Wait & See
May 12th, 2009 by Bryden Elssmann
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 8418.77 | -155.88 | -1.8% |
| NASDAQ | 1731.24 | -7.76 | -0.4% |
| S P 500 | 909.24 | -19.99 | -2.2% |
| FTSE 100 | 4435.5 | -26.59 | -0.6% |
| Nikkei 225 | 9451.98 | 19.15 | 0.2% |
| SPI Futures | 3867 | -64 | -1.6% |
| All Ords | 3,911.00 | -9.1 | -0.2% |
| Oil | 57.79 | -0.79 | -1.3% |
| Gold | 913.5 | -1.4 | -0.2% |
| Silver | 13.91 | -0.045 | -0.3% |
| Aluminium | 1482.5 | -33 | -2.2% |
| Copper | 4527 | -225 | -4.7% |
| Lead | 1440.5 | -33 | -2.2% |
| Nickel | 12775 | -480 | -3.6% |
| Tin | 13850 | -490 | -3.4% |
| Zinc | 1505 | -36 | -2.3% |
Stocks fell on Wall Street as investors took a step back from the two-month rally. The Dow posted its biggest sell off in 3 weeks. The market consolidated following gains of more than 30% in just two months. The Dow lost 156 points, or 1.8% to 8418.77. It was the Dow's biggest one-day sell off in three weeks. Stocks have been rallying since hitting multi-year lows in early March. The Dow and S&P 500 have risen for eight of the past nine weeks on predictions that the financial sector and economy are close to stabilising. But with little economic news to focus on yesterday, investors opted to retreat.
Gold was flat, down 0.15% to $US913.5 an ounce. Oil followed equity markets lower, reversing gains made last week. Crude oil fell 53 cents, or 0.9%, to $US58.10 a barrel, however prices are up 31% this year.
The SPI is currently down 51 points to 3880. The market is expected to open weaker this morning following profit taking on overseas markets.
Capital Raising
Australian financial markets have absorbed more than $20 billion worth of capital raisings this year. This figure will grow after Santos yesterday announced one of the largest offerings in the local market - a $3 billion rights issue - to continue the rush for capital. Oil Search has also signaled that it may raise capital as a last resort. There have been $7 billion worth of raisings in the past month alone, to take the amount to $20.17 billion since the start of the year. The majority of the raisings this year have centered on the real estate, diversified industrials and materials sectors.
Tonight’s Budget
Source: The Australian
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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