Stocks for Breakfast

7 Sep 09

Market Wrap for Monday 7th September 2009

Australian shares advanced in afternoon trading, buoyed by banks and mining stocks. The benchmark S&P/ASX200 index ended the day up 18.9 points, or 0.4 per cent, at 4454.4, while the broader All Ordinaries rose 18.4 points, or 0.4 per cent, to 4461.1. Among key sub-indexes, energy shares were flat, while financial and materials added 0.7 per cent.

The gold price could soon rise to $US1000 an ounce following the recent rapid strengthening of its price, but is unlikely to remain above that level. Since Monday the local spot price of gold has jumped from $US951.20 per fine ounce to an early high on Friday of $US997.30, before retreating to a little below $US990 in afternoon trade. The all-time high of gold was set on March 17, 2008, when it hit a high of $US1030.80 per ounce.

A report from market researchers Forecast Ltd on Thursday said fearful investors worried about a market correction after recent gains may have been investing in gold. The report said other investment opportunities such as bonds and equities were increasingly viewed as expensive.

European equities were poised to rise on Monday, adding to the previous session’s rally and mirroring gains on Wall Street and in Asia, as investors applauded the G20’s pledge to maintain their economic stimulus plans. In a closing statement, the Group of 20 finance ministers and central bankers said they would not remove economic stimulus until the global recovery was well entrenched.

Financial spreadbetters expected Britain’s FTSE 100 to open 26 to 31 points higher, or as much as 0.6 percent, Germany’s DAX to open 33 to 41 points higher, or as much as 0.8 percent, and France’s CAC 40 to open 14 to 19 points higher, or as much as 0.5 percent. Traders expected thin volumes on Monday as U.S. markets will remain closed for a holiday.

Source: AAP, Fairfax, Reuters

Australian shares advanced in afternoon trading, buoyed by banks and mining stocks. The benchmark S&P/ASX200 index ended the day up 18.9 points, or 0.4 per cent, at 4454.4, while the broader All Ordinaries rose 18.4 points, or 0.4 per cent, to 4461.1. Among key sub-indexes, energy shares were flat, while financial and materials added 0.7 per cent.

marketwrap792009

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7 Sep 09

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Tasty Tips – Local and Global News

1. A report by BNP Paribas expects platinum prices to rise in 2nd half 2010

2. Royal Bank of Scotland close to finalising a deal to sell its assets in China, India and Malaysia to Standard Chartered for $384.43m according to a report in The Guardian

3. Job ads rise 4.1% in August for the first time since April 2008

4. Macquarie Airports says an independent expert has found the proposed transaction to raise new equity capital is fair and reasonable

5. Goldman Sachs have “BUYS” on CXP and FXL

6. UBS have a “NEUTRAL” recommendation on CXP

7. Deutsche Bank have “BUYS” on LGL, TAH and MGR with a “HOLD” on BBI

pasta

A report by BNP Paribas expects platinum prices to rise in 2nd half 2010

Royal Bank of Scotland close to finalising a deal to sell its assets in China, India and Malaysia to Standard Chartered for $384.43m according to a report in The Guardian

Job ads rise 4.1% in August for the first time since April 2008

Macquarie Airports says an independent expert has found the proposed transaction to raise new equity capital is fair and reasonable

SFB

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4 Sep 09

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Market Wrap for Friday 4th September 2009

Australian shares ended the day with minimal gains, as earlier gains among bank stocks fizzled. At the close, the benchmark S&P/ASX200 index was up 5.9 points, or 0.1 per cent, at 4435.5, after earlier rising as high as 4477. The broader All Ordinaries rose 9.8 points, or 0.2 per cent, to 4442.7. Among the major sectors, industrial stocks rose 1.2 per cent, financial gained 0.1 per cent, and materials slipped 0.1 per cent. Gold stocks jumped another 1.1 per cent on the back of yesterday’s strong gains.

