14 Aug 09
Be first!
Tasty Tips – Local and Global News
1. Dow rises 36 pts or 0.39% to 9398, S & P up 7 pts or 0.7% to 1012. The second lightest day in turnover in the last 6 months made for a lack lustre session. Banks technology stocks and coalminers were the days best performers offset by falls in consumer companies experiencing lower retail sales in July and growing unemployment.
2. Gold rose $4 to $US956.50 on the back of the firmer equity market and a weaker $US. Silver, palladium and platinum all firmed following gold’s lead
3. Base metals all recorded solid rises with copper touching a 10 month high with a 3% rise, zinc firmed 3%, aluminium and nickel up 4%, with lead the major winner up 4.9%. The lower July retail sales and increased new claims for jobless had no effect on the day’s trading
4. Oil rose 36 cents to $70.52 in what some analysts suggested was a reaction to the better GDP figures from the German and French economies over the 2nd quarter
5. Major European markets all rose around 2% on the GDP figures fuelling hopes the recession in other European nations may end sooner than expected
6. $AUS currently trading at 84.68 US cents
7. Prudential of the UK reports a loss of $AUS500.3m in the first six months calendar 2009
8. Lend Lease agrees to buy 9 aged care facilities and 4 retirement villages from Prime Retirement and Aged Care Property Trust for $78.6m excluding costs
9. Ford in the U.S. lifts production for the 3rd quarter to 495,000 vehicles on the success of the “cash for clunkers” program and plans further production increases for the remainder of the year
10. PMP posts a $27m full year loss to June 30th against a profit of $78.9m in pcp
11. Guiness Peat Group says its 1st half result will show a loss and the full year’s result may also be poor
12. Tabcorp wins case against new fee scheme introduced by Victorian racing authorities potentially saving the company $195m over the next 3 years
13. James Packer resigns from the Sunland board effective immediately
14. Leighton Holdings posts a 28% fall in annual profit to $440m to June 30th, but forecasts profit to be around $600m in the current year
15. Trinity Group expects to record a net loss of between $195m and $220m for fiscal 2009 due to investment devaluations
16. China tightens control over its steel industry announcing a 3 year ban on new mills and wants more say over iron ore costs
17. VW and Porsche agree a deal to merge the two companies by 2011
18. Wise Owl recommend dividend strip in CCL
19. Citigroup have “BUYS” on STO, CCL and CMJ with “HOLDS” on TLS and ASX and a “SELL” on ALL
20. Deutsche have “BUYS” on TLS, CMJ, RIO and SHL with “HOLDS” on BHP, CCL and CEY
21. Goldman Sachs “BUYS” on MGX and TLS with “HOLDS” on CCL, SGT and IPL and a “SELL” on BWP
22. Macquarie have “OUTPERFORM” recommendations on QBE, CUS, AIR and OIC with “NEUTRALS” on CCL, SGT and FLX and “UNDERPERFORMS” on TLS and CEY
23. RBA’s Glen Stevens says” the downturn in the economy is likely to be one of the least severe in recent history” . RBA won’t nominate a time for any rate increase.
24. Australian market up 66 pts or 1.5% to 4503 in early trade, New Zealand up 18 pts or 0.6% to 3147 in morning trade
1. A V Jennings posts annual net loss of $12.72m and cancels dividend. Company says it expects an improved performance next year
2. Felix shares rise after trading halt is lifted following Yanzhou Coal’s $16.95 takeover offer
3. Moody’s reaffirms BHP’s A1 credit rating after result
4. RBA chief says “normal” cash rate is well over 3%
5. Crown’s joint venture with Melco in Macau has successfully conducted a $US200m equity placement
6. Voluntary administrators of Babcock and Brown recommend the company be put in liquidation
7. Newmont produces its first gold and copper concentrate from its Boddington mine in W.A. Company expects to produce an annual amount 1m ozs in the first 5 years costing $US300 per oz
Dow rises 36 pts or 0.39% to 9398, S & P up 7 pts or 0.7% to 1012. The second lightest day in turnover in the last 6 months made for a lack lustre session. Banks technology stocks and coalminers were the days best performers offset by falls in consumer companies experiencing lower retail sales in July and growing unemployment.
