Resurgent optimism lifts market
July 31st, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9154.46 | 83.74 | 0.9% |
| NASDAQ | 1984.3 | 16.54 | 0.8% |
| S P 500 | 986.75 | 11.6 | 1.2% |
| FTSE 100 | 4631.61 | 84.08 | 1.8% |
| Nikkei 225 | 10165.21 | 51.97 | 0.5% |
| ASX 200 | 4,190 | 47.7 | 1.2% |
| COMEX Gold - Aug 09 | 934.9 | 7.7 | 0.8% |
| COMEX Silver - Jul 09 | 13.485 | 0.227 | 1.7% |
| COMEX Copper - Jul 09 | 256.4 | 8.65 | 3.5% |
| WTI Spot | 66.94 | 3.59 | 5.7% |
| AUD-USD | 0.8249 | -0.0006 | -0.1% |
| Aluminium | 1819 | 43.5 | 2.5% |
| Copper | 5497 | 86.5 | 1.6% |
| Lead | 1774.5 | 42 | 2.4% |
| Nickel | 16850 | 500 | 3.1% |
| Tin | 14610 | 260 | 1.8% |
| Zinc | 1670 | 48.5 | 3.0% |
The Australian share market has received a positive lead from international markets and commodities overnight and is expected to open stronger. A string of upbeat corporate reports added to positive sentiment on Wall Street, helping to lift the main indices to fresh 2009 highs. The Dow rose 84 points while the S&P500 gained 12 and the NASDAQ added 17 points.
The Aussie Dollar is buying 82.51 US cents, 78.84 Yen, 58.66 Euro cents and 50.03 Pence Stirling.
ELD – Elders shares last traded at 28 cents. The Australian Financial Review is reporting that Elders has struck a deal to sell its insurance division to QBE for as much as $300 million. The deal is believed to be linked to the Australian rural services firm’s decision to place its shares in a trading halt yesterday pending an announcement.
ANZ shares closed stronger yesterday, adding 3.62% to $17.74. News reports about this morning are tipping that ANZ might announce its purchase of Royal Bank of Scotland’s banking assets in Taiwan as early as next week. According to Dow Jones newswires Taiwan will be the first of several retail and commercial banking assets in Asia sold by RBS. ANZ sold $2.5 billion of shares in May to fund a bid for RBS's Asian assets. Looking at the past five years of net profit results, 2007 was the best year.
Gold gained US$7.60 to US$937.30 an ounce while Silver rose 23 cents to US$13.49 and copper added 9 cents at US$2.56.
Finally, oil added US$3.59 to US$66.94 a barrel. Oil prices almost completely recovered from yesterday's 6 per cent drop, riding a wave of resurgent optimism about the US economy that sent most commodities and equities markets soaring. Goldman Sachs have downplayed recent demand concerns reiterating a call that oil will reach $US85 a barrel by the end of the year as major economies begin to recover.
On a quick note, for all clients who were exercised on their positions yesterday please contact your broker.
Have a great weekend.
“With an evening coat and a white tie, anybody, even a stockbroker, can gain a reputation for being civilized.” Oscar Wilde
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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