Stocks kick off August with a rally
August 4th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9286.56 | 114.95 | 1.3% |
| NASDAQ | 2008.61 | 30.11 | 1.5% |
| S P 500 | 1002.63 | 15.15 | 1.5% |
| FTSE 100 | 4682.46 | 74.1 | 1.6% |
| Nikkei 225 | 10352.47 | -4.36 | -0.0% |
| ASX 200 | 4,263 | 19.4 | 0.5% |
| COMEX Gold - Aug 09 | 956.6 | 2.9 | 0.3% |
| COMEX Silver - Jul 09 | 14.252 | 0.312 | 2.2% |
| COMEX Copper - Jul 09 | 273.85 | 11.5 | 4.4% |
| WTI Spot | 71.58 | 2.13 | 3.1% |
| AUD-USD | 0.8417 | -0.0004 | -0.0% |
| Aluminium | 1930.5 | 67 | 3.6% |
| Copper | 5972 | 222 | 3.9% |
| Lead | 1949 | 106.5 | 5.8% |
| Nickel | 18580 | 930 | 5.3% |
| Tin | 15415 | 415 | 2.8% |
| Zinc | 1811 | 63 | 3.6% |
The Australian share market looks like it may be in for a stronger start this morning following a positive lead from Wall St overnight.
A better than expected U.S. manufacturing report helped to boost U.S. stocks on Monday and fuel hopes the economy is on the path to recovery. Stocks, coming off the best July in two decades, got a strong August start Monday after better-than-expected readings on manufacturing and car sales added to bets that the economy is starting to stabilise. The Dow added 115 points, or 1.3%, ending at a fresh 9-month high. While the S&P 500 added 15 points, or 1.5%, ending above the 1,000 level for the first time since last November. The Nasdaq gained 30 points, or 1.5%, closing above 2,000 for the first time since last November.
The Aussie Dollar is buying 84.16 US cents, 80.18 Yen, 58.4 Euro cents and 49.7 British Pence.
The RBA August Board meeting and rate decision is today with analysts expecting the official cash rate to be left unchanged at 3 per cent, the Commonwealth Bank - Australian Chamber of Commerce and Industry business expectations survey is due out today, as well as the ABS retail trade data for June and the ABS house price index for the June quarter.
Company News
RIO - Shares in Rio Tinto Ltd fell 0.18 per cent to $60.29 yesterday. There are reports that the Madagascan government may take a closer look at Rio’s contract for its US$1 billion mineral sands mine after finding some technical problems with its operations. The Dow Jones Newswires reports that the new government has been undertaking a review of all mining contracts since taking power in March. Saying the government found technical problems with Rio’s mineral sands operations and believed that a recent shipment was exported by a new port that was not authorised to export. The Newswires says the government is undecided as to whether it will investigate this further, and is in discussions with Rio. Rio Tinto’s profits took a big tumble in 2008 from its result the year before.
IVA - Shares in base metal explorer Ivanhoe Australia Ltd rose 0.26 per cent to $1.90 yesterday. The Australian Associated Press reports that the company believes its operations at Cloncurry in Queensland, rich in rhenium and molybdenum, have enough resource to achieve the company's goals in base metal mining. The AAP says CEO Peter Reeve told a Diggers and Dealers mining conference that the company has made great progress in defining iron oxide, copper, gold and uranium mineralisation at its Cloncurry tenements. In April the company said it’s Merlin deposit containing molybdenum and rhenium could be worth over $6 billion. Ivanhoe Australia has posted net losses in the last four years.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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