Gold rose $4 to $US956.50 on the back of the firmer equity market and a weaker $US. Silver, palladium and platinum all firmed following gold’s lead
Base metals all recorded solid rises with copper touching a 10 month high with a 3% rise, zinc firmed 3%, aluminium and nickel up 4%, with lead the major winner up 4.9%. The lower July retail sales and increased new claims for jobless had no effect on the day’s trading
Oil rose 36 cents to $70.52 in what some analysts suggested was a reaction to the better GDP figures from the German and French economies over the 2nd quarter
Major European markets all rose around 2% on the GDP figures fuelling hopes the recession in other European nations may end sooner than expected
$AUS currently trading at 84.68 US cents
13 Aug 09
Tasty Tips – Local and Global News
1. Dow rises 120 pts or 1.3% to 9361, S & P up 11 pts to 1005. The Fed leaving interest rates near zero and suggestions the economy was on more stable ground initiated a broad rally in banks and financials. Insurers also gained ground along with industrials such as United Technologies and Caterplillar
2. Gold closed at $952.50 a rise of $4.90 The contract traded higher before the Fed said it would slow the pace of its purchases of US Treasuries which caused the metal to ease. Silver and other precious metals registered small gains
3. Base metals all firmed with copper gaining 3% on the New York Mercantile Ex. with other metals gaining ground on copper’s strength and a weaker $US
4. Oil gained 71 cents to $70.16 despite US demand at its weakest in years and inventories increasing for the third week in a row
5. European markets firmed sharply in late trade ahead of the US Fed meeting. The FTSE gained 1%, DAX up 1.22% and the CAC up 1.48%
6. $AUS currently trading at 83.36 US cents
7. Telstra announces net profit of $4b up 10.3% Revenue up 2.7% to $25.5b final div 14 cents
8. UK financial watchdog outlines new rules on bank executive bonuses to prevent excessive risk taking
9. Biota shareholders to receive $20m or 11 cents per share following a review of its cash needs
10. Nestle, world’s biggest food and drink maker reports a 2.7% fall in 1st half net profit to 5.1b Swiss francs
11. British unemployment hits 14 year high of 7.8%
12. Optus increases 1st quarter profit to June 30th by 13% to $139m. Parent Singapore Telecommunications increased net profit 10% to $945m
13. Jetset Travel reports net profit of $15.8m year ended June 30th down 33% from $23.5m in pcp
14. Deutsche Bank have ‘BUYS” on SGP and SHL with “HOLDS” on BHP, CBA and CPU
15. Goldman Sachs have “BUYS” on CPU and MCU with HOLDS” on CHC, QAN, AQP, CBA, SGP, TWO and MAP
16. Macquarie have “OUTPERFORM” recommendations on SGP, CPU, TOL and JHX with “NEUTRALS” on CBA, OST and TEL
17. UBS have “BUYS” on SHL and CPU with a “NEUTRAL” on CBA and a “SELL” on SGP
18. Citigroup have “BUYS” on BHP, CBA, AOE and AQP with “HOLDS” on SGP, CPU and FBU
Dow rises 120 pts or 1.3% to 9361, S & P up 11 pts to 1005. The Fed leaving interest rates near zero and suggestions the economy was on more stable ground initiated a broad rally in banks and financials. Insurers also gained ground along with industrials such as United Technologies and Caterplillar
Gold closed at $952.50 a rise of $4.90 The contract traded higher before the Fed said it would slow the pace of its purchases of US Treasuries which caused the metal to ease. Silver and other precious metals registered small gains
Base metals all firmed with copper gaining 3% on the New York Mercantile Ex. with other metals gaining ground on copper’s strength and a weaker $US
Oil gained 71 cents to $70.16 despite US demand at its weakest in years and inventories increasing for the third week in a row
European markets firmed sharply in late trade ahead of the US Fed meeting. The FTSE gained 1%, DAX up 1.22% and the CAC up 1.48%
$AUS currently trading at 83.36 US cents
13 Aug 09
Latest Bloomberg Analyst Ratings – Wise-Owl.com Analysts take Honours
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12 Aug 09
Tasty Tips – Local and Global News
Dow falls 96 pts or 1.03% to 9241, S & P down 12 pts to 994. Yesterdays easing continued today led by financials such as Bank of America, Wells Fargo and J.P. Morgan. A note sent out by Rochdale Securities’ banking analyst saying bank earnings were unlikely to improve in the 2nd half and that many firms might post losses also undermined the recent strength in the sector
Gold rose 70 cents to $US947.60 halting the 2.4% fall in the 4 previous sessions. Silver remained virtually unchanged with palladium and platinum easing in quiet trade
Base metals all tended lower with copper down 1.55%, lead down 4% and nickel off 3.5% after yesterdays gain
Oil lost $1.15 to $69.45 on the back of the lower equity market and continued concerns over future demand.
The Department of Energy also said in its monthly outlook demand in the current quarter is down 1.3% from a year earlier
Major European markets fell between 1% and 2.5% led by bank shares as a more cautious tone prevailed with investors keenly watching developments in the U.S.
$AUS currently trading at 82.96 US cents
CBA net profit for fiscal 2009 fell to $4.72b from $4.79b a year earlier although cash earnings fell 7% to $4.41b. Bank took an impairment charge of $2.94b against problem loans. Final div $1.15 a 25% cut on pcp
Reports from China say RIO executive Stern Hu has been charged with commercial bribery and trade infringements
Figures show US productivity rose in Spring by the largest amount in almost 6 years with labour costs falling at the fastest pace in 9 years
Obama administration sends Congress legislation imposing new guidelines on derivatives trading
Computershare profit falls 9% to $US255.733m for year ending June 30th. Final div 11 cents 50% fully franked
Stockland posts a loss of $1.8b for year ended June 30th compared to a profit of $704m in pcp. Result included impairment charges and writedowns
Babcock and Brown forecasts impairment charges to be around $920m for year ended June 30th
Aevum Ltd reports a net loss of $12.2m for fiscal 2009. Final div 2 cents. Company gives no earnings guidance for fiscal 2010
Australian consumer confidence 3.7% higher in August from July according to Westpac Melbourne Institute index
Australian market down 3 pts to 4331 in early trade, New Zealand up 2 pts to 3057 in morning trade
SFB
Dow falls 96 pts or 1.03% to 9241, S & P down 12 pts to 994. Yesterdays easing continued today led by financials such as Bank of America, Wells Fargo and J.P. Morgan. A note sent out by Rochdale Securities’ banking analyst saying bank earnings were unlikely to improve in the 2nd half and that many firms might post losses also undermined the recent strength in the sector
Gold rose 70 cents to $US947.60 halting the 2.4% fall in the 4 previous sessions. Silver remained virtually unchanged with palladium and platinum easing in quiet trade
Base metals all tended lower with copper down 1.55%, lead down 4% and nickel off 3.5% after yesterdays gain
Oil lost $1.15 to $69.45 on the back of the lower equity market and continued concerns over future demand.
The Department of Energy also said in its monthly outlook demand in the current quarter is down 1.3% from a year earlier
Major European markets fell between 1% and 2.5% led by bank shares as a more cautious tone prevailed with investors keenly watching developments in the U.S.
