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Overseas Stock Market Report – 4th July 2009 – US Closed for Independence Day
4-Jul: Wall Street was closed overnight for the July 4 Independence Day holiday.
Wall Street's recent tumble on the back of weaker than expected non-farm payroll data drove the Australian sharemarket down to a seven-day low before the weekend.
The benchmark S&P/ASX 200 ended lower by 49.1 points, or 1.3 per cent, at 3828.2 Friday. Over the week, the index shed 1.9 per cent.
Volume was light amid northern hemisphere summer holidays.
Overnight, the Dow Jones Industrial Average fell 2.6 per cent after June non-farm payrolls fell 467 000 versus market expectations of a 350 000 fall.
Asian markets did not react too badly because they had partly anticipated the fall on Wall Street.
The Nikkei 225 index dropped 0.8 per cent and the Hang Seng index lost 0.5 per cent, while the Shanghai Composite index rose 0.6 per cent.
On the local market, resources stocks tumbled. BHP Billiton shed 2.5 per cent to $33.43, Rio Tinto fell 4.2 per cent to $49.60 and Fortescue lost 4.1 per cent to $3.52.
Financials, including property trusts, tracked their US peers. Westpac ended down 1.3 per cent at $19.32, QBE lost 2.2 per cent to $19.43 and Westfield eased 1.2 per cent to $11.12.
Consumer staples outperformed, with Woolworths up 0.5 per cent to $26.11 and Wesfarmers up 1.6 per cent to $22.64.
IG Markets Research Analyst Ben Potter said he saw downside risk for the market going into the US third-quarter earnings period next week and the Australian earnings period next month, with buyers likely to be hesitant.
Oil and gas producer Woodside retreated 23c to $41.43 and Santos fell 27c to $14.12.
Beach Petroleum dipped 1.5c to 78c after extending its takeover offer for Drillsearch until August 14 and waiving all conditions. Drillsearch was steady at 2.9c.
In the gold sector, Newmont was off 13c at $5.05, Newcrest fell 90c to $30.30 and Lihir eased 8c to $2.90.
Telstra was 4c weaker at $3.33 and Optus owner Singapore Telecommunications slipped 3c to $2.56.
In the media sector, News Corporation fell 46c to $12.80 and its non-voting scrip shed 52c to $11.08.
Consolidated Media eased 1c to $2.22 and Fairfax fell 4c to $1.13.
On Australian dollar currently buys:
AUD/USD .7968
AUD/EUR .5705
AUD/GBP .4877
AUD/JPY 76.516
AUD/NZD 1.265
In overseas trade, Britain's FTSE 100 was up 0.05 per cent, Germany's DAX lost 0.22 per cent and France's CAC 40 rose 0.10 per cent.
ASX Afternoon Market Wrap – 3rd July 2009 – Market Slumps at Week’s End
The Australian share market lost more than 1 per cent today, following Wall Street fell overnight on poor jobs data.
At close of trade the ASX 200 had fallen 49.1 points to 3828.2 and the All Ordinaries were down 48.6 points to 3826.6.
At the close the majority of sectors were posting losses with the consumer staples sector posting the highest gains.
A survey has shown that rising confidence among consumers helped lift activity in the services sector to expand for the first time in 15 months. The Australian Industry Group-Commonwealth Bank of Australia performances of services index (PSI) rose by 10.3 index points to 50.2 points. It marked the first time since March 2008 that the index was above the key 50 points level.
In company news, Beach Petroleum has extended its takeover offer for Drillsearch until August 14 and waived all conditions. The company had previously given Drillsearch shareholders until July 16 to decide whether to accept a $50 million takeover offer, which was dependent on a 90 per cent acceptance. Beach's offer to Drillsearch shareholders was for one of its shares for every 27 Drillsearch shares, notionally valuing Drillsearch at about 2.93 cents per share.
Gunns Ltd has acquired a 17.9 per cent stake in Forest Enterprises Australia Ltd at ten cents per share. The acquisition will be funded via a placement of 5.7 million Gunns shares and a cash payment of $1.58 million. The company has reported that the investment recognises the strategic importance to the forest industry of further consolidation.
Sunset Energy Limited posted today’s greatest gains up 4.5 cents or 81.82% to 10 cents.
Sabina Corporation Limited posted today’s greatest losses down 1.9 cents or 38% to 3.1 cents.
