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ASX Afternoon Market Wrap – 4th July – Market Trades Back Above 5000.
4-Jul: The Australian stock market traded back above 5000 points today as investors cautiously bought beaten-down stocks.
At close of trade the ASX 200 had risen 83.8 points to 5082.1 and the All Ordinaries were up 76 points to 5170.
The market gradually rose to close higher on the back of gains in the mining and banking sectors.
At the close the majority of sectors were positing gains with the Health Care sector posting the highest losses.
A survey by Prushka’s 80 debt collectors has found that home loan repayments and rent are hurting struggling borrowers’ more than high petrol prices. The survey showed that unleaded fuel prices were reaching fresh highs of $1.70 a litre in some major Australian cities before crude oil prices reached $US145 a barrel. In spite of this the survey showed that less than 2 per cent of consumers chose high petrol prices as a primary reason for failing to pay an overdue bill.
In company news, Telecom has announced it plans to spend $A102.6 million on new Internet Protocol (IP) network. The company has chosen Alcatel-Lucent to build the network. The network which will run nationwide will combine internet and mobile services together onto an integrated technology platform. The contract will run through to December 2009.
Origin Energy Ltd has formally rejected a BG Group plc’s $13.7 billion takeover bid. BG Group launched a hostile bid of $15.50 cash per share last month, almost four few weeks after Origin rejected its prior unsolicited proposal at the same price, revised up from an initial $14.70 per share in April. BG reportedly looked to acquire Origin to secure its gas resources in eastern Australia to feed a proposed liquefied natural gas plant.
Health Corp. LTD posted greatest gains up 5.6 cents or 81.16% to 12.5 cents.
Acma Engineering & Construction Group LTD posted today’s greatest losses down 3.5 cents or 70% to 1.5 cents.
At 1617 AEDT the 12 GICS indices were:-
Discretion 1,634.9 up 41.4
Energy 18,620.7 down 69.0
Financials 4,699.0 up 136.5
Fin-x-property 4,006.7 up 152.6
Gold 5,340.7 down 58.1
Healthcare 8,225.2 down 172.0
Industrials 4,488.2 up 37.4
Info Technology 495.5 up 6.9
Materials 14,500.2 up 198.0
Metals and Mining 5,126.2 up 65.9
Property Trusts 1,416.2 up 32.7
Consumer Staples 6,795.1 up 109.0
Telecoms 1,484.5 up 19.5
Utilities 5,280.6 down 28.3
Individual stock performances
BHP Billiton was at $40.51 up 69 cents. Rio Tinto was at $125.32 up $3.37.
Banks
Westpac was at $20.35 up 66 cents. NAB was at $27.35 up 87 cents. ANZ was at $19.31 up 30 cents. Commonwealth Bank was at $42.20 up 85 cents.
Media
News Corp was at $15.66 up 26 cents. The Seven Network was at $8.15 up 27 cents. John Fairfax was at $2.84 up 14 cents.
Retail
Woolworths was at $23.21 up 11 cents. Harvey was Norman at $3.12 up 12 cents. David Jones was at $2.97 up 11 cents.
Toll Holdings was at $6.30 up 32 cents. Qantas was at 3.24 up 10 cents.
Food
Coca Cola was at $7.10 up 6 cents. Goodman Fielder was at $1.38 up 1.5 cents.
Insurance
AMP was at $6.74 up 22.5 cents. QBE was at $22.38 up 69 cents. IAG was at $3.69 down 6 cents.
Gold
Gold sharply dipped overnight on euro weakness following remarks from European Central Bank’s President.
Gold managed to trade higher in today’s session showing steady gains at the close.
At the close Gold was trading at $US938.10 up $US4.50 an ounce.
Oil
World oil prices remained steady near record highs in the local session, driven by supply worries and a weaker dollar.
US Light sweet crude oil is trading at $US145.35 up US6 cents a barrel.
Dollar
The Australian dollar was higher this afternoon rebounding against the US dollar.
At the close the Australian dollar was trading higher against all other major currencies.
At 1600 AEDT the Australia dollar was:
AUD/USD .9618
AUD/EUR .6120
AUD/GBP .4849
AUD/JPY 102.681
AUD/NZD 1.270
ASX Midday Market Wrap – 4th July – Market Rises Modestly at Midday.
The Australian share market opened slightly higher this morning, driven by gains in the mining and banking sectors, as investors retracted some of yesterday's market losses.
At 1200 AEST the ASX 200 was up 30.0 points to 5028.3 and the All Ordinaries had risen 29.7 points to 5123.7.
At midday the majority of sectors were posting gains with the Health care Sector posting the highest losses.
