Tricom Today ASX Stock Market Report 19-3-09

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The SFE Futures suggested a 31 point rise in the market.BHP and RIO mixed in ADR form overnight – BHP up 2.15% and RIO down 2.3%.(BHP closed at the equivalent of 3166c, up 58c on yesterday’s close.)Metals mostly down overnight – Copper down 1.16%, Zinc down 3.64% and Aluminium up 0.44%. Nickel down 2.23%. Oil price down 1.7% to $48.12 on a government report showing a bigger-thanexpected inventory increase in the US. Gold down $27.70 to $889.10, but rallied after hours $50+. Bonds up with the 10 year yield down to 2.5419%. A$/US$ up 2.21% to 67.66c. Material and energy stocks finished higher despite the fall in oil and metals overnight. Technology stocks up on the news IBM is in takeover talks with Sun Microsystems – reports of at least $6.5bn in cash for the deal are being bandied around. Oracle announced positive results after the close. Financials up 10.1% on the announcements from the Fed regarding their plans to further stimulate the economy, increasing the flow of credit and creating demand for assets. Diversified financials services companies up 13.2%. Diversified banks up 14.9%. Our market is having a good day – up 20 – up 54 at best and in line with the 31 point rise predicted by the SFE Futures this morning. Most sectors up – only healthcare and telecom stocks down. Financials, Resources and Industrials outperforming.

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