Market mixed as financials disappoint
April 29th, 2009 by Lawrence Grasso
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8016.95 | -8.05 | -0.1% |
| NASDAQ | 1673.81 | -5.6 | -0.3% |
| S P 500 | 855.16 | -2.35 | -0.3% |
| FTSE 100 | 4096.4 | -70.61 | -1.7% |
| Nikkei 225 | 8493.77 | -232.57 | -2.7% |
| SPI Futures | 3694 | 18 | 0.5% |
| All Ords | 3,672.00 | -18.3 | -0.5% |
| Oil | 49.01 | -0.28 | -0.6% |
| Gold | 893.6 | -14.6 | -1.6% |
| Silver | 12.4 | -0.555 | -4.3% |
| Aluminium | 1389.5 | -9 | -0.6% |
| Copper | 4185 | -120.5 | -2.8% |
| Lead | 1309 | -66 | -4.8% |
| Nickel | 10825 | -185 | -1.7% |
| Tin | 12105 | -295 | -2.4% |
| Zinc | 1318 | -23 | -1.7% |
The Dow Jones Industrial Average dropped 8.05 pts or .1% to 8016.95. Stocks fell on a late dip as fears of more capital injections for some major banks as a result stress tests trumped consumer-confidence data. Stock-market bears have been dumbfounded in recent weeks by the market's resilience in the face of bank solvency and health scares. But bulls are frustrated by a rally that seems to have stalled around 8000 on the Dow Jones Industrial Average.
The Australian market will head into negative territory today with the Financial sector leading the news stories. Overnight, commodities fell away suggesting that Aussies resources will follow suit. Look for the market to be down at least 50 – 60 points today.
Following on from last week’s report on purchasing defensive stocks, today will show quite a lot of buying interest in those companies we suggested (CSL & WOW). Call your broker today to ask about taking a position in either of these stock and look to sell calls for the Month of May.
ANZ
Australia and New Zealand Banking Group Ltd. (ANZ) said Wednesday its first half net profit fell 28% on year amid escalating charges for bad loans with Australia heads in its first recession in almost two decades. ANZ said net profit for the six months ended March 31 fell to $1.42 billion from $1.96 billion a year ago. Bad debts rose to $1.37 billion from $681 million as the impact of the slowing global economy continued to trickle through to the bank's smaller business and retail customers.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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