In company news, Biosignal Limited has signed an agreement with a leading animal health company to evaluate Biosignal’s unique anti-microbial technology. The evaluation will be fully conducted and funded by the animal health company, who has not yet been disclosed. The company reports that the agreement is a positive step in our strategy to establish a dedicated animal health presence.
Retail Food Group Limited has announced that is has finalised the terms of a Master Licence Agreement with Mark Brands Limited concerning the proliferation of the Donut King Franchise system within China. The agreement grants exclusive rights in respect of the Donut King system within mainland China for a performance based initial term of twenty-five years. The company reports that the agreement represents a significant event for RFG in that it is the first to contemplate expansion of the Donut King system beyond Australian borders.
Westside Corporation Limited has completed drilling for the expanded testing program at its Paranui coal seam gas pilot. The fifth well reached a final depth of 1,061 metres.
The expanded pilot is expected to enhance prospects for certifying gas reserves within the Paranui CSG pilot with significant coal seams being under-reamed before the well is completed for production testing later this month.
Futuris Corp. LTD reported today’s largest gains up 8.5 cents or 7.33% to $1.24.
Connecteast Group reported today’s greatest losses down 0.7 cents or 6.57% to 99.5 cents.
At 1200AEST the 12 GICS indices were:-
Discretion 1,602.9 up 9.4
Energy 18,692.7 up 3.0
Financials 4,604.8 up 42.3
Fin-x-property 4,887.3 up 33.2
Gold 5,372.5 down 26.3
Healthcare 8,158.9 down 238.3
Industrials 4,430.1 down 20.7
Info Technology 494.3 up 5.7
Materials 15,473.8 up 171.6
Metals and Mining 5,121.9 up 61.6
Property Trusts 1,410.3 up 26.8
Consumer Staples 6,743.2 up 57.1
Telecommunications 1,471.4 up 6.4
Utilities 5,247.4 down 61.5
Individual stock performances
BHP Billiton was at $40.62 up 80 cents. Rio Tinto was at $125.64 up $3.69.
Banks
Westpac at $19.78 up 9 cents. NAB at $26.96 up 48 cents. ANZ at $18.75 up 4 cents. Commonwealth Bank was at $41.59 up 24 cents.
Media
News Corp at $15.49 up 9 cents. The Seven Network at $7.65 down 23 cents. John Fairfax at $2.76 up 6 cents.
Retail
Woolworths at $23.20 up 10 cents. Harvey Norman at $3.05 up 5 cents. David Jones was at $2.92 up 6 cents.
Toll Holdings at $6.29 up 31 cents. Qantas at $3.17 up 3 cents.
Gold
Gold declined overnight in reaction to a weaker euro which was tied to remarks from European Central Bank president Jean-Claude Trichet.
Gold has rebounded slightly since the local session open.
Gold is currently trading at $US934.90 up $US1.30 an ounce.
Oil
Oil ended above $USUS145 a barrel for the first time as market participants disregarded a stronger US dollar to test new highs
One barrel of light sweet crude oil is currently trading at $US145.47 up US18 cents.
Dollar
At midday the Australian dollar was missed against all other major currencies, trading higher against the US dollar and the New Zealand dollar however was lower against the pound, euro and the yen.
At 1205 AESDT the Australian dollar was:
AUD/USD .9603
AUD/EUR .6112
AUD/GBP .4840
AUD/JPY 102.449
AUD/NZD 1.271
US Stock Market Report – 4th July – Dow Rallies as Nasdaq Modestly Declines.
The Dow rallied on Thursday, with recently battered blue chips bouncing back.
The broader market remained mixed as investors mulled over a weak June jobs report in addition to a rise in interest rates in Europe.
The Dow Jones industrial average gained 0.65 per cent or 73.03 points to 11 288.54 and the tech-heavy Nasdaq composite lost 0.27 per cent or 6.08 points to 2 245.38.
Thursday was a shortened session, with trading ending at 1 p.m. ET.
All financial markets are closed Friday for the Fourth of July holiday.
In the bond market, Treasury prices slipped modestly, raising the yield on the benchmark 10-year note to 3.97 per cent from 3.96 per cent late Wednesday.
Stocks slumped on Wednesday, with the Dow and Nasdaq ending in bear market territory - a drop which would seer the market at least 20 per cent from the October highs.
The decline was sparked by record oil prices, a 15 per cent slump in GM stock and concerns about Thursday's the June jobs report and the European Central Bank's (ECB) interest-rate decision.
In economic news, Employers cut jobs from their payrolls in June for the sixth month in a row providing evidence that the labour market remains strained.
The loss of 62 000 jobs was most in line with forecasts which had predicted a decline of 60 000, according to a Briefing.com survey.