$AUS currently trading at 82.96 US cents
11 Aug 09
Tasty Tips – Local and Global News
Dow lost 32 pts or 0.34% to 9338, S & P down 3pts to 1007 . Small scale profit taking was the main feature in light trading. After reaching fresh 2009 highs on Friday a perception it was a little over bought in the short term turned out to be the day’s feature. Stocks such as Priceline and McDonalds registered gains of 14% and 2% respectively on increased profit and sales announcements, but the overall market took a well earned breather after the recent run
Gold fell $12.60 to $946.90 as the $US strengthened with some analysts predicting the metal was forming a bearish chart pattern producing a price target of around $920. Silver also declined with platinum and palladium futures falling as some minor supply worries eased
Base Metals all fell 1.5% to 3% except for copper down only 0.26%. Nickel was the exception gaining nearly 3% or $US567 on the LME to $US20124.50 per tonne on some indications of restocking by some stainless steel mills
Oil fell 32 cents $70.61 on slightly weaker US equities and a firmer $US
Major European markets finished with marginal falls with the DAX the hardest hit down 40 pts to 5418
$AUS currently trading at 83.70 US cents
Sino Gold suspends operations at its White Mountain mine in China after road access was blocked by protesting farmers
Count Financial reports profit decline of 9.1% in fiscal 2009 to $19.37m
Cochlear lifts profit 13% to $130.54m in fiscal 2009 compared to $115.23 in pcp. Final div 95 cents up 19%, total year’s payout $1.75
JB Hi-Fi profit rises 45% to $94.4m year ended June 30th from $65.1m in pcp. Final div 29 cents
Primary Health Care posts a $108.5m profit for year end June 30th up from $7.86m in pcp. Final div 7 cents total payout for year 14 cents compared to 27 cents a year earlier
Australian Agricultural Co. reports loss of $30.26m for 1st half 2009 compared to loss of $2.16m in pcp but expects to return to profit in 2nd half of calendar 2009
Reckon posts an interim 1st half profit of $6.1m and declares a 3 cent fully franked final div
Bank of America 2nd quarter profit totalled $US3.22b before preferred dividends ($US2.42b after dividends). Nearly all earnings came from Asian operations
IAG and Suncorp cease legal proceedings after reaching an agreement on the structure of their joint venture truck insurance business
Australian market down 13 pts to 4295 in early trade, New Zealand down 17 pts to 3063 in morning trade
Flight Centre says it expects net profit to be within the current guidance of $36m-$40m
Personal finance commitments rose 2.6% in June to $6.883b from May according to the ABS
China’s CPI fell 1.8% in July compared to the same month a year ago
John Singleton warns Macquarie Radio operating earnings will slump 67% to $2.7m, due to a one off cash payment to extend Alan Jones’ contract and write downs in web site values and digital radio investments
Federal Government says it doesn’t see any barriers to the Chevron operated Gorgon LNG project in W.A. with the last of regulatory hurdles set o be cleared later this month
Fortescue and China Investments in talks on a $US1b plus convertible bond deal to help the iron ore miner expand
ASIC charges two former principals of collapsed investment house Chartwell Enterprises
Chinese iron imports rise to a record in July as demand from automakers and builders accelerates
Chinese exports down 23% in July from pcp
Incredibly, ACCC chairman Graeme Samuel says ” it is misguided to link concerns about food inflation and the dominance of Woolworths and Coles”
Dow lost 32 pts or 0.34% to 9338, S & P down 3pts to 1007 . Small scale profit taking was the main feature in light trading. After reaching fresh 2009 highs on Friday a perception it was a little over bought in the short term turned out to be the day’s feature. Stocks such as Priceline and McDonalds registered gains of 14% and 2% respectively on increased profit and sales announcements, but the overall market took a well earned breather after the recent run
Gold fell $12.60 to $946.90 as the $US strengthened with some analysts predicting the metal was forming a bearish chart pattern producing a price target of around $920. Silver also declined with platinum and palladium futures falling as some minor supply worries eased
Base Metals all fell 1.5% to 3% except for copper down only 0.26%. Nickel was the exception gaining nearly 3% or $US567 on the LME to $US20124.50 per tonne on some indications of restocking by some stainless steel mills
Oil fell 32 cents $70.61 on slightly weaker US equities and a firmer $US
Major European markets finished with marginal falls with the DAX the hardest hit down 40 pts to 5418
$AUS currently trading at 83.70 US cents
10 Aug 09
Tasty Tips – Local and Global News
Dow rises 114 pts or 1.23% to 9370, S & P up 13 pts to 1010. Better than expected employment figures pushed the market higher. Obama made some positive comments concerning the economy which also aided sentiment
Gold fell $8.30 to $954.65 on the unemployment numbers and a firmer $US
Base metals resumed their upward trend with copper adding 2% with 2.5% inventory increase not worrying traders.
