Markets subdued following earning report
August 20th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9279.16 | 61.22 | 0.7% |
| NASDAQ | 1969.24 | 13.32 | 0.7% |
| S P 500 | 996.46 | 6.79 | 0.7% |
| FTSE 100 | 4689.67 | 3.89 | 0.1% |
| Nikkei 225 | 10204 | -80.96 | -0.8% |
| ASX 200 | 4,374 | -7.8 | -0.2% |
| COMEX Gold - Dec 09 | 944.8 | 5.6 | 0.6% |
| COMEX Silver - Sep 09 | 13.875 | -0.085 | -0.6% |
| COMEX Copper - Sep 09 | 276.05 | -0.1 | -0.0% |
| WTI Spot | 0.8288 | 0.0022 | 0.3% |
| AUD-USD | 0.8203 | -0.0099 | -1.2% |
| Aluminium | 1905 | -85.5 | -4.3% |
| Copper | 5947 | -169 | -2.8% |
| Lead | 1790 | -35 | -1.9% |
| Nickel | 19100 | -780 | -3.9% |
| Tin | 14100 | -800 | -5.4% |
| Zinc | 1760.5 | -19.5 | -1.1% |
The Australian market looks like it may open higher this morning after U.S. stocks rallied overnight on a jump in the price of oil. A drop in U.S. crude reserves suggested that demand may be picking up. The Dow gained 61 points, or 0.7%. The S&P 500 added 7 points, or 0.7%. The Nasdaq rose 13 points, or 0.7%.
Among those companies reporting earnings today are: AGL Energy, AMP, QBE Insurance, Wesfarmers and Santos, Brambles.
Company News
This morning on the domestic market, we have results coming from the likes of QBE insurance, AGL Energy, the Macquarie trusts, and Santos. Likley to be points of strength throughout the session are the major Oil players like Woodside Petroleum and Oil Search on the back of a USD3 a barrel rise in Oil overnight. The Big miners may remain fairly subdued ahead of the Asian markets opening throughout the morning following the late sell off yesterday as the Shanghai composite index gave back a further 4% in late afternoon trading. Movement in the local market will likely be guided by Asian markets this afternoon.
MQG - Shares in Macquarie Group Ltd gained 2.54 per cent to $45.61 yesterday. The company has acquired U.S. asset management firm, Delaware Investments, from Lincoln Financial Group for US$428 million. Macquarie says upon completion of the transaction, the combined assets under management of Macquarie and Delaware are expected to be over US$300 billion. The transaction will be funded by Macquarie Bank, after which Macquarie Bank’s Tier 1 capital ratio is anticipated to decrease by approximately 1.2 per cent. Macquarie Group’s 2009 profit took a big fall from its previous high in 2008 of over $1.8 billion.
LEI - Construction and engineering company Leighton Holdings Ltd rose 4.12 per cent to $37.36 yesterday. The company’s subsidiary, John Holland in joint venture with GHD, has been appointed to deliver the $173 million first stage of Barwon Water’s Capital Works Program Alliance. The company says the total value of the six year program is $355 million. John Holland recently announced that it had been awarded the $90 million Northern Water Plant for Barwon Water in Victoria. Leighton Holdings 2009 net profit was $440 million.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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