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x NOTE #59 |
Notes as at 21st December 2007 Brett's Total as at 20th December - $334458 Brett's Total as at 21st December - $338170 The total has dropped by $36743 over the last seven trading days!! But today the total was back up by $3712!! *** At the close of business - "Finance, energy stocks end market's losing streak" The Australian sharemarket closed in positive territory after seven days of losses, with the banking and energy sectors driving the bourse higher The benchmark ASX 200 Index was up 70.1 points at 6247, while the All Ordinaries gained 64.6 points to 6309.4 The CMC Markets senior dealer Matt Lewis said gains from the finance and energy sectors pushed the market into positive territory "We saw some degree of buying today in key blue-chip stocks that may have been a little oversold in the last week of losses; however, the overall mood of investors remains cautious" Mr Lewis said "Macquarie Bank led the finance sector higher and helped push the overall market after it gained around 2 per cent We have also seen some heavy trading in local oil and gas producer Woodside Petroleum, helping drive the stock over $1.00 higher", as traders speculated on movements in the oil price On Thursday night in the US the Dow Jones put on 38.37 points to close at 13,245.64 The big miners were stronger, BHP Billiton rising 15c to $39.65 and Rio Tinto rising 55c to $128.55 The spot price of gold was slightly lower, closing Sydney trading at $US801 an ounce, down US5c on Thursday's local close The goldminers were mixed, Newcrest rising $1.34 to $30.34, Lihir rising 12c to $3.33 and Newmont dropping 6c to $5.50 Market turnover reached 1.73 billion, worth a total $10.9 billion, with 629 stocks moving up, 569 moving down and 374 unchanged Notes as at 24th December 2007 Brett's Total as at 21st December - $338170 Brett's Total as at 24th December - $345432 Up by $7262 for the day!! (Friday to Monday) Total has increased by $10974 over the last two trading days!! *** At the close of business - "Stocks close higher ahead of Christmas break" The Australian stock market closed more than one per cent higher on Monday ahead of the Christmas break, spurred on by a positive lead from Wall Street and higher base metal prices The benchmark S&P/ASX200 index ended up 76.6 points, of 1.23 per cent at 6323.6, while the All Ordinaries gained 1.25 per cent or 78.6 points to 6388 On the Sydney Futures Exchange, the March share price index contract rose 17 points to 6341, on a volume of 10,634 contracts "The market has gone from beer to champagne for Christmas" CMC Markets senior dealer Dominic Vaughan said "We got a good lead out of the United States and metals were up The market was extremely positive today" The stock market closed two hours early at 1415 AEDT today will remain closed for Christmas Day and Boxing Day before normal trading resumes on Thursday US stocks finished at the highest level in three weeks on Friday, as strong results from the company behind the BlackBerry boosted technology shares The Dow Jones industrial average shot up 205.01 points to 13,450.65 The Standard & Poor's 500 Index leapt 24.34 points to 1,484.46 and the Nasdaq Composite Index surged 51.13 points to 2,691.99 In Australian resources sector, BHP Billiton added 87 cents, or 2.19 per cent, to $40.52, while Rio Tinto gained $3.89, or 3.03 per cent, to $132.44 The UK Takeover Panel on Friday gave BHP Billiton until February 6 to either launch a takeover of rival Rio Tinto or walk away "It looks like Rio is trying to force BHP's hand to make a better commitment than they have coming in to post-Christmas" Mr Vaughan said Shares in Babcock & Brown Ltd rallied 3.85 per cent or $1.00 to $27.00, after the investment group upgraded its annual earnings guidance for the second time this year The spot price of gold ended the local session at $US809.50 per fine ounce, up $US8.50 from Friday's close of $US801.00 Gold miner Newcrest gained 31 cents to $30.65, Newmont rose 12 cents to $5.62 and Lihir added nine cents to $3.42 National market turnover was 674.10 million shares worth $2.24 billion with 761 stocks higher, 358 lower and 320 unchanged Notes as at 27th December 2007 Brett's Total as at 24th December - $345432 Brett's Total as at 27th December - $350255 Up by $4823 for the day!! (Christmas Holidays) Total has increased by $15797 over the last three trading days!! *** At the close of business - "Market drifts higher in sluggish trade" The Australian stockmarket closed slightly higher in thin trading yesterday, as investors looked past a flat lead from Wall Street and focused on higher oil and gold prices The benchmark S&P/ASX200 index rose 27.3 points, or 0.4 per cent, to 6350.9, while the All Ordinaries gained 0.5 per cent, or 38.4 points, to 6426.4 "The market has risen on very light volume, as you would expect at this time of year" the Macquarie Equities Brisbane adviser Helen Spencer said "The major driver was the resources sector, benefiting from stronger commodity prices overnight" BHP Billiton strengthened another 58c to $41.10 as the company it wants to buy, Rio Tinto, added $2.97 to $135.41 The goldminer Newcrest Mining firmed 90c, or 2.94 per cent, to $31.55 as the spot price of gold reached $US824.05, up $US14.55 on Monday's close Lihir Gold found 7c to $3.49 Market turnover was 780.42 million shares worth $2.51 billion, with 609 stocks rising, 485 falling and 324 unchanged Notes as at 31st December 2007 Brett's Total as at 27th December - $350255 Brett's Total as at 31st December - $352021 Up by $1766 for these two days!! (includes weekend) Total has increased by $17563 over the last five trading days!! *** At the close of business - "Just a light shave on last day of trading" The sharemarket ended 2007 ever so slightly in negative territory after a flat day of trading ahead of New Year celebrations The ASX200 index finished down 0.1 of a point at 6339.8, while the All Ordinaries was 2.7 points weaker at 6421 at the 2.15pm close, the markets shutting early for New Year's Eve On the Sydney Futures Exchange, the March share price index contract closed 25 points lower at 6348, on a volume of 12,115 contracts In the US on Friday, the Dow Jones industrial average had closed up 6.26 points at 13,365.8, while the Standard & Poor's 500 Index finished 2.12 points stronger at 1478.5 points and the high-tech Nasdaq Composite fell 2.3 points to 2674.4 The CommSec market analyst Juliette Saly said that with the exception of Centro, there had been some good buying in the property trust sector, including Westfield and Stocklands Centro Properties closed 2.5c lower at $1.01 while Centro Retail finished 6.5c weaker at 95c "The biggest drag today has been Fortescue Metals Group, probably on profit-taking following its massive rally last week" Ms Saly said Shares in the iron ore miner finished 97c, or 11.45 per cent, lower at $7.50 "The goldminers did particularly well after a big run up in the gold price on Friday night" Ms Saly said Newcrest gained 91c to $33.10, Newmont rose 8c to $5.63 and Lihir lifted 8c to $3.61 Sino Gold was 31c higher at $6.95 The major miners were weaker BHP Billiton dropped 37c to $40.14 and Rio Tinto dipped 5c to $133.95 |
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x NOTE #60 |
