Market Set To Tread Water
March 9th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,552.52 | -13.68 | -0.1% |
| NASDAQ | 2,332.21 | 5.86 | 0.3% |
| S P 500 | 1,138.50 | -0.19 | -0.0% |
| FTSE 100 | 5,606.72 | 6.96 | 0.1% |
| Nikkei 225 | 10,585.92 | 216.96 | 2.1% |
| ASX 200 | 4,807.90 | 40.7 | 0.9% |
| COMEX Gold - Dec 09 | 1,124.50 | -10.7 | -0.9% |
| COMEX Silver - Sep 09 | 17.27 | -0.112 | -0.6% |
| COMEX Copper - Sep 09 | 341.1 | -0.65 | -0.2% |
| WTI Spot | 81.72 | -0.21 | -0.3% |
| AUD-USD | 0.9093 | 0.0011 | 0.1% |
| Aluminium | 2,201.00 | -2 | -0.1% |
| Copper | 7,466.50 | -19 | -0.3% |
| Lead | 2,178.00 | -18.5 | -0.8% |
| Nickel | 22,500.00 | -375 | -1.6% |
| Tin | 17,425.00 | -130 | -0.7% |
| Zinc | 2,257.00 | -33 | -1.4% |
The market finished slightly lower in the US over night led by declines in healthcare stocks. The Dow Jones closed down 13.68 points, or 0.13% to close at 10,552.52. The Australian market is likely to open flat with the SPI 200 futures up 7 points.
The market is set to tread water after seven straight days of gains, with weaker copper and gold prices likely to hold back the resources sector. Investors will be looking for further signs of strength in the Australian economy when both the ANZ job adds survey and the NAB survey of business confidence today are released today.
Focus on the Australian market will remain on Arrow Energy (AOE) and the coal-seam gas sector after a takeover offer from Shell/PetroChina yesterday. There might be plenty of buying on any dips toward the $5 level, with many investors betting on a higher offer. Other coal-seam gas companies are expected to rally, look for a positive move in STO, ORG and ESG.
LGL
Lihir Gold may have finally freed itself from the very expensive Ballarat goldfield in Victoria that has cost the company more than $400 million. Castlemaine Goldfields has offered $4.5 million cash plus royalties to purchase the troubled goldfield. If the deal is successful production at the Ballarat facility will stop and the site will be turned into a exploration project.
CSL - Clients with sold March calls should check with their adviser to see if they were early exercised as the stock is ex-dividend today, 35 cents.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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