Tricom Today Australian Stock Market Report 12-03-09

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The SFE Futures suggested a 21 point rise in the market. BHP and RIO both up in ADR form overnight – 1.93% and 4.54% respectively. Metals mainly down overnight – Copper down 3.52%, Zinc down and Nickel 1.36%.Aluminium up 1.29%. Oil price down 7.1% to $42.46 on US inventories rising unexpectedly by 700,000 barrels for the week ending March 6Gold up $14.80 to $910.70. Bonds up with the 10 year yield down to 2.9057%. A$/US$ up 0.6c to 65.19c. Financials down 2.4% – Freddie Mac is asking the government for another $30.8bn to stay afloat after posting a $50bn loss last year due to falling home prices. Citigroup up 6.2%, JP Morgan up 4.6%. The congressional committee will meet tomorrow to address the “mark-to-market” accounting rules which are ensuring the banks make massive writedowns. A temporary suspension of the practice could lead to a short-term rally in the banks. A CNBC report said JP Morgan Chase was profitable in the first two months of the year. Healthcare stocks down 2.0% – Pfizer had its credit rating cut by Moody’s to Aa2 from Aa1. Energy stocks down 1.2% thanks to the struggling oil price. The market is up 4 – up 28 early at its high. The SFE Futures predicted a 21 point gain this morning. Resources and property trusts outperforming. Unemployment figures have come out better-than-expected but have failed to inspire the market. They make a rate cut less likely next month.

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