Market ready to roar
September 27th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,860.26 | 197.84 | 1.9% |
| NASDAQ | 2,381.22 | 54.14 | 2.3% |
| S P 500 | 1,148.67 | 23.84 | 2.1% |
| FTSE 100 | 5,598.48 | 51.4 | 0.9% |
| Nikkei 225 | 9,471.67 | -94.65 | -1.0% |
| ASX 200 | 4,601.90 | -31.7 | -0.7% |
| COMEX Gold - Dec 09 | 1298.1 | 1.8 | 0.1% |
| COMEX Silver - Sep 09 | 21.399 | 0.186 | 0.9% |
| COMEX Copper - Sep 09 | 361.8 | 2.75 | 0.8% |
| WTI Spot | 76.49 | 1.31 | 1.7% |
| AUD-USD | 0.9593 | 0.0104 | 1.1% |
| Aluminium | 2,272.00 | 38.5 | 1.7% |
| Copper | 7,911.00 | 34.5 | 0.4% |
| Lead | 2,256.00 | 38.5 | 1.7% |
| Nickel | 22,900.00 | 230 | 1.0% |
| Tin | 23,750.00 | 105 | 0.4% |
| Zinc | 2,237.00 | 31 | 1.4% |
The stronger than expected rebound in United States core capital goods orders for August, a proxy for business equipment investment, gave an encouraging lift to Wall Street last Friday, this morning futures are tipping a 66 point rise to the open on the ASX 200. Strengthening US equipment investment has further reduced the risk of a double-dip recession, weakening fears the US economy is heading south.
The Australian share market has broken through the top end of its four-month trading range and remains on track to deliver a positive September return. In the short-term however some profit taking is likely to be an issue, however today the market is ready to roar driven largely by Friday’s near 200 point surge on the Dow Jones. The Australian dollar has broken through US96 cents reaching a two-year high following the boost on Wall Street.
Shares in Macarthur Coal Ltd (MCC) closed 1.37% up at $11.86 on Friday. Macarthur Coal CEO Keith DeLacy has cautioned that Australia should not rush into setting a carbon tax. Talking to ABC TV, Mr DeLacy says a carbon tax in Australia before the rest of the world would impact competitiveness and do nothing for carbon emissions. The comments come following a recent call from BHP Billiton Ltd (BHP) CEO Marius Kloppers to consider the tax, Mr DeLacy branding the opinion as a lonely one in the resource sector. Macarthur Coal posted a $125.06 million profit for the year ended on 30 June 2010.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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