Mining Dispute Taxing On The Market
June 29th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,138.52 | -5.29 | -0.1% |
| NASDAQ | 2,220.65 | -2.83 | -0.1% |
| S P 500 | 1,074.57 | -2.19 | -0.2% |
| FTSE 100 | 5,071.68 | 25.21 | 0.5% |
| Nikkei 225 | 9,693.94 | -43.54 | -0.4% |
| ASX 200 | 4,384.50 | -28.5 | -0.7% |
| COMEX Gold - Dec 09 | 1,238.60 | -17.6 | -1.4% |
| COMEX Silver - Sep 09 | 18.718 | -0.434 | -2.3% |
| COMEX Copper - Sep 09 | 308.95 | -2.15 | -0.7% |
| WTI Spot | 78.25 | -0.61 | -0.8% |
| AUD-USD | 0.872 | -0.0003 | -0.0% |
| Aluminium | 1,946.00 | 37.5 | 2.0% |
| Copper | 6,604.50 | 79 | 1.2% |
| Lead | 1,802.00 | 21.5 | 1.2% |
| Nickel | 19,500.00 | 250 | 1.3% |
| Tin | 18,050.00 | 150 | 0.8% |
| Zinc | 1,810.50 | 6.5 | 0.4% |
A late day slump left Wall Street indices slightly lower as the market mulled over the Group of 20’s pledge to cut deficits. The Dow Jones fell 5.29 points, or 0.05 per cent, to 10,138.52.
Domestically the ASX 200 is likely to open the session weaker following the late afternoon selling on the US markets. Base metals were mostly firmer on the London Metals Exchange, while in normal trade, Rio Tinto and BHP Billiton added 2.1% and 0.8% respectively. Much of the focus for the sector will be on the new PM and whether any deal can be struck regarding the proposed Resource Super Profits Tax. The mining industry has reportedly warned the Gillard Government it faces another hostile advertising campaign if agreement on a new tax regime is not reached by the end of the week. Both sides agree that if progress is not made by the end of the week, the damaging dispute will be reignited.
There is nothing in the way of economic news locally. It looks like it’s going to be another very mundane day’s trade, unless something of interest occurs in Asia.
AIO
Asciano Group is planning changes to its corporate structure that the ports and rail operator says will bring it into line with other leading industrial companies and help attract a broader range of investors.
Asciano said yesterday it would simplify its corporate structure by converting from a stapled security into a single holding company.
Goldman Sachs have a buy on the stock with a $2.25 price target.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
Disclaimer
The material in “Market Fox” (newsletter) is of a general nature only and neither purports nor is intended to be regarded as advice. No consideration has been given or will be given to your investment objectives, financial situation or needs. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk. Not all risks can be or will be explained in the newsletter. Previous results are no indication of future results. Actual results achieved in the market can vary considerably. The Directors and Representatives of Freeman Fox Ltd and their associates may hold securities in the companies presented.
The research made available in this newsletter is for your private use only and it is protected by applicable copyright laws and other applicable intellectual property right laws. You may not reproduce, distribute, disseminate, broadcast, sell, publish, circulate or give for free, any of the materials made available to you in this newsletter without first seeking the prior written consent of Freeman Fox Ltd.
Freeman Fox Ltd is not required to update any of the content made available in this newsletter, including but not limited to any research commentary, forecasts, recommendations or other analysis in this newsletter. Therefore, for the avoidance of any doubt, material made available in this newsletter may not be accurate after the date of publication or the date on which it is displayed in the newsletter.
To the extent permitted by law, Freeman Fox Ltd and their respective directors, officers, employees, contractors and agents disclaim all responsibility to you for any loss, liability, claim, expense (including but not limited to legal costs and resultant defence or settlement costs) or damage whatsoever, whether direct, consequential, special, incidental, punitive or indirect (including but not limited to loss of profits, trading losses and damages that result from delay, loss or inconvenience) arising out of or in connection with the content of the newsletter and/or any omissions from the content whether in contract, tort (including negligence), statute or otherwise and even if Freeman Fox Ltd has been advised of the possibility of such damage or loss.
If you require assistance in relation to your personal investment situation, contact an authorised representative of Freeman Fox Ltd.