Tricom Today ASX Stock Market Report 24-3-09

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The SFE Futures suggested an 88 point rise in the market.BHP and RIO both up in ADR form overnight – 8.07% and 16.38% respectively. (BHP closed at the equivalent of 3409c, up 76c on yesterday’s close.) Metals mixed overnight – Copper up 2.65%, Zinc up 2.62% and Aluminium down 0.96%. Nickel down 1.25%. Oil price up 2.9% to $53.05.
Gold down $3.70 to $952.50. Bonds down with the 10 year yield up to %2.6595. A$/US$ up 2.24% to 70.54. Citigroup up 19.5%. JP Morgan up 25% and the Bank of America up 26%. Bill Gross from Pimco said that the world’s largest bond fund will take part in the program. Diversified Financials up 24.5%. Diversified banks up 22.3%. Energy sector up 7.8%- May crude oil futures were up 3.5%. Defensive sectors up less on a relative basis. Homebuilders up strong on the positive home sales report – Toll Brothers up 10.8% and KBR Inc up 5.7%. The market is up 52 after being up 96 earlier in line the 88 point rise predicted by the SFE Futures this morning. Financials and property leading the way as the US government unveil their US$1 trillion public-private partnership bank plan. All the banks up but coming off morning highs – CBA outperforming.

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