Gold hovered just below $1,000 on Friday, taking a break after its strongest two-day performance since March as safe-haven demand stoked renewed investor buying. Worries about the global economy and the sustainability of this summer’s stock market gains have pushed bullion, traditionally a port of refuge during economic storms, up about 5 percent over the past two days to a six-month high on Thursday. The precious metal is on course for its biggest weekly gain since late April.

U.S. stocks rose on Thursday, snapping a four-day losing streak, after stronger-than-expected retail sales data eased concerns about the economy before Friday’s important jobs data. After sharp declines this week, the broad S&P 500 index finished above 1,000 as retailers’ August sales were complemented by a survey showing improvement in the U.S. services sector.

The Dow Jones industrial average was up 63.94 points, or 0.69 percent, at 9,344.61. The Standard & Poor’s 500 Index was up 8.49 points, or 0.85 percent, at 1,003.24. The Nasdaq Composite Index was up 16.13 points, or 0.82 percent, at 1,983.20.

Source: Fairfax, Reuters

Australian shares ended the day with minimal gains, as earlier gains among bank stocks fizzled. At the close, the benchmark S&P/ASX200 index was up 5.9 points, or 0.1 per cent, at 4435.5, after earlier rising as high as 4477. The broader All Ordinaries rose 9.8 points, or 0.2 per cent, to 4442.7. Among the major sectors, industrial stocks rose 1.2 per cent, financial gained 0.1 per cent, and materials slipped 0.1 per cent. Gold stocks jumped another 1.1 per cent on the back of yesterday’s strong gains.

marketwrap492009

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4 Sep 09

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Gold Daily, Light Crude Oil, USD Index, All Ordinaries and DJIA 4/9/2009

$GOLD – Gold Daily

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3 Sep 09

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Market Wrap for Thursday 3rd September 2009

The Australian share market has ended slightly lower, while gold stocks rallied following an overnight jump in the gold price. At the close, the benchmark S&P/ASX200 index was down 8.6 points, or 0.2 per cent, at 4429.6, after earlier dropping to 44410. The broader All Ordinaries fell 3.7 points, or 0.1 per cent, to 4432.9. Among the sectors, financial stocks were down 0.9 per cent and energy lost 0.6 per cent, while material rose 1.0 per cent and gold stocks jumped 7.2 per cent.

Pressure is mounting on central bank Governor Glenn Stevens to raise interest rates from a half- century low as soon as next month after a report yesterday showed the economy strengthened on surging consumer spending. Investors have a more than 100 percent expectation Stevens will boost borrowing costs in November by a quarter point to 3.25 percent, according to interbank futures on the Sydney Futures Exchange at 10:49 a.m. There is also a 28 percent probability of a move on Oct. 6, the futures show.

Australia’s economy unexpectedly accelerated in the second quarter at the fastest pace in more than a year as A$20 billion ($16.7 billion) of government cash handouts boosted spending at retailers such as Harvey Norman Holdings Ltd. Stevens may become one of the first policy makers in a developed economy to begin raising borrowing costs since the collapse of Lehman Brothers Holdings Inc. almost a year ago.

U.S. stocks fell on Wednesday as jitters about the economy prompted investors to unload some shares for a fourth-straight day even after a sharp drop in the previous session. Major indexes fluctuated between positive and negative territory throughout the day before closing in the red, with S&P 500 posting its worst losing streak since late May.

A labor-market report showing more private-sector job losses in August than forecast made investors nervous ahead of Friday’s highly anticipated monthly jobs data from the U.S. Labor Department. The weak data also prompted stock investors to shift some of their money into assets deemed safe such as precious metals, sending gold futures up to their highest level in almost three months.

The Dow Jones industrial average closed down 29.93 points, or 0.32 percent, at 9,280.67. The Standard & Poor’s 500 Index lost 3.29 points, or 0.33 percent, to 994.75. The Nasdaq Composite Index fell 1.82 points, or 0.09 percent, to 1,967.07.

