ASX closes higher after Wall St surge

The Australian share market closed higher on Tuesday but nowhere near the near seven per cent surge on Wall Street as local bank stocks wound back the earlier gains from the big miners and energy stocks.

The benchmark SP/ASX200 index was 29.7 points, or 0.84 per cent, higher at 3580, while the broader All Ordinaries gained 34.2 points, or 0.98 per cent to 3517.3.

At the close of day trading on the Sydney Futures Exchange, the June share price index contract was 51 points higher at 3604, on a volume of 29,599 contracts.

Austock Securities senior client adviser Michael Heffernan said Wall Street’s positive move prompted the gains on the local market, with oil-based stocks and the big miners the drivers.

‘We bolted out of the gate given the six per cent plus moves on Wall Street last night but it was very much a see-sawing day, certainly for some of the major bank stocks,’ Mr Heffernan told AAP.

‘The oil-based stocks along with BHP and Rio did the driving today, while the financials ran out of puff towards the end.’

Tricom Today 9-2-09

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The market is up 36 – up 59 at best this morning – underperforming the 85 point rise predicted by the SFE Futures. Financials up only 0.2% – bit disappointing after the 8% rise in US financials Friday ahead of the Obama Administration’s update on the new stimulus package due Monday. The resources sector up 3.6% on the back of BHP and RIO up 3.8% and 5.6% – following strong performances in the US overnight. Miners all up on the rise in metals prices Friday. Energy stocks mixed on the lower oil price. Industrials up 1.1% – Orica up 7.8% early. Coca-Cola Amatil (CCL) was down 12% on the open as it parent Coca-Cola Co ceased merger talks with Lion Nathan (LNN) over the weekend. LNN up 4% on the announcement.

Tricom Today 5-2-09

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The market is down 14, dropping off as the morning progresses – underperforming the 14 point rise predicted by the SFE Futures this morning. Resources up 4.6% – most other sectors down. BHP and RIO up 5.2% and 7.6% early on. Fortescue Metals up 9% on the open. Most the miners up on the strong base metal prices and research from one broker suggesting the iron ore market is improving with BHP saying Chinese dstocking of iron ore had run its course. Gold stocks strong on the higher gold price. Industrials down 4.1% . Lend Lease has placed $302m of shares overnight at 605c and fallen 17.2% to 560c putting the placees over $20m underwater. Qantas. capital raising went through near the bottom end of the placement range at 185c and the price is down 17% to 190c this morning. Placees are just above water. Leighton Holdings up 2.7% on the back of winning a $475m contract in Abu-Dhabi. Banks down between 2-4%. UK banks had a bad night and there are concerns over Obama.s plans for financial resurrection.

Tricom Today 19-1-09

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The market is up 24 outperforming the 10 point rise predicted by the SFE Futures this morning. The major miners are mostly up with RIO leading the way. Banks mixed and Property Trusts are in the red after Citi put out a piece of negative research on industry leader Westfield (down 1.2%).