At 1617 AEDT the 12 GICS indices were:-
Discretion 1,264.9 down 18.4
Energy 14,134.1 down 125.4
Financials 3,907.9 down 31.7
Fin-x-property 4,144.7 down 36.4
Gold 4,899.6 down 132.6
Healthcare 7,924.1 down 104.8
Industrials 2,867.3 down 41.1
Info Technology 510.9 down 4.2
Materials 9,730.6 down 272.8
Metals and Mining 3,478.6 down 102.8
Property Trusts 737.3 down 6.4
Consumer Staples 6,599.6 up 34.7
Telecoms 1,150.9 down 11.4
Utilities 3,897.3 up 0.3
Individual stock performances
BHP Billiton was at $33.38 down 92 cents. Rio Tinto was at $49.68 down $2.07.
Banks
Westpac was at $19.27 down 31 cents. NAB was at $21.83 down 2 cents. ANZ was at $16.08 down 5 cents. Commonwealth Bank was at $37.11 down 31 cents.
Media
News Corp was at $12.80 down 46 cents. The Seven Network was at $5.49 down 1 cent. John Fairfax was at $1.13 down 3.5 cents.
Retail
Woolworths was at $26.13 up 14 cents. Harvey was Norman at $3.20 down 1 cent. David Jones was at $4.51 down 1 cent.
Toll Holdings was at 6.01 down 10 cents. Qantas was at $1.92 down 5 cents.
Food
Coca Cola was at $8.67 up 1 cent. Goodman Fielder was at $1.31 down 3 cents.
Insurance
AMP was at $4.78 down 5 cents. QBE was at $19.40 down 46 cents. IAG was at $3.53 down 1 cent.
Gold
Gold rose on Friday as investors eyed the US dollar, which rose in the prior session after bleak US jobs data enhanced the currencies safe-haven appeal and hurt bullion.
At the close Gold was trading at $US933.00 up $US2.00 an ounce.
Oil
Crude oil was little changed on signs of reduced fuel demand as a US report showed unemployment in the world's largest energy user last month rose to the highest in almost 26 years.
US light crude was trading at $US66.88 up US15 cents a barrel.
Dollar
The Australian dollar was lower today as it slowly recovered following worse-than-expected US jobless data.
At 1600 AEDT the Australia dollar was:
AUD/USD .7980
AUD/EUR .5695
AUD/GBP .4865
AUD/JPY 76.674
AUD/NZD 1.263
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Market News (Search) Morning Market Mood - Gold
4-Jul-2009
Morning Market Mood - Oil
4-Jul-2009
Morning Market Mood - Dollar
4-Jul-2009
[EMG] MOU with Chinese Group for Development of Beyondie
3-Jul-2009
[BHP] Sale of Yabulu Nickel Refinery, Queensland
3-Jul-2009
[SGM] Acquisition of Fairless
3-Jul-2009
[CNT] Private Placement
3-Jul-2009
[AVO] Record 52 118 Ounce June Quarter
3-Jul-2009
[QFX] Non-Renounceable Rights Issue
3-Jul-2009
[SEY] Placement
3-Jul-2009
[PVE] Po Valley commences drilling Sillaro2 production well
3-Jul-2009
[FSE] Resource Upgrade and Sekoko Agreement
3-Jul-2009
[CAH] Exploration Results Encouraging
3-Jul-2009
Morning Market Mood - Gold
3-Jul-2009
Morning Market Mood - Oil
3-Jul-2009
Morning Market Mood - Dollar
3-Jul-2009
[GRK] GRK to develop WA`s first geothermal energy project
2-Jul-2009
[PAN] Record Nickel Production
2-Jul-2009
[MSR] Drilling recommences on the South West Kyrgyz Gold Project
2-Jul-2009
[AEE] Drilling to Commence at Gunbarrel Basin JV Project
2-Jul-2009
[SAU] RC Drilling Commences at Golf Bore Prospect
2-Jul-2009
[THX] Thunderball Gamma Survey Results
2-Jul-2009
[EXT] Rossing South Zone 1 Resource Upgrade
2-Jul-2009
[NTU] Placement to raise $1.125 Million
2-Jul-2009
[HDF] Completion of institutional component of equity raising
