Tricom Today ASX Stock Market Report 5-3-09

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The SFE Futures suggest a 72 point rise in the market. BHP and RIO both up in ADR form overnight – 8.70% and 11.14% respectively. Metals up strongly overnight – Copper up 5.82%, Zinc 8.02% and Aluminium 3.42%. Nickel up 3.89%. Oil price up 8.9% to $45.28. Oil up with the rally in the general markets and on reports that crude levels in US storage has unexpectedly shrunk. Gold down $6.90 to $906.70Bonds down with the 10 year yield up to %2.9874. A$/US$ up to 65c. Financials closed 3.5% down after being up as much as 3.5% – down after Reuters reported a congressional subcommittee will meet on March 12th for a hearing on the mark-to-market accounting rules that could result in financials taking huge writedowns on their problem assets. Diversified banks down 10.2% – investors worried about news that Bancorp (Minneapolis-based bank) will cut its dividend by 88% – it was seen as one of the healthier banks. General Electric down to 18-year-lows on the fact that they might have to inject more cash into GE Capital. GE denied they required any outside assistance with capital saying they had ample liquidity. Credit agencies are warning their AAA rating is in danger of being downgraded. GE was down 17% on the open but rallied to close down only 4.5% – GE’s strength gave support to the broad-based market. The market is up 40 – a little disappointing considering the 72 point rise predicted by the SFE Futures this morning. BHP has been holding up the market all morning – boosting the index 28 points alone at midday.

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