Tricom Today ASX Stock Market Report 30-3-09

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The SFE Futures suggested a 37 point fall in the market. BHP and RIO mixed Friday in ADR form – BHP down 5.15% and RIO up 1.38%. (BHP closed at the equivalent of 3333c, down 68c on Friday’s close.) Metals mostly down Friday - Copper down 0.86%, Zinc up 0.15% and Aluminium down 1.59%. Nickel down 0.26%. Oil price down 2.7% to $52.41. Gold down $16.80 to $923.20. Bonds unchanged with the 10 year yield at 2.7607%. A$/US$ down 0.04% to 68.96c.

No major news or announcements Friday. Stocks up 6.2% for the week. Widespread weakness. Financials up 12.2% for the week. Commodity stocks down on lower oil and metal prices. May oil futures down 3.6%. Material and energy stocks down 2-3%.General Motors up whilst announcing they are offering union members $10bn in preferred stock with a 9% coupon and $10bn in cash amortized over 20 years.IBM posts a gain. February personal income and spending in-line. Real personal consumption down.

The market is down 51 underperforming the 37 point fall predicted by the SFE Futures this morning. All sectors are down. Resources fairing the worst. BHP down 3.2%. RIO is the sole hero holding the market up a few index points. Banks down – only WBC up 0.7%.

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