2-Jul-2009
[CCU] Wonawinta feasibility study to Commence
2-Jul-2009
[BNO] US Clinical Trial of BNC105 in Renal Cell Cancer
2-Jul-2009
[NQM] Twin Hills Acquisition
2-Jul-2009
[CXN] ConnXion signs Fairfax Media Group
2-Jul-2009
[PLB] Perth Mortgage Broking Acquisition
2-Jul-2009
[SXE] Tiwest Contract Award
2-Jul-2009
Morning Market Mood - Gold
2-Jul-2009
Morning Market Mood - Oil
2-Jul-2009
Morning Market Mood - Dollar
2-Jul-2009
[CLQ] Clean TeQ Awarded Air Contract
1-Jul-2009
[UNI] Unilife and sanofi-aventis Sign Industrialisation Agreement
1-Jul-2009
[THX] East Kimberley Exploration Agreement
1-Jul-2009
[GBE] Globe Commences Discussions with Potential Chinese Off-Take
1-Jul-2009
[BRW] Breakaway Commences Gold Exploration Drilling
1-Jul-2009
[TOE] Toro awarded WA Govt drilling grant for Lake Mackay Project
1-Jul-2009
[SIU] Acquisition of MasterSoft International Pty Ltd
1-Jul-2009
[SLX] GLE submits License Application to Build and Operate Plant
1-Jul-2009
[LDW] Ludowici Sells Packaging Business in New Zealand
1-Jul-2009
[BVA] BVA signs significant 5 year agreement with J.P. Morgan
1-Jul-2009
[JMS] Jupiter Secures Strategic Investment and Off-Take with POSCO
1-Jul-2009
[TIS] More VitroGro Patents Granted in South Korea and Australia
1-Jul-2009
[GXY] Acqusition of Mt Cattlin Tenement Extension
1-Jul-2009
[NVT] Potential Acquisition of Transport House by Sydney Metro
1-Jul-2009
Morning Market Mood - Gold
1-Jul-2009
Morning Market Mood - Oil
1-Jul-2009
Morning Market Mood - Dollar
1-Jul-2009
[DJS] DJS - David Jones Increases FY09 Profit Guidance
30-Jun-2009
[SLV] Ruukki and Sylvania Announce Proposal to Merge
30-Jun-2009
[IOH] 50 Per Cent Resource Upgrade - Iron Valley
30-Jun-2009
[INP] Innamincka Dome CSG Drilling Program to Commence in August
30-Jun-2009
[RAU] FNQ Drilling Programme Commenced
30-Jun-2009
[KGL] Option to Purchase Andash Gold-Copper Project
30-Jun-2009
[MNW] Mint Signs Exclusive Partnership Agreement with Uniden
30-Jun-2009
[INT] New meter reading orders
30-Jun-2009
[HST] Hastie wins $38 Million contracts in UK
30-Jun-2009
[ANM] Non-Renounceable Issue
30-Jun-2009
Morning market Mood - Gold
30-Jun-2009
Morning Market Mood - Oil
30-Jun-2009
Morning market Mood - Dollar
30-Jun-2009
[NIP] Awarded EIS Drilling Grant Funding
29-Jun-2009
[THX] Thundelarra Offered Govt Exploration Grant
29-Jun-2009
[MRC] Non-Renounceable Issue
29-Jun-2009
[AZM] High Grade Gold Intersections at Collette and Julie
29-Jun-2009
[ERM] $7 Million Exploration Program Commenced at Tennant Creek
29-Jun-2009
[AVO] Production Forecast FY2010 Increase to 190 000 Ounces
29-Jun-2009
[SPI] Near-surface manganese deposit confirmed at Tally-Ho
29-Jun-2009
[MDS] Midas to Acquire Pilbara Iron Ore Tenements
29-Jun-2009
[CUR] Passabem Iron Ore Project Drilling Results
29-Jun-2009
[AHR] Further Drilling Success - Program Extended
29-Jun-2009
[POH] Successful Completion Phase 1 Clinical using TPM/Oxycodone
29-Jun-2009
[OCL] Objective wins $A10 Million contract with Welsh Assembly Government
29-Jun-2009
[QFX] Quickflix Completes Private Placement to Raise $750 000
29-Jun-2009
[PNN] QLD Project Field Sample Results - High Grade Gold
29-Jun-2009
[CNT] First Gold Pour from the Sukari Gold Project
29-Jun-2009
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