COMEX Copper - Sep 09 | 272.9 | 0.2 | 0.1% |
| WTI Spot | 66.71 | -0.13 | -0.2% |
| AUD-USD | 0.8703 | -0.002 | -0.2% |
| Aluminium | 1782.5 | 24.5 | 1.4% |
| Copper | 5934.5 | 38.5 | 0.7% |
| Lead | 2184 | 34 | 1.6% |
| Nickel | 16895 | 370 | 2.2% |
| Tin | 15125 | 225 | 1.5% |
| Zinc | 1866.5 | 28.5 | 1.6% |
US stock indices slumped over night from the one year high reached in the previous trading session. The Dow Jones industrial Average ended the session some 47 points lower. Some nervousness crept back into the market on the one year anniversary of the biggest fall in years of some 735 points. A weaker dollar dragged Oil producers down, and a fall in US consumer sentiment overshadowed some gains in US house prices.
CIT Group rose by 31% for the session after a horror month for the company. The rise was on the back of rumours that a hedge fund may look at a merger with the troubled lender rather than liquidation. Walgreen one of the biggest grocers and drug producers came out and said that the drug business was not enough to compensate for the fact that consumers just aren’t spending on discretionary items.
In commodities, Oil gave back 0.2% while Comex gold for December delivery managed small gains of 30c per Troy Ounce to close at 994.4 USD. While in Base Metals, Copper was the exception as it gave back about 0.5%. Lead, Zinc, Nickel, Aluminium and Tin all managed gains of between 0.3 and 2.3% for the session.
The SPI has us opening 12 points lower this morning, but the market will look to Asia for direction throughout the afternoon. The Big miners may fall slightly, with BHP ADRs trading in New York about 20c per share below the Australian close. Oil producers are also likley to give back some ground after a relatively weak day yesterday in a very strong market, this negative trading around the likes of Woodside Petroleum may escalate in todays session.However, end of quarter buying may push the market higher today.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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