Insurance sector
March 10th, 2009 by Lawrence Grasso
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 6547.05 | -79.89 | -1.2% |
| NASDAQ | 1268.64 | -25.21 | -1.9% |
| S P 500 | 676.53 | -6.85 | -1.0% |
| FTSE 100 | 3542.4 | 11.67 | 0.3% |
| Nikkei 225 | 7086.03 | -87.07 | -1.2% |
| SPI Futures | 3156 | 7 | 0.2% |
| All Ords | 3,122.00 | 10 | 0.3% |
| Oil | 47.01 | 1.58 | 3.5% |
| Gold | 918 | -24.7 | -2.6% |
| Silver | 12.95 | -0.373 | -2.8% |
| Aluminium | 1261.5 | -31 | -2.4% |
| Copper | 3567 | -126 | -3.4% |
| Lead | 1216 | 26 | 2.2% |
| Nickel | 9575 | -205 | -2.1% |
| Tin | 11275 | -75 | -0.7% |
| Zinc | 1182 | -43 | -3.5% |
U.S. stocks fell, extending the worst weekly slump in the Standard & Poor’s 500 Index since November. The Dow Jones Industrial Average fell 79.89 pts or 1.21% to 6547.05, after Warren Buffett said the economy “has fallen off a cliff” and the World Bank predicted a global contraction.
Australian stocks will give up gains from the previous session, with top miners slipping as investors questioned the strength of Chinese demand for copper. Look for some sell pressure on BHP today.
Today look for a bounce in sectors that have been oversold, such as insurance and financials. QBE, IAG should have a bounce off their lows and make a nice addition to the portfolio at these lower levels. Financial sector showed some strong interest on the close yesterday and should follow through today, our picks Westpac Bank (WBC Ltd) and Commonwealth Bank (CBA Ltd). If you are adding these position to the portfolio look to sell calls at the end of the week.
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.