Rally Losing Momentum
July 23rd, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 8881.26 | -34.68 | -0.4% |
| NASDAQ | 1926.38 | 10.18 | 0.5% |
| S P 500 | 954.07 | -0.51 | -0.1% |
| FTSE 100 | 4493.73 | 12.56 | 0.3% |
| Nikkei 225 | 9723.16 | 71.14 | 0.7% |
| ASX 200 | 4,068 | 17.8 | 0.4% |
| COMEX Gold - Aug 09 | 953.3 | 6.4 | 0.7% |
| COMEX Silver - Jul 09 | 13.71 | 0.232 | 1.7% |
| COMEX Copper - Jul 09 | 252.55 | 7.45 | 3.0% |
| WTI Spot | 64.58 | -0.23 | -0.4% |
| AUD-USD | 0.8157 | -0.0027 | -0.3% |
| Aluminium | 1707 | 14 | 0.8% |
| Copper | 5342 | -3 | -0.1% |
| Lead | 1658 | -16.5 | -1.0% |
| Nickel | 15855 | 75 | 0.5% |
| Tin | 14250 | 50 | 0.4% |
| Zinc | 1627 | 9 | 0.6% |
Wall Street
On Wall Street, Nasdaq rose 0.5 percent, buoyed by solid profits from Apple, though the Dow and S&P 500 were both slightly lower after some disappointing bank results induced caution. The Dow lost 34.68 points, or 0.4% to 8881.26 halting the upward run of the last seven sessions. The S&P 500 lost 0.51 points, or 0.1 % to 954.07. Energy stocks fell as crude dropped for the first time in six days following a US government report showing a smaller-than-forecast decrease in inventories. Crude dropped 23 cents, or 0.4% to $USD65.38 a barrel.
Australia
Australian shares are set to open mildly lower this morning following a mixed performance on Wall Street and with the market seen as running out of steam after seven straight rising sessions. The SPI eased 6 points to 4,030, a 37.5 point discount to the close.
The Australian dollar broke through US82c in offshore trading, but retreated in the local session this morning. This is impacting on currency sensitive stocks, most notably CSL last price $29.86.
BHP is set to open down about 1.3 percent, based on trade in New York, handing back some gains made after its fourth-quarter production report.
Investors will also be on the lookout for the result of National Australia Bank's A$2.75 billion capital raising. NAB announced plans to raise A$2.0 billion through the underwritten institutional placement, and set a minimum price of A$21.20 a share. It plans to raise a further A$750 million more through a non-underwritten share offer to its retail investors.
We are looking for the banks to open weaker this morning dragging the market lower.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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