Financial bookmakers expect the leading European benchmark indexes to fall for the fourth session on Thursday on renewed investor concerns over the pace of the global economic recovery. Financial spreadbetters expected Britain’s FTSE 100 to open 12 to 18 points lower, or down as much as 0.4 percent, Germany’s DAX to open 25 to 26 points lower, or as much as half a percent lower, and France’s CAC-40 to open 12 to 13 points lower, or down as much as 0.4 percent.

Source: Fairfax, Reuters

The Australian share market has ended slightly lower, while gold stocks rallied following an overnight jump in the gold price. At the close, the benchmark S&P/ASX200 index was down 8.6 points, or 0.2 per cent, at 4429.6, after earlier dropping to 44410. The broader All Ordinaries fell 3.7 points, or 0.1 per cent, to 4432.9. Among the sectors, financial stocks were down 0.9 per cent and energy lost 0.6 per cent, while material rose 1.0 per cent and gold stocks jumped 7.2 per cent.

marketwrap392009

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3 Sep 09

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Gold Daily, Light Crude Oil, USD Index, All Ordinaries and DJIA 3/9/2009

$GOLD – Gold Daily

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2 Sep 09

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Market Wrap for Wednesday 2nd September 2009

The Australian share market fell nearly 2 per cent today, as investors focused on sinking overseas markets, ignoring better-than-expected economic figures. At the close, the benchmark S&P/ASX200 index was down 76.4 points, or 1.7 per cent, at 4438.2, well above the day’s low of 4412. The broader All Ordinaries fell 74.7, or 1.7 per cent, to 4436.6 points. Most sectors posted losses, with energy shares plunging 2.7 per cent, financial stocks losing 2.1 per cent and materials down 2.0 per cent.

Australia’s economic growth unexpectedly accelerated in the second quarter, driving the nation’s currency higher on expectations the central bank will raise borrowing costs from a half-century low. Gross domestic product rose 0.6 percent, the biggest gain in more than a year, from the previous three months when it grew 0.4 percent, the Bureau of Statistics said in Sydney today. The median estimate of 20 economists surveyed by Bloomberg News was for a 0.2 percent expansion.

Today’s report confirms central bank Governor Glenn Stevens’ view that the economy has been “stronger than expected” as A$20 billion ($16.6 billion) of government cash handouts boosted spending at retailers such as Woolworths Ltd. and Harvey Norman Holdings Ltd. Australia joins other developed nations, including France and Germany, that are rebounding from the deepest global recession since the Great Depression.

U.S. stocks fell for a third straight day on Tuesday, spooked by uncertainty over the health of financials and concerns that the explosive rally since March may have run ahead of economic reality. September began living up to its reputation as the worst month for stocks as elevated anxiety pushed the three major indexes down 2 percent for the day, their worst percentage losses since Aug 17. Skepticism that stocks can add to a nearly 50 percent rally over the last six months prevailed in the market, sending the S&P 500 below the psychologically important threshold of 1,000.

Fears of a revival of balance-sheet troubles in the financial sector led to a sharp rise in the CBOE Volatility Index or VIX. Known as Wall Street’s favorite barometer of investor fear, the VIX shot up 12.1 percent to 29.15, the highest level since early July, as investors used options to take out protection against further declines in stocks.

The Dow Jones industrial average tumbled 185.68 points, or 1.96 percent, to close at 9,310.60. The Standard & Poor’s 500 Index fell 22.58 points, or 2.21 percent, to 998.04. The Nasdaq Composite Index slid 40.17 points, or 2.00 percent, to 1,968.89.

Source: Bloomberg, Fairfax, Reuters

The Australian share market fell nearly 2 per cent today, as investors focused on sinking overseas markets, ignoring better-than-expected economic figures. At the close, the benchmark S&P/ASX200 index was down 76.4 points, or 1.7 per cent, at 4438.2, well above the day’s low of 4412. The broader All Ordinaries fell 74.7, or 1.7 per cent, to 4436.6 points. Most sectors posted losses, with energy shares plunging 2.7 per cent, financial stocks losing 2.1 per cent and materials down 2.0 per cent.

marketwrap292009

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2 Sep 09

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Gold Daily, Light Crude Oil, USD Index, All Ordinaries and DJIA 2/9/2009