Oil fell $100 to $70.93 after peaking above $72 earlier in the session. Contract has risen 2.1% in the past week the 4th weekly rise. OPEC announced a small production increase of 100,000 barrels a day in July
Major European markets gained between 0.8% and 1.6% on the US economic data, the DAX being the best performer. RB of S fell 12% after posting a 1b pound loss for the 1st half and warned of further bad results
$AUS currently trading at 83.75 US cents
10 Aug 09
Tasty Tips – Local and Global News
1. Dow fell 25 pts or 0.27% to 9256. S & P down 5 pts to 997. Equities closed lower over a broad area but did manage to finish well above the intra-day lows with energy and telecommunication stocks bearing most of the larger falls. Positive results from companies failed to enthuse investors as the market cautiously waited a key unemployment report due on Friday
2. Gold lost $3.40 to $962.90 after earlier touching $974.30 the highest level since June 5th Silver also lost ground trading at $14.64 a loss of 11.5 cents
3. Copper fell for the first time in 6 sessions down 6 cents to $US2.75 a lb and on the LME was down $US174 to $US6025 per tonne. Other base metals fell between 3.5% and 4.5% as some of the recent speculative interest waned. A slightly firmer $US also aided the falls
4. Oil dropped 18 cents to $71.79 as growing supplies of crude and natural gas weighed on the contract and like base metals rises of late, some dealers feel the run from below $62 last week has been too much too soon
5. Major European markets recorded rises between 0.3% an 1% with the FTSE the best performer gaining 43 pts to 4690. Banks were the standouts as the Bank of England and the ECB left interest rates unchanged.
6. $AUS currently trading at 83.98 US cents
7. BHP resumes operations at the Hay Point coal terminal after disruptions by Greenpeace activists
8. U.S Federal Trade Commission issues a new regulation allowing the agency to fine both physical and futures people or companies up to $1m per day per violation for any market manipulation in the oil and petroleum markets
9. Independent expert declares Kirin’s bid for Lion Nathan to be both fair and reasonable
10. Fannie Mae says it needs another $US10.7b in government aid after posting a $US15.2b loss in the 2nd quarter
11. Thomson Reuters 2nd quarter profit jumps to $US315m from $150m in pcp
12. WAN full year profit falls 20% to $87.2m from $109.9m in pcp. Revenue down 11.3% to $418.6m
13. Suncorp warns fiscal 2009 profit will be lower than last year and in the range of $340m -$360m
14. ResMed reports a 33% profit increase to $A174.2m for fiscal 2009 and says it is well placed for future growth
15. John Holland wins a $270m contract to redevelop a Perth healthcare facility
16. Survey shows construction firm activity in Australia contracted further in July despite a pick- up in house building
17. Wise owl have a “BUY” on TFC
18. Citigroup have a “BUY” on EQN with “HOLDS” on TAH and ELD and a “SELL” on AWC
19. Goldman Sachs have “BUYS” on BKN, CWN, EQN and NWS with “HOLDS” on AWC, TAH and GMG and a “SELL” on CEU
20. RBS have “BUYS” on NWS, CRG and GMF with “HOLDS” on TAH, AWC and BKN
21. Deutsche Bank have “BUYS” on TAH, BKN and GPT with “HOLDS” on ABB, SEK, CDI, NWS, AWC and BHP
22. Macquarie have “OUTPERFORM recommendations on NWS, WOR and GPT with “NEUTRALS” on AWC, CPU and BKN and an “UNDERPERFORM” on TAH
23. UBS have “BUYS” on TLS, CSL and TAH with “NEUTRALS” on NWS, CEU and CBA
24. Australian market down 35 pts or 0.8% to 4295 in early trade, New Zealand up 9 pts or 0.3% to 3065 in morning trade
Dow fell 25 pts or 0.27% to 9256. S & P down 5 pts to 997. Equities closed lower over a broad area but did manage to finish well above the intra-day lows with energy and telecommunication stocks bearing most of the larger falls. Positive results from companies failed to enthuse investors as the market cautiously waited a key unemployment report due on Friday
Gold lost $3.40 to $962.90 after earlier touching $974.30 the highest level since June 5th Silver also lost ground trading at $14.64 a loss of 11.5 cents
Copper fell for the first time in 6 sessions down 6 cents to $US2.75 a lb and on the LME was down $US174 to $US6025 per tonne. Other base metals fell between 3.5% and 4.5% as some of the recent speculative interest waned. A slightly firmer $US also aided the falls
Oil dropped 18 cents to $71.79 as growing supplies of crude and natural gas weighed on the contract and like base metals rises of late, some dealers feel the run from below $62 last week has been too much too soon
6 Aug 09
Tasty Tips – Local and Global News
1. Dow falls 39 pts to 9280, S & P down 3 pts to 1002. The overall market eased on worries about the service and labour sectors along with a disappointing result from Proctor and Gamble. Energy and mining stocks were lower on the back of a 77% fall in 2nd quarter earnings from Baker Hughes. Banks and financials were the only bright spot led by Citibank and J.P. Morgan while American Express said some internal credit factors were showing signs of improvement for the first time in 18 months
2. Gold for December delivery fell $3.40 to $966.30 reversing a 4.3% gain in the previous 4 sessions, with a general consensus feeling the commodity is overbought. Other precious metals were slightly lower
3. Base Metals were firmer with nickel recording a 5.7% gain with zinc and aluminium gaining 4% being the best movers
4. Oil gained 55 cents to $71.97 despite growing inventories and weaker indicators in retail and transport industries. Intra-day trading saw the contract at one point trade below $70
5. Major European markets were 0.5% – 1% lower with oil and mining stocks the main losers. Banks were well supported despite Lloyds reporting a smaller than expected loss of 4b pound in the 1st half due to a sharp increase in bad debts from the HBOS business. The bank claimed it was through the worst