The unemployment rate was largely unchanged at 5.5 per cent, against forecasts for it to slide to 5.4 per cent.
Average hourly earnings rose 0.3 per cent, as anticipated.
The Institute for Supply Management's services sector index, fell to 48.2 in June from 51.7 in May.
The ECB lifted its main interest rate to 4.25 per cent from 4 per cent in a widely expected move.
The euro showed little reaction to the move, with currency traders having already anticipated the hike in rates and some even expecting a larger increase to 4.5 per cent.
Sweden again lifted its key interest rate Thursday.
The Fed announced it decision to leave rate unchanged last month with inflationary concerns countered by sluggish growth.
In company news GM share rose 1.4 per cent after loosing 15 per cent on Wednesday to a near 54-year low.
Shares in Nvidia were down almost 31 per cent in early trade after warning late Wednesday that current-quarter sales won't meet forecasts due to slower global demand.
The graphics chipmaker also announced that its gross margin – which looks at profitability - won't meet forecasts.
JP Morgan, Lehman Brothers and Washington Mutual among the gainers and Comerica and Zions Bancorp all saw losses.
COMEX gold for August delivery fell $US12.90 to $US933.60 an ounce
US light crude oil for August delivery rose $US1.72 to settle at $US145.29 on the New York Mercantile Exchange.
The US dollar rose versus the euro and the yen Thursday.
On Australian dollar currently buys:
AUD/USD .9602
AUD/EUR .6116
AUD/GBP .4841
AUD/JPY 102.458
AUD/NZD 1.269
In overseas trade Britain’s FTSE 100 was up 0.93%, France’s CAC 40 rose 1.11% and Germany’s DAX gained 0.77%.
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Market News (Search) [SMD] Significant High Grade Copper Intersection.
4-Jul-2008
[BBP] BBP Sells Uranquinty Power Station.
4-Jul-2008
[AZS] Azure Intersects High Grade Copper and Gold.
4-Jul-2008
[FGE] New revenue Streams for 2008/2009.
4-Jul-2008
[BDR] Significant High Grade Drill Results.
4-Jul-2008
[BWN] Drilling Confirmed Multiple Coal Seams.
4-Jul-2008
[CLQ] Entry into Uranium Market.
4-Jul-2008
[ELK] Rise in Oil Production, Sales and Revenue.
4-Jul-2008
[BOS] Biosignal Limited Signs Collaborates with Animal health Company.
4-Jul-2008
[RFG] Retail Food Group Limited expands Donut King Franchise to China.
4-Jul-2008
[WCL] Westside Corporation Ltd Completes Drilling at its Paranui Project.
4-Jul-2008
[ATJ] Automotive Technology Group signs MOU.
4-Jul-2008
[SSM] Service Stream Limited Meets Earnings Guidance For FY08.
4-Jul-2008
[NMR] Nimroden Resources Survey Identifies IP Anomalies.
4-Jul-2008
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4-Jul-2008
Morning Market Mood - Oil
4-Jul-2008
Morning Market Mood - Dollar
4-Jul-2008
[BBC] Finalised Credit Facility.
3-Jul-2008
[ERL] Empire Placement and MOU to progress Yuinmery Project.
3-Jul-2008
[SHG] Lacerta Development Drilling Underway.
3-Jul-2008
[BVA] Bravura Secures Contract Extension.
3-Jul-2008
[WRK] Jimblebar Range Iron Ore Drilling update.
3-Jul-2008
[BSI] Beyond Sportswear International Ltd Acquires FrontRow Rugbywear.
3-Jul-2008
[PGM] Platina Enters Agreement with Panther Palladium.
3-Jul-2008
[WWI] West Wits Mining Uranium Results From initial DRD Bird Reef target.
3-Jul-2008
[MOL] Moly Mines 43 Per Cent Increase in Ore Reserves.
3-Jul-2008
[IGC] IGC Increases Resources at Platinum Project over 45 Per Cent.
3-Jul-2008
[OXR] Expolration Succes and Milestones Achieved for Oxiana.
3-Jul-2008
[SSM] SA Water Awards New Metering Contract.
3-Jul-2008
[HST] Hastie Expands Hydraulics Business.
3-Jul-2008
[MLI] Mintail Awards $US5.4 Million Contract to Bateman Litwin.
3-Jul-2008
[MMZ] Mooter Media Ltd Terminates Subscription Agreement
3-Jul-2008
Morning Market Mood - Gold
3-Jul-2008
Morning Market Mood - Oil
3-Jul-2008
Morning Market Mood - Dollar
3-Jul-2008
[NTU] Option to Acquire Munadgee Mine at Kurundi.