Notes as at 3rd January 2008 Brett's Total as at 2nd January - $352068 Brett's Total as at 3rd January - $351748 Total down by $320 for the day!! *** At the close of business - "US looks bad so we resume baling out" The sharemarket resumed its downward trend yesterday amid lingering fears the United States is heading for a recession The ASX 200 index closed down 62.5 points at 6290.7, having been off 101.8 early, while the All Ordinaries fell 61.5 to 6372.6 Traders on the Sydney Futures Exchange were not nearly so bearish, the March share price index contract finishing the day trade just 2 points lower at 6333, on a volume of 18,795 contracts The Macquarie Equities client adviser David Halliday said the local bourse was starting to factor in the possibility of a recession in the US "The higher oil price and economic data is certainly making more people think about the prospect of a recession in the US and, if that is the case, it's bad news for equity markets around the world" Mr Halliday said "Our market started to factor in the prospect of a recession a little bit more today and that's why we've seen the big falls" On Wall Street on Wednesday, the Dow Jones Industrial Average had fallen 220.86 points to close at 13,043.96 Locally, however, the gold and energy sectors reversed the negative trend after record commodity prices overnight Newcrest closed $3.45 higher at a record $37.25, Lihir put on 21c to $3.82 and Newmont rose 23c to $5.85 after the gold price hit $US860.10 overnight Sino Gold was the day's best ASX 200 performer, rising 91c, or 13.42 per cent, to $7.69 on volume of 2.28 million shares The big miners were weaker, with BHP Billiton dropping 20c to $40.10 and Rio Tinto losing $2.39 to $131.61 Total market turnover reached 1.33 billion shares, worth a total value of $3.55 billion, with 460 stocks moving up, 725 moving down and 312 unchanged |
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x NOTE #61 |
Notes as at 7th January 2008 Brett's Total as at 4th January - $352390 Brett's Total as at 7th January - $342104 Total down by $10286 for the day!! (Friday to Monday) *** At the close of business - "Market edges closer to correction" The sharemarket is teetering on the brink of a technical correction after slumping more than 2 per cent yesterday on growing fears the United States economy is slipping into recession Investors pushed the sell button yesterday in response to a fall in metal prices, including nickel, zinc and gold, and a sell-off on Wall Street on Friday Weaker than expected jobs growth figures in the US have raised further the spectre of the world's largest economy stagnating or going into reverse The ASX 200 index plunged 145.2 points, or 2.3 per cent, to 6161.6 while the broader All Ordinaries fell 145 points to 6240.4 points in the biggest one-day fall in three weeks The latest decline leaves the market just shy of a technical recession - classed as 10 per cent - since November 1st "There is growing nervousness about the health of the US economy and the extent to which the cancer of subprime has spread beyond the financials" Colonial First State's head of investment markets research, Hans Kunnen, said yesterday "It's not a one-off shock - it's a series of smaller shocks that are looking grimmer by the day" Investors will be nervously awaiting the beginning of the earnings season in the US on Thursday morning Australian time, when the aluminium maker Alcoa posts its full-year results Yesterday the banks were among the hardest hit on the local bourse as the higher cost of borrowing weighed on their outlook because of continuing concerns about the global credit crunch Babcock & Brown slumped $1.05 to $24.50, Macquarie Group fell $1.81 to $71.39, National Australia Bank dropped $1.03 to $36.30 and the Commonwealth fell 84 cents to $57.20 Resource stocks also dropped after prices for metals fell on concern that a slowdown in the US housing market would reduce demand BHP Billiton slid 83c to $40.02, Rio Tinto dropped $2.90 to $129.17 and Fortescue Metals fell 52c, or 7 per cent, to $6.68 Asian markets did not escape the gloom, with Hong Kong's Hang Seng index falling 2.6 per cent and Japan's Nikkei dropping 1.3 per cent "The US is not going to escape recession" said Hugh Giddy, a portfolio manager at Cannae Capital Partners "And we will not be immune because if US consumers pull back it wouldn't surprise me if we saw a pullback here, too" Mr Giddy said he was flabbergasted that the sharemarket was still trading close to a record high, because the outlook for the global economy had been "almost unequivocally bad" "The cost of credit has gone up and 'cheap' credit has been a large part of what has driven our economy If that tap has been turned off, or partially turned off, it changes the whole economic outlook" he said, adding that the earnings season in Australia was likely to disappoint Although Mr Giddy expects the US Federal Reserve to lower interest rates shortly - an act he described as "like giving alcohol to an alcoholic" - he said he doubted it would prevent a recession |
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x NOTE #62 |
Notes as at 9th January 2008 Brett's Total as at 8th January - $342324 Brett's Total as at 9th January - $341825 Total down by $499 for the day!! *** At the close of business - "Punters baling out of banks and retailers" The sharemarket closed marginally lower yesterday, with resources being the strongest-performing sector The ASX 200 index finished 40.4 points lower at 6087.7, while the All Ordinaries was down 46.2 to 6159.5 On the Sydney Futures Exchange, the March share price index closed the day 86 points lower at 6077 on volume of 26,420 contracts Trent Muller, private client adviser at ABN Amro Morgans, said strong gold and base metal prices had countered a soft US lead overnight, with Wall Street closing about 2 per cent lower on Tuesday "Locally, most of the sell-off has occurred in the banking sector, pretty much in line with what the US did" Mr Muller said "But our market isn't performing as badly as the US - we're more leveraged to resources Over the next couple of weeks, starting tonight, the US start their quarterly reporting season and Alcoa is always the first cab off the rank, so they're reporting their earnings tonight, which will affect sentiment "The other big catalyst for the US market is investment banks report their quarterly earnings next week - Bear Sterns, Merrill Lynch and Morgan Stanley" Locally, the big miners were mixed BHP Billiton was 20c higher at $39.20 while its takeover target Rio Tinto was 81c softer at $126.69 On the New York Mercantile Exchange, gold futures for February delivery leapt to a record high of $US884 per ounce before closing at $US880.30 per ounce, the highest close In Perth, the mint price was more than $1000 an ounce The goldminers were accordingly stronger and really shone Newcrest Mining, Australia's largest goldminer, closed at a record high yesterday, rising $2.44 or 6.62 per cent to close at a record $39.28 NOTE - Brett has 1226 of these shares Lihir Gold was 25c higher at $3.94, and Newmont closed 14c higher at $6.10 |
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x NOTE #63 |