$GOLD – Gold Daily

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1 Sep 09

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Bearish Divergence Emerging in Asia – 1/9/09

Below is an extract from today’s The Daily Reckoning Australia, free subscriptions are found at http://www.dailyreckoning.com.au/. It gives a good overview of where I think where at in this intriguing market. I have nothing else to add this week; the markets look ready for a breather & September is a notoriously BAD month…

Click to enlarge

Market Mood: 4 /10 – Concerned

“From Dan Denning in St. Kilda (for The daily Reckoning):

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1 Sep 09

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Market Wrap for Tuesday 1st September 2009

Australian stocks closed at their highest levels since last October, led by banks, after the Reserve Bank left its key cash rate on hold. The benchmark S&P/ASX 200 index ended up 35.5 points, or 0.8 per cent, at 4514.6, the first time the gauge has closed above the 4500-point mark since October 7. The broader All Ordinaries rose 27.2 points, or 0.6 per cent, at 4511.3. Among the sectors, financial stocks rose 1 per cent, as did materials, while energy shares edged 0.1 per cent lower.

Australia’s central bank kept interest rates unchanged for a fifth month to spur an economy that probably cooled in the second quarter. Reserve Bank Governor Glenn Stevens left the overnight cash rate target at 3 percent in Sydney today, as forecast by all 17 economists surveyed by Bloomberg News.

Australia’s currency and bond yields fell as traders pared bets rates could be raised as soon as next month after Stevens said “the present accommodative setting of monetary policy remains appropriate for the time being.” Economic growth slowed in the second quarter as exports and inventories slumped, a report will show tomorrow, according to a survey of analysts.

Australia’s current account deficit widened more than expected in the three months through June as exports of coal, iron ore and farm goods tumbled. The shortfall on goods, services and investment more than doubled from the first quarter to A$13.3 billion ($11 billion), the most in a year, the Bureau of Statistics said in Sydney today. The median estimate in a Bloomberg survey of 17 economists was for a A$10.7 billion gap. Exports tumbled 19 percent to A$47.6 billion in the quarter as shipments of rural goods slid 9 percent, coal slumped 26 percent and iron ore declined 21 percent, today’s report said.

U.S. stocks fell on Monday as concerns about the global economy’s health weighed on Wall Street following a sell-off in Chinese equities. Energy shares led the decline after the sharp drop in China’s main stock index, while oil slipped below $70 a barrel on increased worries about global energy demand.

Heading into a traditionally soft period of the year for stocks, investors are increasingly becoming more worried about a pullback after a 50 percent rally from multi-year closing lows in March. Despite the day’s lackluster performance, the Dow ended August up 3.5 percent, while the S&P 500 advanced 3.4 percent and Nasdaq gained 1.5 percent.

In Monday’s session, the Dow Jones industrial average fell 47.92 points, or 0.50 percent, to end at 9,496.28. The Standard & Poor’s 500 Index shed 8.31 points, or 0.81 percent, to 1,020.62. The Nasdaq Composite Index declined 19.71 points, or 0.97 percent, to close at 2,009.06.

Source: Bloomberg, Fairfax, Reuters

Australian stocks closed at their highest levels since last October, led by banks, after the Reserve Bank left its key cash rate on hold. The benchmark S&P/ASX 200 index ended up 35.5 points, or 0.8 per cent, at 4514.6, the first time the gauge has closed above the 4500-point mark since October 7. The broader All Ordinaries rose 27.2 points, or 0.6 per cent, at 4511.3. Among the sectors, financial stocks rose 1 per cent, as did materials, while energy shares edged 0.1 per cent lower.

marketwrap192009

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1 Sep 09

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Tasty Tips – Local and Global News

1. Dow falls 48 pts or 0.5% to 9496, S & P down 8 pts to 1020. The fall in Shanghai caused a nervous opening on Wall St with industrials, materials and energy stocks the hardest hit although the market did finish above the day’s low

