Market gets a boost from overseas
October 8th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9725.58 | -5.67 | -0.1% |
| NASDAQ | 2110.33 | 6.76 | 0.3% |
| S P 500 | 1057.57 | 2.85 | 0.3% |
| FTSE 100 | 5108.9 | -29.08 | -0.6% |
| Nikkei 225 | 9799.6 | 107.8 | 1.1% |
| ASX 200 | 4,696 | 104.1 | 2.3% |
| COMEX Gold - Dec 09 | 1044.4 | 4.7 | 0.5% |
| COMEX Silver - Sep 09 | 17.5 | 0.205 | 1.2% |
| COMEX Copper - Sep 09 | 277.95 | -0.5 | -0.2% |
| WTI Spot | 71.1 | 0.22 | 0.3% |
| AUD-USD | 0.8913 | 0.0012 | 0.1% |
| Aluminium | 1795.5 | 3 | 0.2% |
| Copper | 6060.5 | 18.5 | 0.3% |
| Lead | 2142 | 14 | 0.7% |
| Nickel | 18135 | 310 | 1.7% |
| Tin | 15050 | 250 | 1.7% |
| Zinc | 1902.5 | 13.5 | 0.7% |
The US market fell slightly last night after being down considerately more during the session.
The S&P 500 fell for most of the day, as homebuilders declined on speculation Congress will not extend a tax credit. Pulte Homes, KB Home and DR Horton were down between 3% and 4%. AT&T led a slump in telephone shares after saying it will allow iPhone customers to use internet phone carriers.
Boeing, United Technologies, 3M and Travelers Companies were among the biggest decliners on the blue-chip average. They were also among the biggest gainers in the early-week rally.
Late in the session, a rally in a variety of financial stocks gave the market a boost. The Bank of America, the largest US lender by assets, and Wells Fargo each added 2.1%.
The benchmark index was further buoyed in the final hour of trading as investors speculated Alcoa, the first Dow company to report earnings, would post better-than-estimated results. The Dow closed 5.6 points in the negative.
The Australian share market looks likely to open flat this morning following mixed leads from U.S. and European markets overnight. A fall in oil and metal prices may weigh on resource stocks today, however gold miners may rise with the gold price remaining close to record highs.
The Aussie Dollar is buying 89.13 cents, 78.94 Yen, 60.67 Euro cents and 55.83 Pence Sterling.
The ABS releases labour force data for September today, expectations are for a rise in the unemployment rate to 6 per cent.
Company News
Australian brewer Lion Nathan Ltd (LNN) shares are in a trading halt and last traded at $11.46. The company shares entered a trading halt this morning following its lodgement of a court order with ASIC in relation to its scheme of arrangement with major shareholder Kirin Holdings, for Kirin to acquire all the company’s shares. Yesterday the Federal Court of Australia approved the scheme of arrangement between Lion and Kirin, following approval by Kirin shareholders on September 17. Lion Nathan says it shares will remain in a trading halt until it applies for the termination of the official quotation of its shares on the ASX. Lion Nathan’s 2008 net profit fell slightly from the year before recording $272.7 million.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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