Notes as at 11th January 2008 Brett's Total as at 10th January - $342035 Brett's Total as at 11th January - $336098 Total down by $5937 for the day!! The highest total was reached on 11th December 2007 and this was $371201 In the twenty trading days since then the total has dropped by $35103 This is an average fall of $1755 per trading day!! *** At the close of business - "Spectre of US recession sends stocks reeling" Investors continued to pile out of stocks en masse yesterday as the sharemarket capped off its worst start to a new year in 17 years due to continuing concerns about a likely recession in the US The sharemarket extended its losing streak to five days after falling 1.6 per cent yesterday, taking its losses for the week to more than 5 per cent The benchmark ASX 200 Index closed down 97.1 points at 5981.6 yesterday, while the broader All Ordinaries Index slumped 92.9 points to 6054.4 Shaw Stockbroking's head dealer, Jamie Spiteri, said offshore investors were continuing to reduce their stakes in Australian stocks, leaving a vacuum because of insufficient interest from local institutions "It's decaying fortunes We have an equity market here in Australia that is feeling the effects of all the global uncertainty, in particular the uncertainty out of the US" he said "The ripple effect of the downturn in the US just doesn't go away" The banks - often safe havens in volatile periods - were among the hardest hit again yesterday as investors continued to assess the institutions' exposure to the subprime mortgage crisis in the US and the wider credit crunch in global financial markets Australia's two biggest investment banks, Babcock & Brown and Macquarie Group, fell 11 per cent and 4.5 per cent respectively over the week Babcock dropped 80c to $22.78 yesterday and Macquarie fell $1.42 to $69.88 The market this week recorded its second technical correction - classified as a fall of 10 per cent - in less than six months Even the resources sector, the main driver of the past five years of growth in equities, is finding any positive news overshadowed by negative sentiment emanating from the US Mr Spiteri said the main reason for a decline in resource companies yesterday was not a dip in prices for some metals and oil but the dismal outlook overseas BHP Billiton fell 79c to $38.30 yesterday, or 6 per cent over the week, while Rio Tinto dropped $2.40 to $125.60, or almost 5 per cent over the five trading days Earlier, market strategists interpreted comments by the US Federal Reserve chairman, Ben Bernanke, as an indication the central bank will reduce rates by up to 50 basis points later this month Dr Bernanke said the Fed was ready to take "substantive additional action as needed" "Yes, I am sure the Fed will reduce rates over the course of 2008 but, the horse might have bolted" Colonial First State's head of investment markets research, Hans Kunnen, said yesterday "The outlook that Dr Bernanke painted wasn't particularly attractive to equities investment, at least in the early part of 2008 The slowdown that is currently in train will inflict pain" While economic data in Australia remained strong, Mr Kunnen said it hinted at higher interest rates here, "and that doesn't go down well with investors" Notes as at 14th January 2008 Brett's Total as at 11th January - $336098 Brett's Total as at 14th January - $334234 Total down by $1864 for the day!! (Friday to Monday) The highest total was reached on 11th December 2007 and this was $371201 In the twenty-one trading days since then the total has dropped by $36967 This is an average fall of $1760 per trading day!! *** At the close of business - "Bargain-hunters not fazed by US collapse" The sharemarket surprised by closing only slightly lower yesterday, all but ignoring another poor performance on markets in the United States last week and local figures showing more upward pressure on inflation CMC Markets senior dealer James Foulsham said some investors were looking for bargains yesterday but the fairly low volumes suggested that the general mood of the market was caution Those investors who were buying tended to favour blue-chip stocks, while speculative stocks looked weak Mr Foulsham said there were still concerns over the strength of the US economy, and fears on inflation also helped uncertainty The ASX 200 index closed 1.6 points lower at 5980.0 while the All Ordinaries index was 13.5 lower to 6040.9 The monthly inflation gauge prepared by TD Securities-Melbourne Institute rose by 0.6 per cent in December and by 3.7 per cent in the 12 months to December The annual reading was the highest since December 2006 On Wall Street on Friday, the Dow Jones industrial average fell 246.8 points to 12,606.3 as a warning from American Express of mounting credit card defaults and Tiffany and Co's report of a decline in holiday sales raised concerns that a slowdown in housing was spreading to consumer spending Here, global miner BHP Billiton was down 6c to $38.24 and Rio Tinto was off 60c to $125.00 In the gold sector, Newmont was 19c richer at $6.14, Newcrest strengthened 50c to $38.49 and Lihir picked up 4c to $3.98 Preliminary national turnover was 1.55 billion shares worth a total of $5.5 billion, with 959 stocks down, 353 up and 322 unchanged Notes as at 15th January 2008 Brett's Total as at 14th January - $334234 Brett's Total as at 15th January - $334994 Total up by $760 for the day!! *** At the close of business - "Market makes some headway and then gives it all back" Despite a strong lead from Wall Street and higher commodity prices, the Australian share market closed in negative territory, reversing earlier intra-day gains, on cautiousness about global investments markets The ASX200 was down 20 points, or 0.33 per cent, to 5960, and the All Ordinaries fell 21.1 points, or 0.35 per cent, to 6019.8 The ABN Amro Morgans Ipswich manager Tony Russell said nervousness ruled the local market "The market is very jittery, we've been swinging from positive to negative" Australian investors were cautious about the earnings results coming from the US, he said "We'll see some of the major financial institutions reporting in the US overnight, so the market might be waiting to see what happens there" On Wall Street the Dow Jones industrial average rose 171.85 points to 12,778.15 after a strong profit result from IBM eased concerns about the global economy Gold rose to a record as the declining US dollar and the prospect of another cut to the US benchmark rate increased demand for the precious metal as a hedge against inflation Bullion recently bought $911.30 an ounce in after-hours trading on the Comex division of the New York Mercantile Exchange, up 0.6 per cent Locally, the big miners were stronger BHP rose 47c, or 1.23 per cent, to $38.71, while its takeover target and rival Rio Tinto rose $1.70, or 1.36 per cent, to $126.70 Gold producers were stronger. Lihir rose 1c, to $3.99, Newcrest Mining rose 36c, to $38.85, Newmont Mining rose 8c, to $6.22, and Monarch Gold Mining rose 8.5c, or 12.78 per cent, to 75c Total market turnover was 1.69 billion shares worth $6.14 billion, with 542 shares up, 700 down and 344 unchanged Notes as at 16th January 2008 Brett's Total as at 15th January - $334994 Brett's Total as at 16th January - $324642 Total down by $10352 for the day!! The highest total was reached on 11th December 2007 and this was $371201 In the twenty-three trading days since then the total has dropped by $46559 This is an average fall of $2024 per trading day!! *** At the close of business - "Big hits continue as market plunges $38b after US lead" More than $38 billion was wiped from the Australian sharemarket yesterday in the eighth consecutive day of falls after a record loss from Citigroup again stoked fears of a recession in the United States The bourse has shed almost 15 per cent of its value since reaching a record high on November 1 as the fallout from the subprime mortgage crisis wreaks havoc on global financial markets The benchmark ASX200 index plunged 2.5 per cent, or 150.3 points, to 5809.7 in its biggest one-day fall in four weeks, while the broader All Ordinaries fell 149 points to 5870.8 The last time the market fell for eight days straight was in late 2000 The sell-off in Australia replicated earlier falls of more than 2 per cent on Wall Street, where investors hit the sell button because of fears of a looming recession after Citigroup posted a quarterly loss of $US9.83 billion ($11 billion), and