ASX Market Report 27-04-09

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The SFE Futures suggested a 43 point rise in the market. BHP and RIO both up in ADR form Friday – 1.80% and 1.93% respectively. (BHP closed at the equivalent of 3287c, up 82c on Friday’s close.) Metals up Friday – Copper up 2.95%, Zinc 0.21% and Aluminium 0.62%. Nickel up 1.76%. Oil price up $2.19 to $50.65. Gold up $7.50 to $914.10. Bonds down with the 10 year yield up to 2.9921%. A$/US$ up to 72.28c.

Materials up 4.4% – Freeport McMoRan up 4.5% and Xstrata up 14.3%. Anglo up7.3%. Financials up 2.5% after being up 4.4% mid afternoon. The government released details regarding the measures used for the stress-testing of 19 of the US’s biggest banks – the results of which are due May 4th. American Express led the financials up – up 20% on better-than-expected quarterly earnings. Fed reserve policymakers will meet Tuesday for a two-day meeting to assess economic conditions and the effectiveness of programs in place. They will consider expanding or adapting the intervention measures. Tech stocks did well – Amazon up 4.78 % helping the Nasdaq to outperform. Microsoft’s earnings were in-line with expectations. Ford’s loss wasn’t as bad as expected – said they have no plans to request
government assistance. The Wall Street Journal reported Chrysler is preparing to file for bankruptcy.

The market is up 56. The SFE Futures suggested 43 point rise this morning. Most sectors up. Resources up 2.2% with BHP and RIO up 2.0% and 1.5%. Property stocks up 2% and Financials up 1.6% – Banks all up ahead of the NAB and ANZ interim results this week. Copper, nickel and zinc companies up on the higher metal prices Friday. So far we are
ignoring Swine flu concerns although Biota is up 70% and Qantas down 3.8%.

Tricom Today ASX Stock Market Report 24-3-09

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The SFE Futures suggested an 88 point rise in the market.BHP and RIO both up in ADR form overnight – 8.07% and 16.38% respectively. (BHP closed at the equivalent of 3409c, up 76c on yesterday’s close.) Metals mixed overnight – Copper up 2.65%, Zinc up 2.62% and Aluminium down 0.96%. Nickel down 1.25%. Oil price up 2.9% to $53.05.
Gold down $3.70 to $952.50. Bonds down with the 10 year yield up to %2.6595. A$/US$ up 2.24% to 70.54. Citigroup up 19.5%. JP Morgan up 25% and the Bank of America up 26%. Bill Gross from Pimco said that the world’s largest bond fund will take part in the program. Diversified Financials up 24.5%. Diversified banks up 22.3%. Energy sector up 7.8%- May crude oil futures were up 3.5%. Defensive sectors up less on a relative basis. Homebuilders up strong on the positive home sales report – Toll Brothers up 10.8% and KBR Inc up 5.7%. The market is up 52 after being up 96 earlier in line the 88 point rise predicted by the SFE Futures this morning. Financials and property leading the way as the US government unveil their US$1 trillion public-private partnership bank plan. All the banks up but coming off morning highs – CBA outperforming.

Tricom Today ASX Stock Market Report 23-3-09

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The SFE Futures suggested a 20 point fall in the market. BHP and RIO both down in ADR form Friday – 1.29% and 0.18% respectively. (BHP closed at the equivalent of 3224c, up 6c on Friday’s close.)Metals down Friday – Copper down 1.10%, Zinc 0.32% and Aluminium 0.27%. Nickel down 0.30%. Oil price up 0.20% to $51.55 on a quite day in the energy sector after oil’s best weekly run in a month. Gold down $2.60 to $956.20. Bonds up slightly with the 10 year yield down to 2.6309%. A$/US$ up 0.49% to 68.99c. Industrials down 3.3% – General Electric down despite positive broker comments about their capital position and liquidity. Defensive stocks outperformed – up 0.1%. Healthcare up 0.2%Defensives have been the worst performers over the last couple of weeks during the rally. Financials down 5.3% – still up 40% since March 6th – Treasury’s Geithner is expected to announce Monday the details of the government’s $1 trillion package to buy troubled securities from the balance sheets of major banks utilizing the new government entity – the Public Investment Corp – using the resources of the $700bn bank bailout fund announced on February 10. The market has started the week off in a positive mood 0- up 43 – despite the SFE Futures suggesting a 20 point fall this morning and the 122 point fall in the US on Friday. Financials, Property Trusts and Resources are maintaining their recent good form.

