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Tricom Today Australian Stock Market Report 17-4-09
Posted on April 17th, 2009 No comments
The SFE Futures suggested a 40 point rise in the market. BHP and RIO mixed in ADR form overnight – BHP down 0.33% and RIO up 4.25%. (BHP closed at the equivalent of 3361c, up 42c on yesterday’s close.) Metals all down overnight – Copper down 1.87%, Zinc down 1.51% and Aluminium 2.18%. Nickel down 0.40%. Oil price up 71c to $49.97. Gold down $13.70 to $879.80. Bonds down with the 10 year yield up to 2.8368%. A$/US$ down 0.09% to 72.01c.
The market seems to be factoring in a stabilizing economy – the pace of new home construction seems to be nearing a bottom, initial jobless claims were down more than expected, and JP Morgan’s profits were better-than-expected – both Wells Fargo and Goldman Sach’s announced positive earnings reports. Financials rallied late and finished up 0.6% – JP Morgan led the way posting better-than-expected quarterly results. JP Morgan Stanley’s results did reveal higher loss provisions reminded the market toxic assets are still a core issue to deal with. Citigroup up 1% ahead of results which will be posted before the opening bell Friday. Regional banks got a boost – Regions Financial Corp up 34% saying it will post a profit for the quarter. Fifth Bancorp up 7%. Huntington Bancshares up 8.2%. Industrials were up 2.9% – General Electric up 3.7% ahead of their quarterly results tonight in the US. Technology stocks up 3.2%.
Consumer discretionary stocks up the most – up 3.4%.
The market is up 67. The SFE Futures suggested a 40 point rise in the market this morning. The All Ords is testing a 3700 resistance ceiling – technically the next target up is 3950. Zinc stocks flying again. Gold stocks struggling.Related Posts:
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StoneBridge Today Reports Australian Stock Market, Australian Stock Market Report, Consumer Discretionary Stocks, Earnings Reports, Gold Stocks, Goldman Sach, Initial Jobless Claims, Jp Morgan, Morgan Stanley, Regional Banks, Regions Financial, Stock Market Report, Us Technology Stocks, Wells FargoLeave a Reply
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