worse-than-expected retail sales Some market strategists believe that the world's biggest economy is already in recession "Yes, there is worse to come as other financial institutions do what Citigroup did and keep announcing losses on subprime - it's not over yet" Colonial First State's head of investment markets research, Hans Kunnen, said yesterday "In terms of subprime, it just means negative US sentiment will rule the roost until we can get some decent profit figures, and that is weeks away" The banks were again among the hardest hit because investors believe a recession in the US will dent their earnings growth Australia's two largest investment banks, Macquarie Group and Babcock & Brown, sustained the biggest losses, closing at five-month lows Babcock fell 6 per cent, or $1.36, to $20.95 and Macquarie dropped $3.65 to $66.25 Price falls for base metals, gold and oil also weighed on resource stocks, despite Rio Tinto posting record iron ore output in the fourth quarter Rio fell $3.74, or 3 per cent, to $122.96 while BHP Billiton dropped $1.19 to $37.52 Some Asian markets fared worse, as Hong Kong's Hang Seng index plunged more than 5 per cent and Japan's Nikkei dropped 3.3 per cent The New Zealand market fell for the tenth consecutive trading day as it lost 1.5 per cent of its value The Australian dollar also fell more than 1.5c against the US greenback yesterday to $US88.3c "We have had a situation where listed equities, commodities and currencies have all reacted to this continual shakeout" Shaw Stockbroking's head dealer, Jamie Spiteri, said The market has now posted two technical corrections - defined as a fall of 10 per cent - in less than six months Notes as at 17th January 2008 Brett's Total as at 16th January - $324642 Brett's Total as at 17th January - $320838 Total down by $3804 for the day!! The highest total was reached on 11th December 2007 and this was $371201 In the twenty-four trading days since then the total has dropped by $50363 This is an average fall of $2098 per trading day!! *** At the close of business - "Bourse plays the twelve-year blues" The Australian sharemarket closed lower yesterday after US markets closed in the red overnight It is the first time in more than 12 years that the market has closed lower on nine consecutive days The benchmark ASX200 index was down 13.6 points to 5796.1, while the broader All Ordinaries lost 13.8 points to 5857 The last time the Australian sharemarket experienced nine consecutive negative closes was in September 1995 On the Sydney Futures Exchange, the March share price index futures contract was down 32 points at 5785 on a volume of 28,395 contracts An Aequs Securities institutional dealer, Ric Klusman, said the market started strongly, but fell due to volatility offshore "The market started off quite strong today on good domestic buying support, expecting that the market was very close to bottom in the short term" he said "The main reason it's down is they can't determine what's going on offshore - there are comments coming out of various places" Mr Klusman said "For example, the S&P futures are showing up at the moment but the Dow futures are showing down China is down, which is causing a bit of a problem, the Nikkei is up, and Hong Kong keeps ... no one knows what's going on there at the moment" Mr Klusman said concerns about a slowing in commodity demand from China were affecting local miners "There are still concerns that a general slowdown/recession in the US, irrespective of whether that will be eased by interest rates, will cause a slowdown in commodity demand from China for supply in goods, hence BHP Billiton is down The miners are getting hurt, banks generally are up and industrials are up Tonight will be the test, I guess We've got Merrill Lynch quarterly results tonight" BHP Billiton closed down $1.02 to $36.50 and Rio Tinto lost $4.63, or 3.55 per cent, to $118.60 The price of gold in Sydney was $US879.20 an ounce, down $US10.55 from Wednesday's close of $US889.75 Lihir Gold fell 4c to $3.72, Newmont fell 18c to $6.09 and Newcrest 29c to $37.21 US equity markets had a volatile session on Wednesday night Stocks fell initially following a poor profit outlook from Intel, then rose following better than expected results from JP Morgan and Wells Fargo But equities staged a late decline and ended the session in the red The Dow Jones settled down 34.95 points at 12,466.16, while the Standard & Poor's 500 Index settled down 7.75 points at 1373.20 The Nasdaq Composite was down 23 points at 2394.59 Notes as at 18th January 2008 Brett's Total as at 17th January - $320838 Brett's Total as at 18th January - $315572 Total down by $5266 for the day!! The highest total was reached on 11th December 2007 and this was $371201 In the twenty-five trading days since then the total has dropped by $55629 This is an average fall of $2225 per trading day!! *** At the close of business - "Bloodbath continues - investors spurn US risk" With more than $150 billion wiped out this year, there's no sign the bloodbath on the bourse is abating and the ASX 200 index chalked up its longest losing streak in 16 years yesterday as investors dumped companies that could be hit by the global credit crunch and a downturn in the United States Investors were rushing for the exits, sending the index down as much as 3.1 per cent, amid rising fears there may be further meltdowns such as Centro Properties Group Shares of MFS plummeted 69 per cent after it revealed it was the latest property company struggling under its debt burden Adding to local concerns, one of Britain's biggest real estate funds froze withdrawals after falling property prices prompted panic sales by small investors Meanwhile, economic reports in the US stoked fears that the subprime mortgage crisis has pushed the world's largest economy into recession The benchmark ASX200 index closed off 0.8 per cent, or 48.8 points, at 5747.30, with commodity and energy stocks leading declines The broader All Ordinaries fell 1 per cent, or 57.6 points, to 5799.40 "Where we are at the moment is a disaster - we are just riding the wave down as bad news comes in" said Winston Sammut of Maxim Asset Management "Buyers have sat back altogether" The market has lost 15.8 per cent of its value since reaching a record on November 1 as the fallout from high-risk loans wreaks havoc on financial markets It is now back to levels last seen in August Yesterday's decline followed heavy losses at stock exchanges around the world Wall Street posted its worst three-day rout in five years The S&P 500 index lost 2.9 per cent on Thursday after the chairman of the Federal Reserve, Ben Bernanke, said the economic outlook for this year had deteriorated and "the downside risks to growth have become more pronounced" Broking giant Merrill Lynch aggravated the concerns, posting its first annual loss since 1989 due to losses on subprime loans and property-related bonds "Every market has eyes on what's ahead for the US market" said Jason Teh, a fund manager at Investors Mutual While the US was one of the engines of world trade over the past years, "there's no doubt the US economy is slowing, led by the woes in the housing market" he said Commodity stocks felt the brunt of concerns that a stuttering world economy will end the resources boom BHP shares fell $1.70 to $34.80 Fortescue Metals dropped 37c to $6.22 and Newcrest Mining dropped $2.68 to $34.53 Shares of MFS nosedived $2.19 to 99c as shareholders, burnt by the $4 billion Centro meltdown, sold down the stock after the company announced a $550 million capital raising to "reduce indebtedness" Centro's shares fell a further 3c to 48c