Goodbye 2008
January 2nd, 2009 by Lawrence Grasso
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8776.39 | 108 | 1.2% |
| NASDAQ | 1577.03 | 26.33 | 1.7% |
| S P 500 | 903.25 | 12.61 | 1.4% |
| FTSE 100 | 4434.17 | 41.49 | 0.9% |
| Nikkei 225 | 8859.56 | 112.39 | 1.3% |
| SPI Futures | 3560 | 4 | 0.1% |
| All Ords | 3,659.30 | 0.0% | |
| Oil | 39.25 | 0 | 0.0% |
| Gold | 884.3 | 14.3 | 1.6% |
| Silver | 11.295 | 0.315 | 2.9% |
| Aluminium | 1455 | 9.5 | 0.7% |
| Copper | 2902 | 90 | 3.2% |
| Lead | 949 | 4 | 0.4% |
| Nickel | 10810 | 950 | 9.6% |
| Tin | 10355 | 285 | 2.8% |
| Zinc | 1120.5 | 30.5 | 2.8% |
The Dow Jones Industrial Average rose 108 points, or 1.25%, to 8776.39 on Wednesday, but it lost 34% on the year, the biggest loss since 1931. Bad loans and a string of banking failures resulted in the financial sector being the weakest of the S&P 500, losing 58% in 2008.
The Australian market set for a positive move to the upside today. Look for oil stocks (OSH WPL) to have a nice bounce on the back of a strong move in oil.
OZL
Oz Minerals LTD has been given a two-month extension by its banks to refinance $560 million of debt, aims to sell its Martabe gold project in Indonesia by the middle of next month. The company is seeking bids for the venture that has proven gold reserves valued at about $2 billion.
BHP
BHP Billiton LTD’S Pilbara iron ore exports may have fallen less than expected in 2008. BHP said in November that annual sales would probably fall 6 million metric tons from a target of 130 million tons because of a slump in Chinese demand, the newspaper reported. The mining company may miss its target by only 1 million or 2 million tons.
Quote of the day.
Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
George Soros
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
Disclaimer
The material in “Market Fox” (newsletter) is of a general nature only and neither purports nor is intended to be regarded as advice. No consideration has been given or will be given to your investment objectives, financial situation or needs. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk. Not all risks can be or will be explained in the newsletter. Previous results are no indication of future results. Actual results achieved in the market can vary considerably. The Directors and Representatives of Freeman Fox Ltd and their associates may hold securities in the companies presented.
The research made available in this newsletter is for your private use only and it is protected by applicable copyright laws and other applicable intellectual property right laws. You may not reproduce, distribute, disseminate, broadcast, sell, publish, circulate or give for free, any of the materials made available to you in this newsletter without first seeking the prior written consent of Freeman Fox Ltd.
Freeman Fox Ltd is not required to update any of the content made available in this newsletter, including but not limited to any research commentary, forecasts, recommendations or other analysis in this newsletter. Therefore, for the avoidance of any doubt, material made available in this newsletter may not be accurate after the date of publication or the date on which it is displayed in the newsletter.
To the extent permitted by law, Freeman Fox Ltd and their respective directors, officers, employees, contractors and agents disclaim all responsibility to you for any loss, liability, claim, expense (including but not limited to legal costs and resultant defence or settlement costs) or damage whatsoever, whether direct, consequential, special, incidental, punitive or indirect (including but not limited to loss of profits, trading losses and damages that result from delay, loss or inconvenience) arising out of or in connection with the content of the newsletter and/or any omissions from the content whether in contract, tort (including negligence), statute or otherwise and even if Freeman Fox Ltd has been advised of the possibility of such damage or loss.
If you require assistance in relation to your personal investment situation, contact an authorised representative of Freeman Fox Ltd.