2-Jul-2008
[BNL] Acquisition of West African Resources.
2-Jul-2008
[TNC] Grant of Exploration Licences at Banlunch North and Oyadayo South.
2-Jul-2008
[COF] Coffey Subsidiary Wins Government Training Contracts in Middle East.
2-Jul-2008
[CMG] CMC Awarded Defence Recruiting Services Contract.
2-Jul-2008
[WEZ] Westonia Plans Additional Drilling of High Grade Underground Targets.
2-Jul-2008
[WMT] Western Earns 60 Per Cent in JV with Uranium Resources.
2-Jul-2008
[AQA] Aquila Approves Budget for West Pilbara Iron Ore Project.
2-Jul-2008
[NGF] Drilling Indicates Potential for Large Open Cut PCI Mine.
2-Jul-2008
[NHC] New hope Corporation Granted Mining Lease.
2-Jul-2008
[ALY] Alchemy Acquires Boorara Gold and Nimbus Silvers Projects.
2-Jul-2008
[AOM] AOM to Acquire 30 Per Cent Interest in Indonesia Coal Operation.
2-Jul-2008
[BSL] BlueScope Steel Completes $US325 Million Debt Raising.
2-Jul-2008
[MUM] Second Round Curara Well Drill Results.
2-Jul-2008
[BRM] Improved Beneficiation Recoveries Indicate Positive Uplift in Project Inventory.
2-Jul-2008
Morning Market Mood - Gold
2-Jul-2008
Morning Market Mood - Oil
2-Jul-2008
Morning Market Mood - Dollar
2-Jul-2008
[RXL] Rox Confirms Zinc Mineralisation.
1-Jul-2008
[AVQ] Massive Sulphide Intersections at Digger Lode.
1-Jul-2008
[PSP] Drilling to Commence on Targets at Tennant Creek.
1-Jul-2008
[CLO] Clough Awarded Contract by APL.
1-Jul-2008
[QTK] QuikTrak Signs Second Agreement in South Africa.
1-Jul-2008
[FEA] Forest Enterprises Sales Surge 93 Per Cent.
1-Jul-2008
[UXA] Uranium Exploration Acquires Prompt Fission Neutron Technology.
1-Jul-2008
[BMO] BMA Positive Results From Polarisation Electrical Geophysical Program.
1-Jul-2008
[AIO] Pacific National Buys Land for Intermodal Freight Terminal.
1-Jul-2008
[UNI] Unilife Makes Agreement With Sanofi-Aventis for the RTFS.
1-Jul-2008
[RAU] Republic Gold Ltd 1 500 Metre Diamond Drilling Program
1-Jul-2008
[ABC] Adelaide Brighton buys Hanson Building Products for $81 million
1-Jul-2008
[IXR] Ore Exposed at Trial Mine in Cairn Hill
1-Jul-2008
[AXO] Aurox Delivers a 46 Percent Increase to Balla Balla
1-Jul-2008
[AAG] Aragon Enters into Agreement with Territory Phosphate.
1-Jul-2008
Morning Market mood - Gold
1-Jul-2008
Morning Market Mood - Oil
1-Jul-2008
Morning Market mood - Dollar
1-Jul-2008
[ORO] Diamond Drilling to Commence.
30-Jun-2008
[JPR] Jupiter Enters into Agreement to Purchase Existing Oil Field.
30-Jun-2008
[BPT] Surging Copper Eromanga Basin Oil production.
30-Jun-2008
[GBE] Positive Scoping Study Results.
30-Jun-2008
[SHL] Sonic Healthcare to Acquire Clinical Laboratories of Hawaii.
30-Jun-2008
[ACR] Elanco Animal Health Product Trial.
30-Jun-2008
[ESG] ESG Sells 35 Per Cent of Wilga Park Power Station.
30-Jun-2008
[HZL] Healthzone Expands to Pharmacy Market
30-Jun-2008
[ITT] InterMet Intersects Magnetite Drill Targets.
30-Jun-2008
[AAX] Sandwell Awarded Porto Brasil Contract.
30-Jun-2008
[BNE] Bone Medical Private Placement.
30-Jun-2008
[NWH] New Contract Awarded.
30-Jun-2008
[NEU] Neuren Pharaceuticals Phase III Trial.
30-Jun-2008
[HST] Hastie on Track in UK with $A205 Million New Orders.
30-Jun-2008
[TEX] Target Energy finds Oil
30-Jun-2008
Morning Market Mood - Oil
28-Jun-2008
Morning Market Mood - Dollar
28-Jun-2008
Morning Market Mood - Gold
28-Jun-2008
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