yesterday Investors said the critical period for the market would be over the next three to four weeks, with investors taking their cue from the US The domestic companies earnings season begins next month While the recent market rout may offer some buying opportunities for experienced investors, AMP's head of investment strategy, Shane Oliver, warned "The ride is likely to remain rough over the next six months on the back of ongoing worries about the US downturn and its impacts on profits" Notes as at 21st January 2008 Brett's Total as at 18th January - $315572 Brett's Total as at 21st January - $302108 Total down by $13464 for the day!! (Friday to Monday) The highest total was reached on 11th December 2007 and this was $371201 In the twenty-six trading days since then the total has dropped by $69093 This is an average fall of $2658 per trading day!! *** At the close of business - "Dear, oh dear, the big bath is beginning to look rather ruddy" The sharemarket took a another bath yesterday, for the 11th day in a row, a rout that is now assuming bloodbath proportions The ASX 200 index closed 166.9 points, or 2.9 per cent, lower at 5580.4, and the All Ordinaries fell 168.5, to 5630.9 On the Sydney Futures Exchange the March share price index futures contract finished the day 166 points lower at 5596 - still a slight premium to the physical, the ASX 200 - on a volume of 36,082 contracts The big banks and miners were all weaker, and the structured finance houses were positively plastered A Macquarie Equities private client adviser, Marcus Droga, said there was still a strong sense of concern among investors "It's all running off the back of the US situation, the rescue package announced by US President George Bush, and overriding concern over whether or not they are slipping into recession" There was to be no lead from the US last night as the market there was closed for Martin Luther King Day The global miner BHP Billiton closed at its day's low, down $1.51 to $33.29 Rio Tinto shares closed $9.75 lower at $114.25 after a rumoured bid from BHP failed to eventuate In the golds, Newcrest rose 57c, to $35.10, but it was on its own Newmont fell 9c, to $5.92, and Lihir fell 8c, to $3.47 National turnover was $1.69 billion shares worth $6.32 billion, with 1018 stocks down, 326 up and 296 unchanged *** Prediction for tomorrow - "Market to fall again" The share market's worst losing streak in almost three decades is expected to continue today (Tuesday), with investors watching the market keenly following the Australian Stock Exchange's 11th fall in a row Shares have now fallen 18 per cent from their record high last November, wiping billions of dollars from superannuation funds The slump, which comes after peaks just ten weeks ago, means more than $170 billion has been wiped from the value of shares Yesterday, the benchmark SP/ASX200 index fell 166.9 points, or 2.9 per cent, to 5,580.4, and the broader All Ordinaries shed 168.5 points, or 2.91 per cent, to 5630.9 For the last 18 months the booming stock market propelled the average super fund ahead by 20 per cent, but since November returns have plunged 'In the last five years, super funds have been up by 60 per cent so if people are whinging about that they're being a little bit greedy,' said Jeff Bresnahan from Super Ratings The falling super returns will especially hurt those who are about to retire, or who have recently put in large amounts of money However, superannuation actuary Michael Rice says investors should sit tight. 'It's usually sensible to stay in because the only people who really make losses are the people who cash in' Notes as at 22nd January 2008 Brett's Total as at 21st January - $302108 Brett's Total as at 22nd January - $273964 Total down by $28144 for the day!! The highest total was reached on 11th December 2007 and this was $371201 In the twenty-seven trading days since then the total has dropped by $97237 This is an average fall of $3601 per trading day!! *** At the close of business - "Don't panic, it'll settle - soon" Head for the hills - if you're not already up there Everyone else is The selling frenzy intensified yesterday as the Australian sharemarket closed in the red for the 12th consecutive day and bourses across the Asia-Pacific took massive whacks The local decline marks the biggest one-day fall in the benchmark index since 1997 Brokers said panic selling was the order of the day but they were still expecting the market to stabilise some time soon "We've seen our market come back to levels that I think are too low, and fear of a recession in the US is more than reflected in share prices globally" Ausbil Dexia's head of equities, Paul Xiradis, said "There appears to be a lot of forced selling" The ASX 200 index plummeted 393.6 points, or 7.05 per cent, to 5186.8 points It was the biggest one-day loss since October 28, 1997, when it shed 6.79 per cent But the broader All Ordinaries index was slashed by 408.9 points, or 7.26 per cent, to 5,222 The decline was the largest since October 16, 1989, when the index fell 8.1 per cent (On Black Tuesday, October 20, 1987, the All Ords were off 24.99 per cent) The weaker session also marks the local market's longest losing streak since January 1982 With US markets closed overnight for Martin Luther King Day, investors were led by Europe, where all the major bourses fell and British stocks suffered the biggest one-day loss since September 11, 2001 The Federal Treasurer, Wayne Swan, told investors to calm down "I note we are well placed to ride out the turbulence that flows from events in the United States even though we are not immune from it" he said "The prospects for ongoing growth in Asia and the developing markets are assisting us to withstand the fallout occurring elsewhere" Mr Xiradis said the local market should stabilise in the next few days, with "some sort of bounce back in the not too distant future" The big miners were not exempt Rio Tinto was down $13.25, or 11.6 per cent, to $101.00 even and rival BHP Billiton fell $2.29, or 6.9 per cent, to $31.00, its low for the day, on volume of 29.6 million shares |
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x NOTE #64 |
Notes as at 23rd January 2008 Brett's Total as at 22nd January - $273964 Brett's Total as at 23rd January - $289140 The highest total was reached on 11th December 2007 and this was $371201 At the close of trade on 22nd January 2008, the total was $273964 In those twenty-seven trading days the total dropped by $97237 But today the market recovered!! The total is up by $15176 Long way to go ...... but this is a great start!! *** At the close of business - "Market breaks run of successive falls" The sharemarket snapped a twelve day losing streak in its biggest one-day gain since last August to recover some of the ground lost in Tuesday's bloodbath after the US Federal Reserve made an emergency cut to interest rates to calm nervous global markets On Wall Street overnight, steep losses early in the session were recovered by a surprise 75 basis point interest rate cut by the US Federal Reserve Despite futures trading forecasting a 500 point fall, the Dow Jones industrial average finished down 128.1 points, or 1.06 per cent, at 11,997.2 The ASX 200 index closed 225.5 points, or 4.35 per cent, higher at 5412.3, and the broader All Ordinaries had jumped 223.6 points, or 4.28 per cent, to 5445.6 On the Sydney Futures Exchange, the March share price index futures contract ended 123 points higher at 5379, on a huge volume of 51,010 contracts, suggesting traders there are still bearish ABN Amro Morgans private client adviser Trent Muller said gains of more than 6 per cent in early