6. $AUS currently trading at 84.14 US cents
7. Alumina reports 1st half net profit of $6m down 86% on pcp and cancels interim div. Last year company paid 12 cents
8. GPT Group plans to focus solely on Australian assets and will sell all non- core overseas assets over an unspecified time
9. Tabcorp posts a full year net profit of $521m against a loss of $164m in pcp. Company declares a 30 cent div making total payout for the year of 65 cents
10. Newscorp reports loss for the 4th quarter of $US203m including impairment and operating charges. Revenue fell 11% but Murdoch predicted “a return to profit as the economy rebounds”
11. US oil regulator calls for tougher controls on trading rules to eliminate the excessive speculation that has surrounded the commodity over the past 12 months
12. A report in the US says manufactured goods increased 0.4% in July compared to previous month with another report indicating redundancies are easing
13. Challenger Wine Trust says the vineyard sector will remain under pressure for the next few years after reporting a net loss for fiscal 2009 of $24.3m compared to a profit of $13.5m in pcp
14. Swiss Re reports a loss of $AUS427m for the 2nd quarter mainly due to losses on bonds, impairment charges and credit spread charges
15. Wise Owl have “BUYS” on NVT and JAL
16. Goldman Sachs have a “BUY” on DJS with “HOLDS” on AJA, AXA, HIL and WPL
17. Deutsche Bank have a “BUY” on AXA with “HOLDS” on BHP, DJS, MND and AOE
18. Macquarie Equities have “OUTPERFORM” recommendations on WBC, ASX, AMC, AIO, SPN and GMT with “NEUTRALS” on AXA and ELD and an UNDERPERFORM” on DJS
19. Citigroup have “HOLDS” on AXA and PRG with “SELLS” on MGR, DJS and TEN
20. United Group refinances a $160m in a 3 year debt facility with 3 Australian banks
21. Toll Holdings signs agreement with shipping firm ANL for Bass Strait shipping services
22. Australian market up 32 pts or 0.75% to 4304 in early trade, New Zealand down 17 pts or 0.6% to 3066 in morning trade
Dow falls 39 pts to 9280, S & P down 3 pts to 1002. The overall market eased on worries about the service and labour sectors along with a disappointing result from Proctor and Gamble. Energy and mining stocks were lower on the back of a 77% fall in 2nd quarter earnings from Baker Hughes. Banks and financials were the only bright spot led by Citibank and J.P. Morgan while American Express said some internal credit factors were showing signs of improvement for the first time in 18 months
Gold for December delivery fell $3.40 to $966.30 reversing a 4.3% gain in the previous 4 sessions, with a general consensus feeling the commodity is overbought. Other precious metals were slightly lower
Base Metals were firmer with nickel recording a 5.7% gain with zinc and aluminium gaining 4% being the best movers
Oil gained 55 cents to $71.97 despite growing inventories and weaker indicators in retail and transport industries. Intra-day trading saw the contract at one point trade below $70
Major European markets were 0.5% – 1% lower with oil and mining stocks the main losers. Banks were well supported despite Lloyds reporting a smaller than expected loss of 4b pound in the 1st half due to a sharp increase in bad debts from the HBOS business. The bank claimed it was through the worst
$AUS currently trading at 84.14 US cents
29 Jul 09
Tasty Tips – Local and Global News
Dow falls 12 pts to 9096, S & P down 2.5 pts to 979. Overall market moved lower as new figures shower consumer confidence fell in July although a Case Shiller survey revealed some positive news on US hose prices. Resource stocks such as Newmont and Exxon led the decline which was offset to a degree by improved performances from healthcare companies like Aetna. Some selective demand for technology stocks pushed the NASDAQ against the daily trend with the index gaining 7 pts to 1975
Gold fell $14.40 to $939.10 with Silver down 1.75%, platinum and palladium recording similar falls
Oil lost $1.11 to $67.23 after BP said there was little evidence of growth in energy demand
Base metals all registered falls between 1% and 2% with Aluminium the only exception remaining unchanged
28 Jul 09
Tasty Tips – Local and Global News
1. Dow rises 15 pts to 9108, S & P up 3 pts to 982. Stronger than expected new home sales, up 11% in June, helped the market overcome early profit taking. RBC Capital Markets economist says his company “believes quarterly economic growth will return to positive territory during the course of the 2nd half of this year”. Bank stocks were the major winners with technology stocks the main losers
2. Gold lost 50 cents to $955.80, silver posted a small rise to close at $14.01, other precious metals traded in a narrow range
3. Base Metals were better for choice with LME Copper up $80 to $5600 and nickel zinc and tin marginally higher. Aluminium the exception down $200 to $16,750 after touching a 10 month high of $17,039 per tonne
4. Oil rose 33 cents to $68.38 for a ninth day rise as the commodity now seems to view equities as a leading indicator in determining future demand
5. European markets continued the upward trend with the FTSE, CAC and DAX all registering small rises
6. $AUS currently trading at 82.12 US cents
7. Britain’s financial watchdog finds no evidence speculators were behind big swings in oil prices over the last 12 months
8. Centro Properties says the value of its Australian and US property portfolios fell by $2.62b in the 2nd half of fiscal 2009
9. Loan losses on US commercial property rise toward record levels
10. UBS Wealth Management America suspends buying of leveraged and inverse exchange traded funds saying the practice was inconsistent with the company’s long term view of investing
11. Anglo American to bail out its platinum subsidiary with a 50% increase in lending to $3.2b
12. FlexiGroup Ltd upgrades profit guidance from $29m to approximately $32m