2. Gold fell $5.30 to $953.50 while silver recovered an early fall posting a gain of 11 cents to $14.89, palladium also gained ground

3. Oil lost $2.78 to close at $69.96 as the fall in China increased demand concerns for energy and doubts over the strength of the US and Chinese economies

4. Base metals were sharply lower on the New York Mercantile Exchange with Copper losing 4%, its largest one day fall since June 22nd . The LME was closed

5. The FTSE was closed for a bank holiday, the CAC, DAX and Milan MIB30 all fell around 1% as the fall in Shanghai equities set a negative tone from the opening

6. $AUS currently trading at 84.29 US cents

7. Survey shows Australian manufacturing activity grew for the first time in 15 months in August

8. A report in the New York Times says banks have repaid the government $4b of their obligations from profits

9. China and Russia are reportedly in talks over a potential currency swap

10. Japanese Industry production rose 1.9% in July for the 5th consecutive month

11. Gunns requests trading halt extension until tomorrow

12. Deutsche Bank have “BUYS” on AVO and PPX with “HOLDS” on ANZ and AOE and a “SELL” on GNS

13. Goldman Sachs have “BUYS” on STO, AGO, AVO, DOM and ANZ with “HOLDS” on FLX, IIF, PPX and ASX and a “SELL” on AVG

14. Citigroup have a “BUY” on ANZ and “HOLDS” on IIF and PPX

15. RBS have “BUYS” on PDN, ASB, PLI, WCB and IPD and “HOLDS” on FLX, CSS, BKL, DVN and OAK

16. UBS have “BUYS” on AVO, DOM and GNS with “NEUTRALS” on MAP, PPX, ANZ and FLX and a “SELL” on IIF

17. Nexus to conduct a capital raising to cover cost increases to the Longtom gas project

18. Australian market down 5 pts to 4479 in early trade, New Zealand down 20 pts or 0.65% to 3078 in morning trade

chickenburger

Dow falls 48 pts or 0.5% to 9496, S & P down 8 pts to 1020. The fall in Shanghai caused a nervous opening on Wall St with industrials, materials and energy stocks the hardest hit although the market did finish above the day’s low

Gold fell $5.30 to $953.50 while silver recovered an early fall posting a gain of 11 cents to $14.89, palladium also gained ground

Oil lost $2.78 to close at $69.96 as the fall in China increased demand concerns for energy and doubts over the strength of the US and Chinese economies

Base metals were sharply lower on the New York Mercantile Exchange with Copper losing 4%, its largest one day fall since June 22nd . The LME was closed

The FTSE was closed for a bank holiday, the CAC, DAX and Milan MIB30 all fell around 1% as the fall in Shanghai equities set a negative tone from the opening

$AUS currently trading at 84.29 US cents

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31 Aug 09

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Market Wrap for Monday 31st August 2009

Australian stocks have ended the day lower, dragged down by the big miners and losses on regional share markets. At the close, the benchmark S&P/ASX 200 index was down 10.5 points, or 0.2 per cent, at 4479.1, after earlier rising as high as 4537.2. The broader All Ordinaries lost 11.8 points, or 0.3 per cent, to 4484.1.

Among the sectors, banking stocks gained 1.2 per cent, while materials fell 1.7 per cent and energy shares dropped 1.0 per cent. China’s benchmark stock index was down 5 per cent today, on track for a 21 per cent loss over the month. The Shanghai losses weighed on other markets, with the Nikkei dropping into the red after initially opening 2 per cent higher on the back of a historic victory by the opposition in Sunday’s elections.

Australia’s economy received mixed data signals with a surprisingly large drop in inventories likely to dent overall growth figures, while corporate profits also fell more than expected. Australian business profits fell in the second quarter by the most since 2003 and inventories tumbled as earnings slumped at mining and building companies.

Gross operating profits slipped 7.8 percent in the three months ended June 30 from the first quarter, the Bureau of Statistics said in Sydney today. The median estimate of 18 economists surveyed by Bloomberg was for a 4.5 percent decline. The Australian dollar fell to 84.10 U.S. cents at 12:39 p.m. in Sydney from 84.29 cents just before the report was released. The two-year government bond yield fell 4 basis points to 4.61 percent. A basis point is 0.01 percentage point.