trading yesterday were tempered by weaker US futures "It does appear that US futures are looking a bit weaker tonight The Dow Jones futures are pointing down a 100, so that would probably be the main influencing factor behind our weakness" he said Mr Muller said Apple Inc had reported earnings after the close of markets in the US overnight that had not been favourably received He said the sharp 0.9 per cent rise in headline inflation in Australia in the December quarter, which fuelled expectations of an interest rate rise next month, also may have affected sentiment Major miners rebounded after being oversold yesterday BHP Billiton picked up $2.89, or 9.32 per cent, to $34.89 as it reported record production for its key commodities in the first half of fiscal 2008, and Rio Tinto lifted $5.01 to $106.01 Gold stocks were strong as investors sought safe havens Lihir jumped 54c, or 18 per cent, to $3.54, Newmont gained 34c to $5.95, and Newcrest rose $3.16 to $34.90 Notes as at 24th January 2008 Brett's Total as at 23rd January - $289140 Brett's Total as at 24th January - $297155 Total up another $8015 for the day!! Up by $23191 over the past two trading days!! *** At the close of business - "Punters take hope from US U-turn" The sharemarket leaped again yesterday after Wall Street surged overnight amid general market acceptance of the Federal Reserve's surprise interest rate cut on Tuesday The Australian market followed the lead of US stocks, which executed a might U-turn on as investors bought financial stocks on speculation that regulators would inject capital into struggling mortgage insurers The Dow industrials, down 300 points at Wall Street lunchtime, closed 298.98 points, or 2.45 per cent, higher at 12,270.17 The ASX 200 index closed 168.1 points, or 3.11 per cent, higher at 5580.4, and the All Ordinaries rose 160.2 points, or 2.94 per cent, to 5605.8 On the Sydney Futures Exchange, the March share price index futures contract was up 164 points, or 3.03 per cent, to 5543 on 34,881 contracts - still at a discount to the physical A senior adviser with Bell Potter, Stuart Smith, said the market had a strong day, with "respectable" trading volumes "We sort of fell over each other this morning trying to get in the queue to buy stock, so that shows there is potential pent-up demand But I'm still seeing volatility in the short term" Mr Smith said volatility was necessary for what he viewed as the "accumulation phase" "That's where people still throw stock into the middle of the ring and people come in and pick it up and run it back up the hill again That's where we are preparatory to the next bull run It takes several months but it's all good The market is way under fair value" The big miners closed stronger, with BHP Billiton rising 93c, or 2.7 per cent, to $34.82, and Rio Tinto rising $2.46, to $108.47 The gold producers were mixed, with Newcrest, still having trouble at Telfer, falling 90c, to $34.00, Lihir Gold rising 11c, to $3.65, and Newmont falling 5c, to $5.90 Total market turnover was 1.85 billion worth $7.48 billion Notes as at 25th January 2008 Brett's Total as at 24th January - $297155 Brett's Total as at 25th January - $313393 Total up another $16238 for the day!! Up by $39429 over the past three trading days!! *** At the close of business - "Bears essential? Whole lot of bull as market rebounds" The bulls have chased the bears out of the woods in spectacular fashion After crashing to its biggest one-day fall in 18 years on Tuesday amid panic selling because of fears the US economy would slip into recession, the Australian sharemarket roared back to life yesterday as investors eyed bargains, capping off the biggest three-day gain in the benchmark index's history Giving still bearish investors pause for thought, the benchmark ASX 200 yesterday soared 5 per cent, or 279.9 points, to 5860.3 while the broader All Ordinaries index rose 280.5 points to 5886.3 "Just as we've had the surprising but painful fall in the first three weeks of this year, and now we are experiencing a rebound of significant levels" said Shaw Stockbroking's head dealer, Jamie Spiteri Mr Spiteri said the rebound reflected the return of some rational behaviour, with investors piling back into the market worried that they may miss the opportunity to buy at lows Strategists attributed the rebound to global momentum as markets throughout Asia soared The catalyst for the rebound lies in the US Federal Reserve's emergency intervention to cut interest rates by 75 basis points earlier this week and the US President's plan to revive growth in the world's largest economy Investors are also adopting a more bullish approach due to a strong belief that Asian growth will not be stunted by the subprime mortgage crisis or the global credit crunch "There will still be some bumps over the next month or two but there is every likelihood that the lows we experienced early this week won't be broken again" Mr Spiteri said "Whether you are talking to colleagues or clients, you get a belief that the worst is over" Australia's second-largest investment bank, Babcock & Brown, had its third day of large rises, closing up 95c, or almost 5 per cent, to $20.45, and taking its gains to more than 36 per cent from a two-year low on Tuesday Resources stocks also continued their march upwards after prices for metals and oil rose BHP Billiton rose $1.98, or almost 6 per cent, to $36.80, and Rio Tinto gained $10.03, or 9 per cent, to $118.50 Some strategists described the turnaround as either the shortest bear market - defined as a slump of 20 per cent - in history or a judgment that still cannot be made Nevertheless, some fund managers have said that a bull market could drag on until the end of the year Asian markets also joined the resurgence as Japan's Nikkei index posted its biggest rise in almost six years, closing up 4 per cent |
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#01 - during the twenty-seven
trading days between the 12th December 2007 and the 22nd January
2008, Brett's total dropped from a record high of $371201 to
$273964 and this represents a fall of $97237 during that period #02 - during the three trading days between the 23rd January and 25th January 2008, the total went from $273964 to $313393, an increase of $39429 during the three days #03 - during the eight trading days between the 23rd January and 4th February 2008, the total went from $273964 to $330494, an increase of $56530 during the eight days #04 - during the five trading days between the 21st February and 27th February 2008, the total went from $309351 to $336758, an increase of $27407 during the five days #05 - for all the details of these "dramatic movements", use the 'click here' that is just above, then go to Page Three When the page opens, scroll down to Note #63 and Note #64 and Note #66 and Note #70 |
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x NOTE #65 |