13. Chinese finance minister says his country will expand public investment to help combat the global crisis
14. Lloyds Bank appoints Win Bischoff as new chairman
15. Citigroup have a “BUY” on AUN with “HOLDS” on BEN, UGL and SPT and “SELLS” on PPT and ROC
16. Goldman Sachs have “BUYS” on AFI, MCC, PNA and AQP with “HOLDS” on SDL, AUN, IGO, PLA, SPT, and VBA
17. Deutsche have “BUYS” on TAH and PNA with “HOLDS” on BHP, AWC, SPT, and VBA and a “SELL” on MCC
18. Macquarie have “OUTPERFORM” recommendations on NWS, VBA, PNA and MAH with “NEUTRALS” on BKW and SPT
19. UBS have “BUYS” on VBA, MCC, and PNA with a “NEUTRAL” on ROC
20. Babcock and Brown Infrastructure revises an agreement to sell a stake in Euroports with the buyers to take a larger share at a reduced price
21. Australian market up 17 pts to 4164 in early trade, New Zealand up 12 pts to 3010 in morning trade
1. NAB survey shows business confidence now at a level not seen since the start of the financial crisis
2. Transfield Services says it will record a $168m impairment charge in its full year accounts
3. ANZ’s head economist, Saul Eslake, announces his departure from the bank
4. GUD net profit down 6.9% to $34.8m for fiscal 2009 compared to pcp. Final div 33 cents down 5 cents
5. Alesco posts full year net loss of $12.8m to May 31st compared to a profit of $58m in pcp but says it is well positioned when the market recovers
Dow rises 15 pts to 9108, S & P up 3 pts to 982. Stronger than expected new home sales, up 11% in June, helped the market overcome early profit taking. RBC Capital Markets economist says his company “believes quarterly economic growth will return to positive territory during the course of the 2nd half of this year”. Bank stocks were the major winners with technology stocks the main losers
Gold lost 50 cents to $955.80, silver posted a small rise to close at $14.01, other precious metals traded in a narrow range
Base Metals were better for choice with LME Copper up $80 to $5600 and nickel zinc and tin marginally higher. Aluminium the exception down $200 to $16,750 after touching a 10 month high of $17,039 per tonne
Oil rose 33 cents to $68.38 for a ninth day rise as the commodity now seems to view equities as a leading indicator in determining future demand
27 Jul 09
Tasty Tips – Local and Global News Pt 2
1. Australand launches 7 for 10 entitlement offer at 40 cents to raise $475m. Company also announces a net loss of $268m for year ended fiscal 2009. Interim distribution 3 cents per unit
2. Mineral sands miner Lynas looking to invest $1b in a plant in Malaysia with new shareholder China Nonferrous Metals Mining as a partner
3. Australian Foundation Investment Co’s profit falls 75% to $103.5m in fiscal 2009 mainly due to impairment charge as the value of stocks slumped
Australand launches 7 for 10 entitlement offer at 40 cents to raise $475m. Company also announces a net loss of $268m for year ended fiscal 2009. Interim distribution 3 cents per unit
Mineral sands miner Lynas looking to invest $1b in a plant in Malaysia with new shareholder China Nonferrous Metals Mining as a partner > Story
Australian Foundation Investment Co’s profit falls 75% to $103.5m in fiscal 2009 mainly due to impairment charge as the value of stocks slumped > Story
Macarthur Coal sales rise 17% in last financial year with sales in June quarter rising 20.6% to 148m tonnes > Story
27 Jul 09
Tasty Tips – Local and Global News
1. Dow rises 23 pts to 9093, S & P down 4 pts to 972. Market had a quiet day to end the week as the results from Microsoft and American Express put the brakes on the bulls for the day. Focus this week will be on continued earnings reports as more in the S & P 500 reveal profit figures. The overall performance of most companies has been much better than expected with this trend predicted to continue
2. Gold closed at $953.10 down $1.70 with silver posting a small gain of 10 cents to $13.87. Fears of strikes in South Africa helped raise the price of platinum while palladium eased after a US court ruled G.M. were not obliged to buy an amount of palladium from Stillwater Mining
3. Base Metals had a mixed day with copper virtually unchanged nickel and aluminium posting small rises while zinc tended lower in featureless trade
4. Oil rose above $68 mainly on an easier $US dragging other by products such as heating oil and gasoline too slightly higher levels
5. Major European markets were mixed the FTSE continued its upward trend with its 10th consecutive gain albeit only 16 pts. The DAX and CAC were slightly lower with weaker technology stocks overshadowing firmer banks and financials
6. $AUS currently trading at 81.56 US cents
7. Gerry Harvey says “Australia is through the worst of the economic downturn” claiming his company’s confidence is a lot higher than 6 to 9 months ago
8. Spotless says full year earnings would meet analysts’ EBIT expectations of around $94.1m despite varied performances within its divisions
9. VBA awards John Holland a 10 year contract to service its Embraer regional jets
10. VBA seeks $231m via an equity raising consisting of a $21m placement and a 1 for 1 non renounceable rights offer returning $210m
11. VBA’s CEO Brett Godfrey to retire at the end of 2010
12. 10 former James Hardie directors found in breach of the law to face court today
13. Boral Ltd announces board member Bob Every will take over chairmanship from Ken Moss in May 2010
14. Australand in trading halt pending capital raising announcement
15. Sinochem confirms takeover talks with Nufarm are only in early stages
16. Iraq removes a small gas field in Basra from a list of 11 fields being offered for development
17. Goldman Sachs have “BUYS” on WHC, MQG and NUF with “HOLDS” on MAP, WPL, ALS, GUD and TEL
18. Deutsche Bank have “BUYS” on MAP and TAH with “HOLDS” on WPL and NUF
19. Macquarie have “OUTPERFORM” recommendations on TOL, NUF and IPL with an “UNDERPERFORM” on WPL
