Liquified gas project solidifies growth
September 14th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9605.41 | -22.07 | -0.2% |
| NASDAQ | 2080.9 | -3.12 | -0.1% |
| S P 500 | 1042.73 | -1.41 | -0.1% |
| FTSE 100 | 5011.47 | 23.79 | 0.5% |
| Nikkei 225 | 10444.33 | -69.34 | -0.7% |
| ASX 200 | 4,596 | 25.3 | 0.6% |
| COMEX Gold - Dec 09 | 1006.4 | 9.6 | 1.0% |
| COMEX Silver - Sep 09 | 16.7 | 0.03 | 0.2% |
| COMEX Copper - Sep 09 | 284.65 | -3 | -1.0% |
| WTI Spot | 69.29 | -2.65 | -3.7% |
| AUD-USD | 0.8641 | 0.0005 | 0.1% |
| Aluminium | 1820 | -10 | -0.5% |
| Copper | 6290 | -15 | -0.2% |
| Lead | 2109.5 | -71.5 | -3.3% |
| Nickel | 17255 | -150 | -0.9% |
| Tin | 14820 | -80 | -0.5% |
| Zinc | 1915 | 20 | 1.1% |
Australian stocks may open higher, riding momentum from the end of last week and spurred by hopes China will lead the global recovery. Weaker copper and oil prices could weigh on the miners and energy companies which may drag the market down a little.
The SPI is currently down 4 points to 4594.
Wall Street fell on Friday despite data showing a stronger-than-expected rise in consumer sentiment. Investors skimmed off some profits after a five-day winning streak.
Engineering and construction services groups could gain if, as expected, U.S. oil major Chevron Corp and its partners announce they will go ahead with the A$50 billion Gorgon liquefied natural gas project, Australia's largest ever resource project. Australian companies that stand to win contracts on the project include Leighton Holdings (LEI) , Downer EDI (DOW) , United Group (UGL ) , Monadelphous (MND) and Coffey International (ACOF) and marine services groups Mermaid Marine (MRM) and Neptune Marine Services (NMS).
Drug manufacturer and distributor Sigma Pharmaceuticals (SIP) is due to report its first-half results, after launching a rights offer last week to raise A$297 million to cut debt and buy some drug brands and a manufacturing plant from Bristol-Myers Squibb.
The week ahead on Wall Street…
The much anticipated stock rally demise may have been greatly exaggerated, with September so far managing to avoid a selloff. However, a torrent of economic news this week could be the catalyst for any reversal. This week on the economic front, reports are due on inflation, retail sales, housing and jobless claims. Investors will be looking for signs that the embattled consumer is starting to recover.
Consumer spending fuels two-thirds of economic growth. This said, government stimulus will only help the economy for the next few quarters and the US is at risk of a double-dip recession if spending does not return.
Quote of the day
"The stock market is filled with individuals who know the price of everything, but the value of nothing."
-- Philip Fisher
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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