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News Headlines
MARKET UP 4 POINTS TO 4050.5 AT 1.40 PM

 

May 21, 1.45 pm

The market is trading a few points in the positive after the huge fall on Friday, with markets lower on Friday in Europe, the UK and US, metals were mixed, crude mixed and gold slightly higher.

The G8 announcement on the weekend that austerity should be tempered with growth budgets has given some heart to the "risk on" trade, with Aussie banks trading higher while miners and oils are mixed.

Campbell Brothers has reported a record full year profit up 68%. a $1./30 part franked dividend, DRP at 5% discount and is down $1.27 to $56.03.

James Hardie reported a turnaround full year profit of $US604 and a 38US c part franked dividend. The stock is down 7c to $6.98.

Technology One reported an interim profit up 4% and a dividend of 1.61c. The stock is up 1c to $1.20. Elders has reported an interim profit of $52.89,. no dividend, positive outlook. The stock is steady at 20.5c.

Qantas has announced it will close its heavy maintenance operaions at Tullamarine, shed 500 jobs. QAN is down .3c to $1.42.7.

*The Nikkei Dow futures is up 40 points, Shanghai CSI physical is down 4 points, Hang Seng futures is down 109 points, S&P futures is up 5.3 points, NASDAQ futures is up 12.5 points, Dow futures is up 47 points. Gold futures have gained $3.30 to $1595.20. Crude futures is up 30c to $91.78.

Regards,

DOWN 110.9 POINTS TO 4946.5, 10 BELOW DEC 30 2011 CLOSE

 

May 18, 16.20 pm

The market capitulated today, with the afternoon collapse triggered by ANZ's statement that global credit had frozen for bank borrowing.

The market has given back 389 points in the last 16 days, from its high of the year on May 2 of 4435.9 points.

In my experience, from 25 years of reporting the stock market, there are always a few  "after shocks" after a major capitulation. Although there are bargains galore among the bluest of blue chip, solidly profitable, dividend paying, well funded Aussie companies, it may be better to take to the sidelines while the global situation is sorted. 

Recent capitulations include:

*August 5 2011 when the market fell 171.1 points to 4105.4  and was down 17.9% from the post GFC high of April 15 2010.
*March 3 2009 when the market was down 43 points to 3145.5 but had fallen 199 points over the week, last at those levels in May 2005.
* January 16 2008 when the market fell 150.3 points on the day and was down 14.9% from the all time record high of November 1 2007 of 6828.7

Meanwhile Aussie 10 year bond yields fell 22 points to 3.06% today and the $A fell to 98.19US c, down 1.40c from last evening. 

There were no risers among the Top 20 over the week.  WOW fell just 11c and was the best of the top 20, Westpac fell the most, down 231c or 10.2%.

Regards,

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