Profits for mining companies tumbled 24.7 percent in the quarter and earnings for wholesalers fell 12.6 percent. Profits at builders slipped 6.1 percent. A separate report published today by the central bank showed lending by banks and other finance companies to businesses dropped 0.3 percent in July, the sixth straight month of declines.

European shares were seen losing ground on Monday,falling along with commodity prices, but volumes were expected to be low as London markets are closed for a holiday. Investors were keeping an eye on Japan, where a landslide victory for the opposition sent the yen rising strongly, weighing on shares of exporters. Tokyo’s Nikkei average was slightly lower in late trade after hitting an 11-month high. Financial spreadbetters expected Germany’s DAX to open around 34 points lower, and France’s CAC-40 to open around 21 points lower.

Source: Bloomberg, Fairfax, Reuters

Australian stocks have ended the day lower, dragged down by the big miners and losses on regional share markets. At the close, the benchmark S&P/ASX 200 index was down 10.5 points, or 0.2 per cent, at 4479.1, after earlier rising as high as 4537.2. The broader All Ordinaries lost 11.8 points, or 0.3 per cent, to 4484.1.

marketwrap3182009

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31 Aug 09

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Tasty Tips – Local and Global News

1. Dow lost 36 pts or 0.38% to 9544, S & P down 2 pts to 1028. The small rise in consumer spending in July (up 0.2%) did little to enthuse investors and the market drifted lower in quiet trade. The figure was in line with analysts’ expectations and represented a rise for the 3rd consecutive month

2. Gold rose $11.50 to $958.80 with silver jumping nearly 4% or 56 cents to $14.78. Platinum and palladium also firmed

3. Base metals all moved higher on the back of the weaker $US with Lead up nearly 5% and Copper up 3.3% the standouts. The rise in copper was notable as Shanghai stockpiles now stand at the highest level in 2 years

4. Oil for October delivery rose 25 cents to $72.74 despite little demand for energy and relatively large world surpluses. The commodity has risen 81% since March

5. Major European markets were better with the FTSE, DAX and CAC all gaining around 1% again in subdued trading

6. $AUS currently trading at 84.32 US cents

7. Felix Resources reports a 42% rise in net profit for fiscal 2009 of $267.6m up from $188.5 in pcp. Final div 50 cents fully franked

8. ANZ says its 10 month cash profit is flat as rising bad loans especially in New Zealand affect strong revenue growth

9. Hays, the International recruitment consultancy, reports a 20% increase in the number of Britons seeking work in Australia and New Zealand

10. Capral to raise $47m via a placement at 25 cents raising $37.5m and a 1 for 1 rights issue to raise a further $9.7m

11. RBA tipped to leave rates on hold but most observers expect rates to hit 5% within the year

12. ABS figures expected to show GDP grew by 0.7% in June quarter according to the average of 14 economists surveyed

13. GPG reports a half year loss to June 30th of $AUS42.65m

14. Wise Owl have a “BUY” on Customers Ltd (CUS) with a target price of $3.50

15. Deutsche have “BUYS” on SHL, HVN, PNA and AMC with “HOLDS” on SGM, CTX, AIA, VRL, BBP and ABB

16. Goldman Sachs have “BUYS” on PNA, SHL, AQP and RHC with “HOLDS” on ABB, AIA, CTX, CYG, GMG, HVN, SGM and SHV and a “SELL” on ENV

17. UBS have “BUYS” on AIO, HVN, AIA, SGM, PNA and HDF with “NEUTRALS” on SHL, CTX, ABB, AHE, ENV and NUF

18. Citigroup have “BUYS” on SHL, DOW, AQP and SSM with “HOLDS” on SGM, HVN, HGG and PNA and a “SELL” on GMG

19. Paperlinx reports a $798.2m loss compared to a profit of $72.2m in pcp and cancels final div after incurring impairment charges and losses totalling $727.9m