20. Macquarie senior advisor, Sean Conlan, has a “BUY” on WPL with a “HOLD” on GWA and a “SELL” on ERA
21. VBA says it will base its maintenance centre in Melbourne creating almost 250 jobs
22. Australian market up 46 pts or 1.1% to 4143 in early trade, New Zealand up 25 pts or 0.9% to 2986 in morning trade
Dow rises 23 pts to 9093, S & P down 4 pts to 972. Market had a quiet day to end the week as the results from Microsoft and American Express put the brakes on the bulls for the day. Focus this week will be on continued earnings reports as more in the S & P 500 reveal profit figures. The overall performance of most companies has been much better than expected with this trend predicted to continue
Gold closed at $953.10 down $1.70 with silver posting a small gain of 10 cents to $13.87. Fears of strikes in South Africa helped raise the price of platinum while palladium eased after a US court ruled G.M. were not obliged to buy an amount of palladium from Stillwater Mining
Base Metals had a mixed day with copper virtually unchanged nickel and aluminium posting small rises while zinc tended lower in featureless trade
Oil rose above $68 mainly on an easier $US dragging other by products such as heating oil and gasoline too slightly higher levels
23 Jul 09
Tasty Tips – Local and Global News
1. Dow loses 34 pts or 0.4% to 8881.26, S & P down 0.5 pt to 954. Apple and Yahoo helped the technology laden NASDAQ to its longest winning streak in 13 years chalking up its 11th consecutive day rise with another 10 pt rise to 1926. The broader market eased slightly as some disappointing bank results and a fall in energy prices pushed prices lower in relatively quiet trading
2. Gold rose $2.85 to $951.35, silver gained another 1.75% to $13.71 with other precious metals registering small gains
3. Base metals all rose between 1% and 2% with copper posting a new 9 month high. Reports of production problems in Chile aided the upward move negating the slight increase in LME inventories to 268,500 tonnes
4. Oil for September delivery fell 28 cents to $65.33 on news petroleum inventories continued to rise last week, after falling as low as $63.76 in a volatile session. With stockpiles already at a 19 year high and demand still weak any upside risk looks minimal
5. European markets all finished higher albeit on very small gains. The DAX was the best performer up over 0.5%
6. $AUS currently trading at 81.54 US cents
7. Glaxo Smith Kline says sales of Relenza rose to $AUS120m in 2ND quarter, 20 times the volume a year earlier, as the company stated it was in talks to sell a flu vaccine to over 50 countries
8. ECB council member, Christian Noyer, says “credit is no longer in short supply internationally although it may be more difficult to secure”
9. Tensions between RIO and the Guinean Government escalate raising questions over the development of the SImandou iron ore mine, one of RIO’s premier development projects
10. BHP group profits expected to fall by 35% to about $US10b
11. Lower oil prices sees Santos’s 1st quarter revenue down 35% to $484m
12. Macquarie Office Trust devalues portfolio by 10.7% to $4.6b from $5.2b
13. Japan posts its first monthly trade surplus in June for 20 months
14. Petsec Energy says production fell 42% in 3 months to June 30th compared to pcp
15. FKP Property group raises $120m by selling new shares to retail holders
16. Goldman Sachs have a “BUY” on NCM with “HOLDS” on CEY, OSH, AMH, WOW, CSL, AWB and PPX
17. Deutsche Bank have “BUYS” on SUN, TAH, AIX, AWB, PPX and WES with “HOLDS” on BHP, WOW, WES, NCM, and CEY
18. Macquarie Bank has “OUTPERFORM” recommendations on BHP, NCM, WOW,NUF and ALS with “NEUTRALS” on NAB and AWB and “UNDERPERFORMS” on TLS, CEY and PPX
19. Citigroup have “BUYS” on BHP, NCM, MQG, GFF and PPX with “HOLDS” on NAB and WOW
20. NAB raises $2b from institutions in oversubscribed placement at $21.50 and will push ahead with $750m offer to retail shareholders
21. Australian market down 4 pts to 4065 in early trade, New Zealand up 3 pts to 2903 in morning trade
Dow loses 34 pts or 0.4% to 8881.26, S & P down 0.5 pt to 954. Apple and Yahoo helped the technology laden NASDAQ to its longest winning streak in 13 years chalking up its 11th consecutive day rise with another 10 pt rise to 1926. The broader market eased slightly as some disappointing bank results and a fall in energy prices pushed prices lower in relatively quiet trading
Gold rose $2.85 to $951.35, silver gained another 1.75% to $13.71 with other precious metals registering small gains
Base metals all rose between 1% and 2% with copper posting a new 9 month high. Reports of production problems in Chile aided the upward move negating the slight increase in LME inventories to 268,500 tonnes
Oil for September delivery fell 28 cents to $65.33 on news petroleum inventories continued to rise last week, after falling as low as $63.76 in a volatile session. With stockpiles already at a 19 year high and demand still weak any upside risk looks minimal
22 Jul 09
Tasty Tips – Local and Global News
Dow rises 68 pts or 0.77% to 8916, S & P up 3.5 pts to 955. The market rose for the 7th consecutive session on the strength of the Caterpillar result, (although reporting a 66% fall in 2nd quarter profit), raising its full year profit guidance as cost cutting measures were starting to yield results. Interest rates were in focus as Bernanke said the Fed was happy to leave rates near zero for an extended period but had plans for increases when the economy started to improve2.
Gold ended relatively unchanged at $948.90 with other precious metals registering small declines in quiet trade3.
Base metals were mixed but copper surged to a new 9 month high trading at $5469 a tonne in LME mid session before ending at $5386. Nickel and aluminium were better, lead was lower and tin eased after yesterdays 6% rise.