Notes as at 29th January 2008 Brett's Total as at 25th January - $313393 Brett's Total as at 29th January - $307017 A fall of $6376 for the day!! (Weekend plus Public Holiday) *** At the close of business - "Stocks weaker despite positive US lead" The sharemarket took another step backwards yesterday, despite firmer commodity prices and a positive lead from the US overnight Wall Street had chalked up gains due to widespread expectations that interest rates would be cut for the second time in a two weeks when the board of the US Federal Reserve meets this week The Dow Jones industrial average had risen 176.72 points, or 1.45 per cent, to 12,383.89 on Monday The ASX 200 index finished down 143.8 points, or 2.45 per cent, at 5,716.5 - the All Ordinaries was 131.8 points lower at 5,754.5 "The futures were indicating the local market would have a good opening, up 50 points or so, and within half an hour it was down 50 points" the MF Global senior trader Anthony Anderson said "It's hard to say what the cause of the weakness is other than nervousness about the US Asia was very weak yesterday but it's better today The banks were particularly weak, as were resources despite stronger commodity prices Things should be looking better than they are but it emphasises the nervousness around and strong selling pressure It does seem a little bit overdone" Mr Anderson said He said an expected 50-basis points interest rate cut in the US this week had already been factored into the market Excluding aluminium, base metal prices on the London Metal Exchange improved Regardless, the big diversified miners closed down BHP Billiton had dipped $1.10, or 2.99 per cent, to $35.70 and takeover target Rio Tinto had shed $4.93 to $113.57 In Asian trading today, the spot price of gold hit a record high of $US929.40 At 4.24pm (AEDT), the spot price of gold in Sydney was $US927.75 per fine ounce, up $US15.50 from Friday's close of $US912.25 per fine ounce The gold producers were mixed Lihir Gold edged down two cents to $3.76, Newmont Mining gained 20 cents to $6.14 and Newcrest Mining had lost 90 cents to $33.75 Preliminary market turnover was 1.84 billion shares worth $6.73 billion, with 515 shares up, 723 down and 308 unchanged |
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x NOTE #66 |
Notes as at 30th January 2008 Brett's Total as at 29th January - $307017 Brett's Total as at 30th January - $309762 Up by $2745 for the day!! *** At the close of business - "Stocks close weaker" The Australian share market closed lower on Wednesday following a downturn on Asian markets despite gains on Wall Street where investors were anticipating another interest rate cut by the US Federal Reserve On the local bourse, banking stocks led the way downwards but the big miners were firmer CMC Markets senior dealer James Foulsham said the local bourse had started off well but was pulled back when rumours circulated that there may be some more unwinding of margin positions in certain stocks in the financial sector Mr Foulsham said investors were nervous "We think there might be someone selling off, but we don't have any details" Mr Foulsham said "The way the market reacted today was just out of the blue" At the 1615 AEDT close, the S&P/ASX200 index was down 97.8 points, or 1.71 per cent, to 5618.7, and the All Ordinaries dropped 89.2 points, or 1.55 per cent, to 5665.3 On the Sydney Futures Exchange, the March share price index futures contract was 126 points lower at 5595 on a volume of 32,690 contracts, according to preliminary calculations On Wall Street overnight, the Dow Jones industrial average rose 96.41 points to 12,480.30 as expectations of another Federal Reserve interest rate cut to shore up the economy fuelled a further recovery in shares of banks, insurers and home builders In the resources sector, global miner BHP Billiton added 41 cents to $36.11, Rio Tinto improved 77 cents to $114.34, and Alumina jumped 21 cents to $5.50 In the gold sector, Lihir Gold scraped off one cent to $3.75 despite lifting annual gold production by 7.7 per cent to a new record and forecasting a further increase in the current year Newmont shed three cents to $6.11, but Newcrest added $1.25 to $35.00 The price of gold in Sydney at 1631 AEDT was $US920.60 per fine ounce, down $US6.90 on Tuesday's close of $US927.50 Preliminary national turnover was 1.61 billion shares worth $6.48 billion, with 756 stocks down, 488 up and 313 unchanged Notes as at 1st February 2008 Brett's Total as at 31st January - $311577 Brett's Total as at 1st February - $324310 Up by $12733 for the day!! Up by $17293 over the past three trading days!! This is an average increase of $5764 per day!! The lowest total of $273964 was on 22nd January 2008 Today's total represents an increase of $50346 over the seven trading days since that date!! *** At the close of business - "Australian stocks rise strongly" The Australian share market rose strongly today following a solid lead from Wall Street, higher prices for base metals, and investors searching for high-yielding stocks On Wall Street overnight, the Dow Jones industrial average rose 207.53 points, or 1.67 per cent, to 12,650.36 ABN Amro Morgans private client adviser Simon Ferguson said the local market was very strong today, with resources stocks leading on the back of good price rises for commodities overnight There was also strong speculation that global miner BHP Billiton would soon make a formal takeover bid for rival Rio Tinto Mr Ferguson said the market was still volatile and investors would be keenly awaiting payroll figures to be released tonight in the US, which would give some indication of the health of the American economy "These 200-point swings in a day still keep people on the sidelines at the moment" Mr Ferguson said "Our market is over-reacting one day and then over-correcting the next - it's uncertainty, investors really don't know which way the market is going" At the 1615 AEDT close, the benchmark S&P/ASX200 was up 192.6 points, or 3.41 per cent, at 5842.9, while the broader All Ordinaries lifted 185.3 points, or 3.25 per cent, to 5882.3 On the Sydney Futures Exchange, the March share price index futures contract added 177 points to 5,802, on a volume of 38,629 contracts, according to preliminary calculations In the resources sector, BHP Billiton surged $1.50 to $38.55. Rio Tinto ascended $4.31 to $127.31 as it and its joint-venture partners signed long-term contracts to supply iron ore to Hyundai Steel In the gold sector Newmont fell 15c, to $6.04, Lihir fell 3c, to $3.69, and Newcrest rose 43c, to $35.36 The price of gold in Sydney was $US925.00 per fine ounce, down US25c on Thursday's close of $US925.25 Notes as at 4th February 2008 Brett's Total as at 1st February - $324310 Brett's Total as at 4th February - $330494 Up by $6184 for the day!! (Friday to Monday) Up by $23477 over the past four trading days!! This is an average increase of $5869 per day!! The lowest total of $273964 was on 22nd January 2008 Today's total represents an increase of $56530 over the eight trading days since that date!! *** At the close of business - "Aussie stocks close higher" The Australian share market closed higher today after a positive lead from Wall Street and local speculation over the big miners' mooted mergers US stocks rose on Friday, capping Wall Street's best week in almost five years, after Microsoft Corp's $US44.6 billion ($A49.86 billion) bid for Yahoo Inc overshadowed news that American employers cut payrolls for the first time since 2003 The Dow Jones industrial average finished up 92.83 points to 12,743.19, the Standard & Poor's 500 Index closed 16.87 points higher to 1,395.42 and the tech-heavy Nasdaq Composite Index had added 23.50 points to 2,413.36 Here, the benchmark S&P/ASX200 was up 24.5 points, or 0.42 per cent, at 5867.4, while the broader All Ordinaries lifted 39.4 points, or 0.67 per cent, to 5,921.7 On the Sydney Futures Exchange, the March share price index contract was up 52 points, or 0.87 per cent, at 5,830 on 35,601 contracts CMC Markets chief analyst David Land said that while the major indices finished ahead, they had slipped back from earlier highs of more than 6,000 points "We are keeping up that recurring theme of late of large trading ranges over the course of the day" Mr Land said "Today's trading fell short of expectations reflected in earlier futures trading A lot of it in the early part of the day was gains on the BHP share price and on the Rio share price, and some of the banking stocks That's what was driving everything earlier in the day" Since morning trade, the banking stocks had reversed although big retailers, including Woolworths and Wesfarmers, had had a good day, Mr Land said BHP Billiton was up 77 cents, or two per cent, to $39.32 and Rio Tinto was up 80 cents, or 0.63 per cent, to $128.11 The spot price of gold in Sydney was $US909.50 per fine ounce, down $US16.40 from Friday's close of $US925.90 per fine ounce The gold producers were mixed, with Lihir Gold down 12 cents to $3.57, Newmont Mining losing 11 cents to $5.93 and Newcrest up 73 cents to $36.09 Preliminary market turnover totalled 1.85 billion stocks with a total value of $6.77 billion, with 699 shares up, 555 down and 322 unchanged |
