Telstra goes under the knife
September 18th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9783.92 | -7.79 | -0.1% |
| NASDAQ | 2126.75 | -6.4 | -0.3% |
| S P 500 | 1065.49 | -3.27 | -0.3% |
| FTSE 100 | 5163.95 | 39.82 | 0.8% |
| Nikkei 225 | 10443.8 | 173.03 | 1.7% |
| ASX 200 | 4,715 | 64.5 | 1.4% |
| COMEX Gold - Dec 09 | 1013.5 | -6.7 | -0.7% |
| COMEX Silver - Sep 09 | 17.265 | -0.165 | -0.9% |
| COMEX Copper - Sep 09 | 289.6 | -4.05 | -1.4% |
| WTI Spot | 72.47 | 0.13 | 0.2% |
| AUD-USD | 0.8722 | -0.0016 | -0.2% |
| Aluminium | 1913.5 | 62.5 | 3.4% |
| Copper | 6302 | -13.5 | -0.2% |
| Lead | 2241 | 20.5 | 0.9% |
| Nickel | 17455 | 300 | 1.7% |
| Tin | 15000 | 190 | 1.3% |
| Zinc | 1928 | 56 | 3.0% |
Stocks posted modest losses in quiet trading Thursday after a three-day advance. Traders found little in the weekly employment data, or in reports on housing and manufacturing, to provide new encouragement about an economic recovery. Stocks surrendered early gains around midday and the Dow Jones industrial average ended with a loss of 8 points.
Lackluster earnings reports from FedEx Corp. and Oracle Corp. added to investors' caution.
The Australian market is likely to open weaker after a rally on Wall Street came to an end as US investors reacted cautiously to the latest batch of economic data.
BHP Billiton (BHP) shares closed stronger yesterday, up 1.51% to $39.59. The miner has reportedly agreed to a deal allowing for the major expansion of coal exports at Newcastle Port – potentially ending ship queues and feuds over access to the port. The Australian Financial Review reports Newcastle’s second coal terminal, being built by the BHP – owned Newcastle Coal Infrastructure, is expected to load its first shipment of coal in the new year. Thousands of jobs will be supported by the plan and coal export revenue is expected to be lifted by $6.5 billion per year by 2016. BHP Billiton’s net profits had been rising each year up until 2009, when the result came in at about a third of what it was in 2008.
However, Gold and copper prices eased, suggesting BHP may start lower.
Telstra shares gained yesterday, adding 0.62% to $3.26. Telstra might postpone the break up of its operations under the government’s plan to force the company to back the $43 billion national broadband network. The Australian Financial Review reports that Telstra could take up until 2018 to transfer its fixed-line assets to a separate entity or the government’s own network, known as structural separation, after it reaches as agreement with the government. Telstra’s net profits have been rising since 2006.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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