US Stocks Finish Slightly Up....
June 4th, 2010 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,255.28 | 5.74 | 0.1% |
| NASDAQ | 2,303.03 | 21.96 | 1.0% |
| S P 500 | 1,102.83 | 4.45 | 0.4% |
| FTSE 100 | 5,211.18 | 59.86 | 1.2% |
| Nikkei 225 | 9,914.19 | 310.95 | 3.2% |
| ASX 200 | 4,486.00 | 105 | 2.4% |
| COMEX Gold - Dec 09 | 1,210.00 | -12.6 | -1.0% |
| COMEX Silver - Sep 09 | 17.931 | -0.384 | -2.1% |
| COMEX Copper - Sep 09 | 294.65 | -9.4 | -3.1% |
| WTI Spot | 74.61 | 1.75 | 2.4% |
| AUD-USD | 0.8446 | 0.003 | 0.4% |
| Aluminium | 1,954.00 | 1 | 0.1% |
| Copper | 6,605.00 | -110 | -1.6% |
| Lead | 1,709.50 | -41.5 | -2.4% |
| Nickel | 19,880.00 | -625.00 | -3.0% |
| Tin | 17,650.00 | 220 | 1.3% |
| Zinc | 1,791.00 | -30 | -1.6% |
US stocks finished slightly higher, lifted by the energy and technology sectors, but gains remained muted ahead of tomorrow key employment report for May. After trading in a 140 point range, the Dow ended up 5.74 points, at 10255.28. Volume was light ahead of US non-farm payroll. The market expectation if for American employers to add 511,000 jobs in May after an increase of 290,000 in the previous month. A 500k + rise would be the most positions added to payrolls, since 1983. The highly anticipated results could be the catalyst the market is looking for to claw back some of the recent losses.
The Australian market is expected to open weaker this morning with mixed leads from offshore trading. Oil was up but copper and gold traded lower. Shares in gold miners are expected to open lower this morning. We feel that NCM, below $32.00, represents great value given the high volatility and associated call premium. NCM has lagged the price of physical gold for the past month due to uncertainty created by the RSPT and the terms of its merger with Lihir Gold. We feel that NCM is trading at a discount and may be a suitable stock for clients wanting exposure to gold in their portfolio.
In company news, ANZ has joined the chorus of the miners warning that the federal government's proposed resources super profit tax could send international investment away from Australia as investors review their sovereign risk. The Australian newspaper reports Mr Smith (CEO) said that uncertainty frightens capital in the global market, and that Australia needed to remain competitive amid concerns the uncertainty created by the tax would spread to other industries. Speaking in Shanghai Mr Smith has also denied reports that ANZ had made a multi-billion-dollar offer for a 51% interest in South Korea's KEB Bank to its private equity owner Loanstar, or was considering a merger with Standard Chartered Bank. ANZ recorded at $2.9 billion net profit in the year to September 30 2009.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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