Mixed results on Wall Street
January 14th, 2009 by Lawrence Grasso
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8448.56 | -25.41 | -0.3% |
| NASDAQ | 1546.46 | 7.67 | 0.5% |
| S P 500 | 871.79 | 1.53 | 0.2% |
| FTSE 100 | 4399.15 | -27.04 | -0.6% |
| Nikkei 225 | 8413.91 | -422.89 | -4.8% |
| SPI Futures | 3649 | 28 | 0.8% |
| All Ords | 3,594.00 | -30.1 | -0.8% |
| Oil | 37.77 | 0.12 | 0.3% |
| Gold | 820.7 | -0.3 | -0.0% |
| Silver | 10.68 | -0.07 | -0.7% |
| Aluminium | 1440.5 | -35 | -2.4% |
| Copper | 3139 | -32.5 | -1.0% |
| Lead | 1080 | -70 | -6.1% |
| Nickel | 10355 | 205 | 2.0% |
| Tin | 11305 | -295 | -2.5% |
| Zinc | 1181.5 | -31.5 | -2.6% |
U.S. stocks drifted lower in late trading Tuesday, with the Dow Jones Industrials falling 25.41 points, or 0.3%, to 8448.56, after being down more than 70 points at one stage and briefly turning positive. Analyst's warning about General Electric's fourth-quarter earnings helped spur a move lower for industrial stocks, though large banks ticked up. Concern about the start of earnings season hung over most trading desks on Wall Street Tuesday. Setting off the mood for the session, Alcoa kicked off the earnings season with a negative tone. The aluminium maker's loss underscored the effects of the recession on corporate profits that's likely to mar the entire round of reports, especially from the commodities sectors.
On the local front the Australian market should be pretty flat today but positive with a lead from the financials.
OIL
Crude oil rose for the first time in six days in New York after Saudi Arabia said it will make deeper supply cuts than announced to bolster prices.
MQG
Macquarie Group Ltd. Australia’s largest investment bank, raised $2.5 billion in a sale of U.S. dollar bonds guaranteed by the Australian government. The 2.6% notes priced to yield 149.9 basis points more than Treasuries of similar maturity. Macquarie last month raised $2.1 billion issuing 4.1 percent five-year government-backed bonds
NCM
Newcrest (NCM) is reportedly engaged in sales process for OZ Minerals OZL Martabe mine in Indonesia. Newcrest is among a number of parties interested in OZL assets. OZL is struggling to refinance US$560 million of debt and has said it's looking at possible asset sales to pay down borrowings.
WES
Wesfarmers announced today that it expects Net Profit After Tax for the six months to31 December 2008 to be in the range of $850 million to $880 million, after approximately $150 million (pre-tax) in provisions and write-downs in the values of some investments. Given recent share price and interest rate movements and broader market conditions and the impact of those factors on the carrying values of provisions, property and other investments, Wesfarmers believes it is appropriate to provide an early indication of half year results for the Group.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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