Tricom Today ASX Stock Market Report 25-02-09

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The market is up 11,was up 51 earlier – underperforming the 70 point rise predicted by the SFE Futures this morning. Financials up 0.3% following the 14.8% rise in the banks in the US overnight on the back of positive comments from Bernanke reassurance that the banks won’t be nationalized. All our banks up 1-2% early on. Resources up 0.1% – BHP and RIO up 0.9% and 0.4% following significant jumps in the miners overnight in the US and a rise in metal prices. Industrials up 1.7% – APN News and Media (APN) posted a FY NPAT loss of $24m. Final dividend will be 12c. Guides FY09 underlying NPAT to be $120m in-line with consensus. Balance sheet in good shape. Doesn’t expect further jobs cuts. Expects a slow 1H09, picking up in the 2H. Property up 2.1% after recent heavy falls - Westfield up 2.4%.

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 13-2-09

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The Aussie market is up 32 basically in-line with the 20 point rise predicted by the SFE Futures this morning. Pretty quiet not much news apart from RIOs Chinalco deal and a few results. RIO is down 3.9%. BHP down 0.4%. Resources underperforming this morning down 0.4% on lower metal prices and a drop in the oil price. Oz Minerals announced they will incur writedowns of between $2.3bn-$2.8bn in FY08 accounts, including asset impairments.
Financials up 1.3% – banks all up by 1pm. ANZ up 7.7%after ruling out a capital raising in anannouncement last night noted their tier 1 ratio stood at 8.35%, well above regulatory requirements.Property sector down 2.8%. Westfield down another 4.1%. DXS down 5.8%.Last day to buy the CBA before it goes ex dividend 113c on Monday. Unchanged today at 3095c.The governments $41.5bn fiscal stimulus package has just been approved in the Senate.

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 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 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 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 21-1-09

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Our market is down 66 but holding up well considering the Dow Jones falling 332 overnight and having its worst inauguration day fall in history. Most of the damage was already done in yesterdays 3% market fall. Financials falling again with all of the big 4 banks down 3-4%. Property Trusts down 3.0%, Westfield down another 4.1% today to 1173c and resources down 1.9%.

Obama’s inauguration is all over the media, blocking out almost everything else. Obama’s speech has continued with the message that it will get worse before it gets better with a somewhat disappointing plea for patience. Dow Futures currently up 26.

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%).