Momentum pushes market higher
August 24th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9505.96 | 155.91 | 1.7% |
| NASDAQ | 2020.9 | 31.68 | 1.6% |
| S P 500 | 1026.13 | 18.76 | 1.9% |
| FTSE 100 | 4850.89 | 107.05 | 2.3% |
| Nikkei 225 | 10238.2 | -145.21 | -1.4% |
| ASX 200 | 4,291 | -87 | -2.0% |
| COMEX Gold - Dec 09 | 954.7 | 13 | 1.4% |
| COMEX Silver - Sep 09 | 14.164 | 0.284 | 2.0% |
| COMEX Copper - Sep 09 | 288.05 | 13.9 | 5.1% |
| WTI Spot | 73.19 | 0.65 | 0.9% |
| AUD-USD | 0.8345 | 0.0029 | 0.3% |
| Aluminium | 1908 | 2 | 0.1% |
| Copper | 6135 | 13 | 0.2% |
| Lead | 1845 | 24 | 1.3% |
| Nickel | 19525 | 275 | 1.4% |
| Tin | 14400 | -250 | -1.7% |
| Zinc | 1808 | 4.5 | 0.2% |
Wall Street
US stocks rallied to their highest levels of the year on Friday after Federal Reserve chairman Ben Bernanke delivered an upbeat forecast for the economy and said the US is on the cusp of a recovery.
The Dow Jones industrial average gained 156 points to 9,506. The S&P500 Index rose 19 points to 1,026 and the NASDAQ added 32 points to 2,021.
Also boosting the market on Friday was an economic report which showed stronger sales of existing homes. Sales of previously owned single-family homes were up 7.2% in July compared with the month before.
Australian Market
The Australian market is set to open higher. Momentum coming through from the Wall St and Asia should flow onto our market. The main focus on the ASX today is the reports of the media sector namely Fairfax Media.
Busy week ahead with a number of Australian companies due to report their financial results this week, including Fairfax Media today; Foster's Group and Flight Centre on Tuesday; Lihir Gold and Westfield Group on Wednesday; Crown and Woolworths on Thursday; and Harvey Norman and Caltex Australia on Friday.
FXJ - Fairfax Media Ltd has reported a net loss of $380 million and says advertising revenues have bottomed but a recovery is yet to begin. Fairfax's net loss for the year to June 30 included $664.3 million in significant items, $513 million of which related to a reduction in the carrying value of its mastheads and goodwill. The newspaper publisher posted a net profit of $386.9 million in the previous corresponding period. Net profit excluding impairments and significant items for 2008/09 was $226.7 million. Revenue for the financial year was $2.6 billion, 10 per cent lower than the previous year. No final dividend will be paid.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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