ASX Market Report 30-04-09

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BHP and RIO both up in ADR form overnight – 5.22% and 7.45% respectively. (BHP closed at the equivalent of 3294c, up 67c on yesterday’s close.) Metals up overnight – Copper up 4.42%, Zinc 5.30% and Aluminium 1.46%. Nickel
up 3.53%.Oil price up $1.18 to $50.19 on the hope of an economic recovery in the second half of the year, despite the massive accumulation of 4.05m boe during last week. Gold up $6.90 to $900.50. Bonds down with the 10 year yield up to 3.1102%. A$/US$ up to 72.65c.

US Financials up 4.8% – investors are still nervous about reports saying 6 out of 16 banks still require more capital to boost their balance sheets. The government releases the results of their stress testing on May 4th. Diversified financials up 5.8% with diversified banks up 3.7%. The Bank of America had its AGM – unhappy shareholders are currently voting on 11 measures relating to the takeover of Merrill Lynch and the banks underwriting the
deal – they want to sack CEO Ken Lewis. Citigroup is struggling to find a way to retain employees – CEO Vikrim Pandit has been speaking to Treasury’s Timothy Geithner about paying employees some type of bonus to stop discouraged executives getting scooped up by other firms.

The market is up 82 – strong day. The SFE Futures suggested a 35 point rise in the market this morning. Most sectors up. Resources up 2.9%, Industrials up 2.6%, Financials up 2.5% and Property up 2.9%. Banks all up 2-3% with NAB leading the way. BHP and RIO up 3.0% and 3.7%. Westfield has had a positive quarterly report. Lihir has had a record quarterly report. The research on Fortescue Metals isn’t too flash after its production downgrade yesterday. Alumina (AWC) has taken advantage of recent share price rises to pop out a $1bn deeply discounted equity issue.

Tricom Today ASX Market Report 20-02-09

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The market is down 65 underperforming the 13 point fall predicted by the SFE Futures this morning. Industrials down 3.8%. Financials down 2.7% – banks all down following the grim lead in US financials. US Banks hit 17 year low. The NAB’s Ahmed Fahour will quit the board as director. NAB down 3.0%. Gold stocks well down as the gold price falls $1.70 but US gold stocks fall around5%. Newcrest down 6.4% and Lihir down 2.6%. We are still waiting for St Barbara
Limited to come out of its trading halt having done an institutional placement. Fairfax is falling over still, down 2c to 97c. They have results on Monday. This is an all time low. Property down another 1.3% – Goodman Group up 9.7% early on 1H operating income after tax of $215m.Coal stocks doing well with some corporate action between Whitehaven (WHC) and Gloucester Coal (GCL) who are planning a merger to create a $900m coal miner. 1 GCL share for every 2.45 WHC shares.

Tricom Today 12-2-09

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The market is up 62 outperforming the 13 point rise predicted by the SFE Futures this morning. Having a strong day after showing great resilience yesterday following a terrible night on Wall Street Tuesday. All sectors bar property up on the open. The resources sector isleading the way BHP up 1.9% and RIO in a trading halt pending results this afternoon and a deal with Chinas Chinalco buying US$12bn worth of assets and making a US$7bn investment in equity. Fortescue Metals up over 6% early on. Energy stocks up despite the fall in the oil price and the decline in US energy stocks overnight. Gold stocks continuing their rally Newcrest and Lihir up 4.1% and 5.7% on another $22 jump in the gold price. Smaller gold stocks doing better than that. Industrials up 2.1% – Coca-Cola posted solid results up 3.5% early on. Fosters pumpingup over 5% at 11am on no news. Other risers include Orica,United Group, Toll, Macquarie Airports on no obvious news. CBA up another 3.0% afterresults yesterday. NAB down again. Seems the switch out of ANZ and NAB into CBA continues with NAB and ANZ seen as most likely to cut dividends. Mining Services sector having a moment as well with Macmahon up 9.5% and Monadelphous up 4.6%. Bradken down 7.5% on results yesterday Goldman Sachs JB Were have cut their earnings numbers by 12% and 35% quoting debt concerns and an uncertain outlook.

Tricom Today 6-2-09

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The market is up 28 slightly underperforming the 56 point rise predicted by the SFE Futures this morning. All sectors up. Property leading the way up 3.2% with Stockland Group up 5.8% after recent savage falls. Banks all up between 1-2% responding to a solid rise in the US banks overnight. NAB gave a trading update with no disasters. News Corp down 5% as they slash their earnings guidance and report a shabby set of interim results. Resources up over 1% as BHP and FMG keep rising on the theme of higher shipping rates and iron ore volumes and prices. Iron ore stocks having a moment in the sun. Small resources stocks up despite the fall in metals overnight Kagara Limited up nearly 11% early on. Nickel stocks strong on the China theme.Gold doing well on the higher gold price. Newcrest and Lihir up 3.5% on the open. Oil stocks mostly up on the slightly higher oil price.

Tricom Today 30-1-09

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The market is down 26 outperforming the 96 point fall predicted by the SFE Futures this morning. Financials down 1.5% – banks down 1-2%. Resources down 1.1% on the lower oil and metal prices. Energy stocks up 0.9%. BHP and RIO down 1.8% and 3.3%. Base metal stocks mixed. Gold stocks doing well on the higher gold price overnight with the flight to precious metals continuing. Newcrest up 2.9% and Lihir up 4.4%. Property stocks doing the worst  down 3.4%. Westfield down another 4.5% and Stockland down 3.6%.