Tricom Today Australian Stock Market Report 20-3-09

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The SFE Futures suggested a 13 point rise in the market. BHP and RIO both up in ADR form overnight – 5.23% and 3.93% respectively. (BHP closed at the equivalent of 3287c, up 162c on yesterday’s close.) Metals up overnight – Copper up 6.47%, Zinc up 6.22% and Aluminium up 6.09%. Nickel up 1.32%. Oil price up 6.9% to $51.46 on a lower US$ against other currencies as the Fed announced their potential inflation inducing $1 trillion capital injection into the financial system. Gold up $69.70 to $958.80. Bonds down slightly with the 10 year yield up to 2.6086%. A$/US$ up slightly to 68.51c. CRB Commodity index up 5%. The weaker US$ was underpinning the strong performance across commodities. The US$ was down 1.7% last night and down over 4% over the last two sessions. Material stocks up 1.4% on the higher metal prices. General Electric up on reaffirming positive profit guidance for 1Q and FY. Fed Ex posted 3Q NPAT down 75% – plans to cut more jobs and cut costs. Oracle and Nike beat quarterly expectations. The market is down 3 after being up 19 points earlier in line with the 13 point rise predicted by the SFE Futures this morning. Financials down, Resources up on higher metals and commodity prices. US$ down – Aussie dollar up. Financials taking a breather today – down 2.2% – after consecutive days of gains, not helped by US Financials which went backwards overnight.

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