ASX Stock and CFD Report 4-5-09

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The SFE Futures suggested a 23 point rise in the market. BHP and RIO both up in ADR form Friday – 2.70% and 5.56% respectively. (BHP closed at the equivalent of 3375c, up 75c on Friday’s close.) Metals up Friday – Copper up 3.81%, Zinc 6.32% and Aluminium 3.01%. Nickel up 1.88%. Oil price up $1.83 to $52.18. Gold down $3.00 to $888.20. Bonds down with the 10 year yield up to 3.1523%. A$/US$ up to 73.04c.

In a move to stimulate the flow of credit to the real economy, The Fed said commercial mortgage backed securities and securities secured by insurance premium finance loans could be used as collateral under the TALF plan. Warren Buffett said not all the banks operate under the same business model as Citigroup and that Citigroup,s losses have distorted investor perception about US banks – he said banks like Wells Fargo as much better positioned to ride out the recession. Energy stocks up 3.1% after being down 2.1% Thursday. The natural gas price was up 5.1% Friday and oil was up 3.6%. Chevron reported earnings down over 50% from the year before – but still finished up 1.2% the session. Industrials up 1.1%. Material stocks up 0.3%. Boeing, Caterpillar, and Alcoa all up on the better consumer confidence figures and better-than-expected manufacturing data. Ford said April sales were down 31.6% on-year. General Motors said April US sales were down 3.4% on-year.

Good start to the week – our market is up 72 – more than triple the 23 point gain the SFE Futures predicted this morning. Macquarie is out of its trading halt and down 4%. Resources and Banks doing well. Economists expect the RBA to leave rates at 3% when it meets tomorrow.

Tricom Today ASX Stock Market Report 31-3-09

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The SFE Futures suggested a 57 point fall this morning. BHP and RIO both down in ADR form, 6.2% and 5.7% respectively. Metals all down overnight – Copper down 3.4%, Zinc down 2.5% and Aluminium 1.83%. Nickel down 1.29%. Oil price down 7.5% to $48.49. Gold down $7.70 to $915.50. Bonds up with the 10 year yield down to 2.71%. A$/US$ down to 68.13c. Biggest fall in 3 weeks US Government rejects recovery plans from GM and Chrysler. Financials struggled on concerns that banks will need another capital injection. Realization that the recent bounce was good but the economy can’t recover overnight.

Oz Minerals (OZL) announces it has received an incomplete alternative bid from Minmetals that would result in them acquiring most of its assets apart from Prominent Hill mine. They say, “OZ Minerals has received an alternative incomplete proposal from Minmetals which, when completed, will result in Minmetals acquiring all of OZ Minerals’ assets except for Prominent Hill, Martabe and the company’s portfolio of listed assets. It also said it will make an announcement on refinancing negotiations before the start of trading tomorrow and will try to make a definitive announcement the new Minmetals deal. OZL still in a trading halt.

The market is surprisingly doing OK – down only 22 compared to the 57 point fall the SFE futures predicted this morning following heavy falls on Wall Street overnight. It seems we soaked up most of the damage yesterday. Aussie banks doing well despite their US counterparts getting smashed overnight, Resources down. Except gold stocks.

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 ASX Market Report 19-02-09

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The market is up 47 outperforming the 19 point fall predicted by the SFE Futures this morning. All sectors up. Strong performance given the lacklustre response to Obama’s mortgage recovery plan overnight and the abominable economic news globally.Financials up 1.4% – banks up despite a weak US financial sector (14 year low). WBCs
positive trading update yesterday helps. City Pacific up 32% on confirming an extension of finance facilities. Bank of Queensland up 7% on announcing normalized NPAT for 1H09 up 25% in a trading update.Property up 2.3% after yesterday’s falls Stockland up 4.6% just before midday on no news. The stock is close to a 16 year low. Westfield up 2.0%. Lion Nathan (LNN) up a touch on a reasonable trading update which confirms
earnings guidance.Fortescue Metals up another 24c to 323c (7%) as they confirm talks about a strategic investment thought to be worth $500m initially and backed by The China Investment Corp. St Barbara Mines (SBM) are conducting a private placement to sophisticated investors raising $70-75m the placement is specifically directed at paying off a convertible(reducing financing costs). The stock is in a trading halt whilst they do the placemen(probably come back on on Monday).

Tricom Today Stock Market Report 18-2-09

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The market is down 82, bit worse than the 70 point fall predicted by the SFE Futures thismorning. No one seems impressed by Obama’s grand homilies during the signing of the $787bn stimulus package and the reality is sinking in that it will take some time before the injection gains any traction. Retail trade numbers today. 4th Q sales up 0.8% compared with forecasts of +1.0%. This Q is more important…did the $10.4bn stimulus package carry beyond Christmas.Gerry Harvey says no. Ten Network still in a trading halt whilst it does its institutional placement. Resources down 2.6% – No one seems to think the OZ Minerals deal is going to go through brokers note the many regulatory hurdles and reiterate that OZL’s banks could still pull their financing although it would seem imprudent. Down 9.3% or 7.5c to 57c. BHP and RIO down 4.2% and 4.3% following heavy falls in the miners in the US. Oil
and metals down on renewed fears about global demand. RIO went ex dividend 101.48c this morning. Industrials down 2.0%. Financials down 3.0%. Property sector down 4.7% – down 22% for the month and down 33% in a rolling quarter. Down 74% from the top of the property sectorin February 2007. At lowest levels since 1983.

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.