Oil gained 88 cents to $64.81 on the strength of Bernanke’s comments about a projected US recovery and some short covering at the expiry of the spot contract
Major European markets gained around 1% with Credit Suisse saying that European equities with P/E ratios around 11 – 12 were more attractive than US counterparts as their P/E ratios are around 15, also adding European stocks offered higher dividend yields
$AUS currently trading at 81.44 US cents
NAB says it will raise up to $2.75b through a fully underwritten institutional share placement at $21.20 to further strengthen its balance sheet. Company also reported unaudited cash earnings for the 1st quarter were about $900m
BHP’s full year iron ore output was 114.4m tonnes, up 2% on pcp, but below stated guidance of 130m tonnes
CIT Group warns the $US3b rescue package from bondholders may still not be enough to avoid seeking bankruptcy protection
AWB to wind down Brazilian operations saying the unit will post a loss between $55m and $65m for the year
Paperlinx downgrades earnings guidance for 2008/9 to around 50% of last years down from 30- 35%
WOW full year sales rise 7.5% with food and liquor sales up 9.6%
Amcil reports a 66.5% fall in annual net profit due to impairment charges related to sharemarket activity
Newcrest Mining gold output falls 8% in June from a year earlier due to lower production at the Cadia operations in NSW
Oceana Gold raise approximately $A24.2m through a non underwritten placement of new ASX listed chess depositary interests
Amcor reported to be close to a settlement with Cadbury over a $235.8m cartel damages claim
Australian market down 1 pt to 4047 in early trade, New Zealand up 23 pts to 2896 in morning trade
CPI quarterly figure up 0.8% slightly more than expected signify interest rates could well be at the bottom
White House says the rescue of GM and Chrysler dealerships is not viable
Japanese central banker says the country should avoid deflation to any large degree
Asciano shareholders ready to support company’s bid to raise $2b to pay off debt
NAB CEO says the industry is bracing for a tougher regulatory environment
Nylex receivers to sell the garden business to a “multinational buyer”
Air NZ mounts opposition to Virgin Blue/Delta Air Lines tie-up
Beach Petroleum achieves record annual and sales and production revenue for 2009 fiscal year
A Chinese entity plans to take a 45% stake in Meridian Minerals via a $10.5m share placement
Asiano subsidiary, Pacific National, signs 10 year haulage agreement with Xstrata for the Hunter Valley and Port Kembla regions
China’s Vice Foreign Minister tells Australian Foreign Minister that China has sufficient evidence RIO staff obtained state secrets through illegal means
SFB
Dow rises 68 pts or 0.77% to 8916, S & P up 3.5 pts to 955. The market rose for the 7th consecutive session on the strength of the Caterpillar result, (although reporting a 66% fall in 2nd quarter profit), raising its full year profit guidance as cost cutting measures were starting to yield results. Interest rates were in focus as Bernanke said the Fed was happy to leave rates near zero for an extended period but had plans for increases when the economy started to improve.
Gold ended relatively unchanged at $948.90 with other precious metals registering small declines in quiet trade.
Base metals were mixed but copper surged to a new 9 month high trading at $5469 a tonne in LME mid session before ending at $5386. Nickel and aluminium were better, lead was lower and tin eased after yesterdays 6% rise.
Oil gained 88 cents to $64.81 on the strength of Bernanke’s comments about a projected US recovery and some short covering at the expiry of the spot contract
Major European markets gained around 1% with Credit Suisse saying that European equities with P/E ratios around 11 – 12 were more attractive than US counterparts as their P/E ratios are around 15, also adding European stocks offered higher dividend yields
21 Jul 09
Tasty Tips – Local and Global News
Dow rises 104 pts or 1.2% to 8848, S & P up 11 pts or 1.15% to 951. S & P reached its highest point this year as the Dow rose for the 6th successive session. Consumer commodity and industrial stocks led the market. Market was also buoyed by the news CIT Group had avoided bankruptcy and Merrill Lynch analysts spruiking a positive story on Caterpillar saying “demand for construction machinery likely reached a bottom in the 2nd quarter.” The shares gained $US2.66 or 7.8% to $US36.65
Gold rose $11.85 or 1.25% to $949.35, a 5 week high, on the back of a weaker $US. Silver, palladium and platinum were all stronger posting gains between 0.6% and 2.7%
3. Base metals all recorded small gains with copper rising to a 9 month high. Tin was the highlight jumping $US831 or 6.2% to $14205 per tonne
4. Oil rose 42 cents to $63.98 on a stronger equity market and weaker $US. The September contract gained 71 cents to $65.29
5. Major European markets rose between 1% and 1.6% with banks the main beneficiaries. Energy and metal stocks also in demand as commodity prices moved ahead
6. $AUS currently trading at 81.62 US cents
7. General Motors reportedly receives 3 bids for GM Europe which controls Vauxhall in Britain and Opel on the Continent
8. Dioro Exploration says it is in advanced talks with a Canadian miner Northgate Minerals about a superior bid to the unwanted Avoca Resources takeover
9. Orica says it still expects to post a net profit growth in fiscal 2009 despite a tough 2nd half
10. Oil field services company, Halliburton Co.’s 2nd quarter profit falls 48% to $US262m from $US504m
11. Citigroup have a “BUY” on AOE
12. Goldman Sachs have a “BUY” on MAP with “HOLDS” on AQP, CGG, DJW and FGL
13. Deutsche Bank have a “BUY” on SBM with “HOLDS” on BXB, NWS and ERA and a “SELL” on BLD
14. Macquarie have “OUTPERFORM” recommendations on RIO, MAP and AIX with a “NEUTRAL” on ALZ and an “UNDERPERFORM” on ERA
15. German newspaper claims any deal to sell Porsche to Volkswagon could well be thwarted by potential tax liabilities
16. Australian market up 32 pts or 0.8% to 4076 in early trade, New Zealand up 41 pts or 1.5% to 2862 in morning trade
Base metals all recorded small gains with copper rising to a 9 month high. Tin was the highlight jumping $US831 or 6.2% to $14205 per tonne
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