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Tricom Today 11-2-09

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The market is down 27, doing better than the 80 point fall predicted by the SFE Futures this morning and is down just 1.1% despite a 4.6% fall on Wall St post a disappointing bank rescue plan which made it clear that there is no Obama miracle cure for the financial crisis after all. It has been terribly received in the US and criticized for a lack of detail. It seems the new administration are still making it up as they go along and have no convincing strategy to stop the financial crisis. Resources down 1.8% with metals all down. BHP down 2.8%. RIO up 1.9%. Energy stocks down on the lower oil price. Gold stocks mixed . Newcrest, Lihir and Sino Gold down, but smaller players up. One broker predicts another 3 year bull market in gold. Financials are down 0.7% – banks all down 1-2% early on with CBA up 0.7% and outperforming on the back of 1H results in-line with their profit upgrade last week. CBA will pay 113c dividend which goes ex on Monday. Property down 1.1% as Stockland Group posted a 1H NPAT loss of $726m with 1H revenue loss of $803m . SGP down 7% early on. Westfield down 1.0%.

Tricom Today 10-02-09

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The market is down 37 underperforming the 27 point rise predicted by the SFE Futures this morning. Property down 0.6% with Westfield and Stockland down 1.3% and 5.0% . one broker cut their recommendation on SGP to NEUTRAL from Buy this morning and price target from 400c to 300c ahead of tomorrow.s results. ING Industrial Fund up 9.1% on asset sales. Financials down 1% with the banks all down . ANZ down 2.3%. Diversified financials down . Australian Wealth Management down 7% after it posted a 1H loss of $131m and declared no interim dividend. IOOF Holdings down 4.5% on their half year results. Henderson Group down 2.4%. Industrials up 0.2%. Tabcorp Holdings down 7% as it goes ex dividend. Cochlear up 3% after reporting 1H net profit up 22% and forecasting 20% growth for the FY. JB Hi-Fi up 13% on their 41% increase in 1H profit and 50% interim dividend hike to 15c. Resources down 1.0% – BHP and RIO both down 0.3% and 3.5% with RIO.s chairman elect resigning over a dispute on how to manage their debt issue. Gold stocks all down on the lower gold price . Sino Gold down 5.2%. Small miners mixed on mixed metal prices. Oil stocks mixed on the lower oil price . waiting in anticipation on the stimulus package being pushing through the Senate in the next day or two.

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 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 4-2-09

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The market is down 19 bit disappointingconsidering the 26 point rise predicted by the SFE Futures this morning. All sectors down.Property falling heavily again on the back of the Westfield $2.9bn capital raising yesterday 276.2m new shares WDC down 13% earlyon and already back to the 1050c placement price – sector down another 9.9% after a 6.3% fall yesterday. BHP is up 1.8% after posting interim results at the bottom end of the expected range but with a confident statement.Fortescue up 5% early on restructuring some shipping contracts with Bocimar. RIO down
1.4%….the BHP results took the shine off itdespite an 8% rise in ADR form. Base metal stocks mixed. Industrials down 1.1%. Banks all down 1-2% except for Westpac Bank which is up 1.2%.

Tricom Today 3-2-09

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The market is up 52 well ahead of the 7 point rise predicted by the SFE Futures this morning. Financials are up 3.7% – all the banks flying on a CBA guidance upgrade . CBA up 9% and pulling the whole sector up. Westpac up 7.1%. Resources up 0.2% – BHP and RIO up 1.5% and 33%. Gold stocks down on the lower gold price. Newcrest
down 4.5% after completing their $750m institutional placement. Property tanking . down 4.7%. Stockland Group, CFS Retail Group, Dexus, GPT and Goodman Group all big fallers . all down 9-13%. Lend Lease (LLC) up 4.5% on being selected as the preferred partner to build GBP1.2bn in Birmingham schools. Incitec Pivot had a profits warning and fell 30%.

