Mixed signals
January 23rd, 2009 by Cale McCulloch
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8122.8 | -105.3 | -1.3% |
| NASDAQ | 1465.49 | -41.58 | -2.8% |
| S P 500 | 827.5 | -12.74 | -1.5% |
| FTSE 100 | 4052.23 | -7.65 | -0.2% |
| Nikkei 225 | 8051.74 | 150.1 | 1.9% |
| SPI Futures | 3353 | -91 | -2.6% |
| All Ords | 3346.4 | -85.5 | -2.5% |
| Oil | 42.33 | -0.23 | -0.5% |
| Gold | 853.15 | -2.65 | -0.3% |
| Silver | 10.22 | -0.05 | -0.5% |
| Aluminium | 1311 | -14.5 | -1.1% |
| Copper | 3155 | -56 | -1.7% |
| Lead | 1105.5 | -15 | -1.3% |
| Nickel | 11105 | 75 | 0.7% |
| Tin | 11410 | 60 | 0.5% |
| Zinc | 1114 | -57.5 | -4.9% |
Wall St gave back 105 points of Wednesday nights gains on the back of renewed recession concerns, while companies including Microsoft reported disappointing results and data showed that builders continued to break even less ground in the previous quarter. However, it should be noted that following the closing bell, Google did manage to top earnings.
February gold rallied USD 8.70 while Oil drifted lower throughout the night, closing down 36 cents at USD 43.19 per barrel of crude.
On the Australian market yesterday, resources and energy posted a late rally, following the release of China GDP data showing the economy grew at 6.8% in the previous quarter.... Although still high by global standards, significantly down from previous quarters, and forecast to continue falling as the global economy slips deeper into recession.
Wesfarmers requested a trading halt yesterday, as they attempted to place some AUD 2.8 billion shares at a price of $13.50. The capital being raised is to pay down debt due this year. Shares in the West Australian conglomerate will remain in trading halt until Tuesday after the long weekend.
Look for some weakness in the resources sector when the local market opens as all of the base metals fell overnight, with nickel being the only exception.
Local Energy companies failed to follow the US energy sectors strong lead as Oil rose some 10% Wednesday night, so look for some strength there later in the day. The Oil price held up overnight and as such we should see some buying into the heavyweights like Woodside petroleum throughout the session.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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