20. Gunns plans to raise $145m share placement to help fund the purchase of ITC Timber from Elders. Full year profit fell 1% to $56.2m, final div 2 cents down from 4 cents in pcp

21. Australian market up 34 pts or 0.75% to 4530 in early trade, New Zealand up 13 pts or 0.43% to 3122 in morning trade

1. Company gross operating profits fall 7.8% in June quarter, seasonally adjusted, down 14.7% over the year, according to figures released by the ABS

2. RBA says total credit provided to the private sector by financial intermediaries rose 0.2% in July compared to a 0.1% rise in June

3. General Motors says it will invest $US347m in a light commercial vehicle production venture with Chinese automaker FAW Group

4. Inflation rises 1.7% in August from one year earlier comfortably below the RBA’s 2% to 3% guideline

5. Fresh data shows new home sales were flat in July

6. Elders Ltd in trading halt pending capital raising thought to total around $250m

bowlofcereal

Dow lost 36 pts or 0.38% to 9544, S & P down 2 pts to 1028. The small rise in consumer spending in July (up 0.2%) did little to enthuse investors and the market drifted lower in quiet trade. The figure was in line with analysts’ expectations and represented a rise for the 3rd consecutive month

Gold rose $11.50 to $958.80 with silver jumping nearly 4% or 56 cents to $14.78. Platinum and palladium also firmed

Base metals all moved higher on the back of the weaker $US with Lead up nearly 5% and Copper up 3.3% the standouts. The rise in copper was notable as Shanghai stockpiles now stand at the highest level in 2 years

Oil for October delivery rose 25 cents to $72.74 despite little demand for energy and relatively large world surpluses. The commodity has risen 81% since March

Major European markets were better with the FTSE, DAX and CAC all gaining around 1% again in subdued trading

$AUS currently trading at 84.32 US cents

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31 Aug 09

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Market Wrap for Thursday 28th August 2009

The Australian share market rose nearly 1 per cent today, buoyed by promising outlooks from companies including Harvey Norman, to cap another strong week with gains. At the close, the benchmark S&P/ASX200 index was up 38.8 points, or 0.9 per cent, at 4489.6 points, while the broader All Ordinaries index gained 37.8 points, or 0.8 per cent, at 4495.9 points.

U.S. stocks closed higher on Thursday as investors turned back an early sell-off, thanks to a rebound in oil prices. The Dow posted its eighth straight gain, led by Boeing Co (BA.N), which rose 8.4 percent to $51.82. The U.S. aircraft manufacturer said its long-delayed 787 Dreamliner would make its first flight by the end of the year.

For the first three days of the week, stocks rose early and fell later, but the pattern reversed on Thursday as shares built momentum throughout the session in tandem with assets identified with improved demand, such as crude oil. U.S. front-month crude oil prices CLc1 rose $1.06 to settle at $72.49 a barrel, after dipping as low as $69.83 earlier in the day.

The Dow Jones industrial average gained 37.11 points, or 0.39 percent, to end at 9,580.63. The Standard & Poor’s 500 Index added 2.86 points, or 0.28 percent, to 1,030.98. The Nasdaq Composite Index rose 3.30 points, or 0.16 percent, to 2,027.73.

Analysts have pointed to light summer volume and caution over a potential pullback as the reason for the market’s lackluster performance this week. Adding to that caution are concerns that an economic recovery may end up being weaker or slower than originally anticipated. Expectations of a recovery have fueled a months-long rally that has pushed the S&P 500 up more than 50 percent from March’s 12-year closing low.

Source: Fairfax, Reuters

The Australian share market rose nearly 1 per cent today, buoyed by promising outlooks from companies including Harvey Norman, to cap another strong week with gains. At the close, the benchmark S&P/ASX200 index was up 38.8 points, or 0.9 per cent, at 4489.6 points, while the broader All Ordinaries index gained 37.8 points, or 0.8 per cent, at 4495.9 points.

marketwrap2882009