Tricom Today 2-2-09

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The market is down 20 compared to the 64 point fall predicted by the SFE Futures this morning. Property down the most. Westfield down 6% in early trading having gone ex-dividend toady, now down 4%. Financials mixed. Resources down 0.5% with the fall in metals overnight and on the back of poor US economic numbers. BHP down 1.3% and RIO up 6.8% as it confirms it’s been in talks with Chinalco about the sale of its minority stakes in some of its operations reducing the need for a $6bn rights issue if the deal happens. Fortescue up 13% – on the back of its strong 1st H profit result late Friday – in-line with expectations with a strong cash position and record production. Gold stocks mostly up on the higher gold price Newcrest looking to raise $500 million in a fully underwritten equity placement.

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%.

Tricom Today 29-1-09

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The market is up 29 underperforming the 63 point rise predicted by the SFE Futures this morning. Resources leading the way up 1.8% – BHP up 4.6% and RIO down 1.3%. Lots of RIO research this morning discussing the options for a capital raising after the announcement yesterday that a rights issue was a possibility. Financials up 1.0% – banks all up 1% or 2% – NAB outperforming up 3.0%. Industrials lagging – down 1.1% – Wesfarmers down 3.3% announcing a retail entitlement offer.

Tricom Today 28-1-09

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The market is up 40 points compared to the 43 point rise predicted by the SFE Futures.The Banks putting in a great performance. Financials up 2.8%. CBA up 7.2%. Property Trusts are underperforming after Westfield – the sectors biggest company – announced late last night it would writedown $3bn worth of assets. Building stocks are struggling on the back of a profit warning from Boral – down 15%. Resources down 0.4% – BHP up 0.4% and RIO down 2.8% saying it won’t rule out an equity raising to pay down debt later this year.The Dow Futures suggest an 87 point gain on Wall Street tonight.

Tricom Today 27-1-09

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Our market is up 93 and well ahead of the 16 point gain predicted by the SFE Futures this morning. Resources pumping up 5.0% led by both BHP Billiton and Rio Tinto after a strong night on the London Metals Exchange. Oil closed up 3% – Woodside up 3.6%. The FOMC decides on interest rates this week with US rates basically at zero, all we can look forward to is the statement, which is realistically unlikely to offer any optimism at all.Our market is up 93 and well ahead of the 16 point gain predicted by the SFE Futures this morning. Resources pumping up 5.0% led by both BHP Billiton and Rio Tinto after a strongnight on the London Metals Exchange. Oil closed up 3% – Woodside up 3.6%. The FOMC decides on interest rates this week with US rates basically at zero, all we can look forward to is the statement, which is realistically unlikely to offer any optimism at all.

Tricom Today 23-1-09

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The market is down 104 underperforming the 24 point fall predicted by the SFE Futures this morning. Resources and property taking it in the neck down 4.2% and 3.5%. BHP and RIO down 3.9% and 2.1% as China announced their 4Q GDP figure yesterday at 6.8% – in-line but the slowest pace in 7 years and down from 9% in the 3rd Q. Japan and China have already cut steel production by 28% and 5% respectively. Oz Minerals received a bridging facility for $140m to tide them over until the 27th Feb when their $1bn in debt needs to be rolled over.
Financials weak all the banks down about 3-4%. CBA reported funds under administration and management down about 11% each due to net retail outflows of about $749m. The Dow Futures suggest a 34 point fall on Wall Street tonight.

Tricom Today 22-1-09

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Our market is up 9 up 49 at best – a little disappointing considering Wall Street had a positive session overnight and the SFE Futures suggested a 46 point rise. Resources have managed to slip into negative territory but most of the other sectors are above water. The big news today is the extension of the shorting ban on financials by 6 weeks bringing relief to that sector and Wesfarmers going into a trading halt after announcing they will be raising $2.8bn in a 3 for 7 rights issue at 1350c.

Tricom Today 20-1-09

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Disappointing day for our market down 128 underperforming the 14 point fall the SFE Futures suggested. The big drop comes on the back of the UKs financial sector collapse overnight. US Markets were closed in recognition of Martin Luther King holiday. Financials are struggling down 3.9% overall, big four banks the worst performers all down over 4.3%. Resources also underperforming led by BHP and RIO, both down over 5%.

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%).