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x NOTE #67 |
Notes as at 5th February 2008 Brett's Total as at 4th February - $330494 Brett's Total as at 5th February - $326514 A fall of $3980 for the day!! *** At the close of business - "Stocks close in negative territory" The Australian share market closed in the red on Tuesday, as the Reserve Bank of Australia's decision to lift official interest rates depressed investor sentiment The benchmark S&P/ASX200 finished down 74.5 points or 1.27 per cent, to 5,792.9, while the broader All Ordinaries had shed 69.6 points, or 1.18 per cent, to 5,852.1 On the Sydney Futures Exchange at 1618 AEDT, the March share price index contract was down 69 points at 5,773 on a volume of 29,060 contracts MF Global's head trader of institutional equities, Anthony Anderson, said it was a disappointing day, with the market running out of steam due to nervous investors "The property sector is the one that is causing the troubles" Mr Anderson said "The market started out well and we saw some strength in the banking sector" he said "Then people starting counting on the likelihood of the interest rate rise, so a lot of investors saw it as an opportunity to take some profit, knowing bad news would filter through later in the day" Shares in Rio Tinto had weakened ahead of BHP Billiton's deadline on Wednesday to make a formal takeover offer for its rival, or wait six months for another opportunity, under the UK's "put up or shut up" takeover legislation Rio Tinto closed 76 cents lower at $127.35, while BHP Billiton finished 33 cents stronger at $39.65 The spot price of gold was trading at $US901.50 per fine ounce at 1621 AEDT, down $US8.20 on Monday's local close of $US909.70 per fine ounce. The gold miners were weaker Newcrest had lost 53 cents to $35.56, Lihir had shed 11 cents to $3.46 and Newmont had dropped 28 cents to $5.65 According to preliminary data, total market turnover was 1.59 billion worth a total value of $5.47 billion, with 422 stocks up, 765 down and 344 unchanged In the US overnight, the Dow Jones industrial average lost 108.03 points to 12,635.16, the Standard & Poor's 500 Index was down 14.60 points to 1,380.82 and the Nasdaq Composite Index had slipped 30.51 points to 2,382.85 Notes as at 6th February 2008 Brett's Total as at 5th February - $326514 Brett's Total as at 6th February - $314923 A fall of $11591 for the day!! And that is a fall of $15571 over the past two trading days!! *** At the close of business - "ASX tumbles after Wall St falls" The Australian share market closed weaker amid fresh jitters over a massive drop on Wall Street and disappointment over BHP Billiton's first half profit slump In the US overnight, stocks suffered their biggest drop in nearly a year after data showed the worst monthly contraction in the services sector since the last recession, and Standard & Poor's warned it might cut bank credit ratings The Dow Jones industrial average was down 370.03 points, or 2.93 per cent, at 12,265.13 The Standard & Poor's 500 Index was down 44.18 points, or 3.20 per cent, at 1,336.64 The Nasdaq Composite Index was down 73.28 points, or 3.08 per cent, at 2,309.57 In Australia, the benchmark S&P/ASX200 was down 183.5 points or 3.17 per cent to 5609.4, while the broader All Ordinaries was down 174.5 points or 2.98 per cent at 5677.6 On the Sydney Futures Exchange, the March share price index futures contract was down 214 points or 3.71 per cent to 5576 points on a volume of 28,669 contracts Investors punished BHP, which posted a dip in first-half net profit, after exchange rate movements and higher input costs affected its bottom line BHP's result was overshadowed by the company's announcement of a formal $US147.4 billion ($A164.5 billion), 3.4-to-one share bid for rival Rio Tinto Ltd BHP shares nose-dived $2.99 to $36.66, while its intended prey Rio also slumped 21 cents $127.14 Rio Tinto said it was examining BHP's proposal, which was the second biggest takeover offer yet made, according to financial data CMC Markets senior dealer James Foulsham said investors were unsettled by steep falls on Wall Street overnight More surprising was investors' unhappiness with BHP Billiton and Rio despite mounting speculation over the merger "One of the factors is BHP reported this morning and their figures were a little bit worse than expected and that's pushed the stock down" Mr Foulsham said The spot price of gold was $US890.50 per fine ounce, down $US12.50 on yesterday's local close of $US903.00 per fine ounce The gold miners were weaker Newcrest lost $1.21 to $34.35, Lihir shed eight cents to $3.38 and Newmont dropped eight cents to $5.57 On the market overall, a total of 1.51 billion shares changed hands worth $6.95 billion with 263 stocks up, 978 down and 282 unchanged Notes as at 11th February 2008 Brett's Total as at 8th February - $316471 Brett's Total as at 11th February - $310776 Another fall of $5695 for the day!! (Friday to Monday) *** At the close of business - "Local stocks fall on RBA rates forecast" The Australian share market closed just over two per cent lower after the Reserve Bank of Australia (RBA) warned that more interest rate rises were inevitable Banks led the sharp sell-off At the close, the benchmark S&P/ASX200 was 120.4 points, or 2.13 per cent, lower at 5537.6, while the All Ordinaries lost 120.8 points, or 2.11 per cent, to 5603.1 On the Sydney Futures Exchange, the March share price index contract was 71 points lower at 5522, on a volume of 22,146 contracts Austock Securities senior client adviser Michael Heffernan said the RBA's forecast of further interest rate rises weighed heavily on the market "The statement from the Reserve Bank today, which indicated interest rates were likely to increase in the near future, has acted like a wet blanket for the market" Mr Heffernan said "I think the market has taken no prisoners today, there's no sector at all that is up, and the banks were hit pretty heavily being interest rate sensitive" The market got off to a poor start following a weak lead from Wall Street on Friday, when the Dow Jones industrial average lost 64.87 points to 12,182.13 The big miners were weaker, with BHP Billiton shedding 29 cents to $35.85 and rival Rio Tinto losing $3.23 to $121.77 The spot price of gold was higher and at 1623 AEDT was trading at $US920.75 an ounce, up $US10.15 an ounce on Friday's local close The gold miners were stronger, with Newmont putting on 12 cents to $5.68, Lihir gaining seven cents to $3.68 and Newcrest adding 24 cents to $35.94 Preliminary market turnover reached 1.25 billion, worth $4.67 billion, with 379 stocks up, 832 stocks moving down and 325 unchanged |
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x NOTE #68 |
Notes as at 14th February 2008 Brett's Total as at 13th February - $310242 Brett's Total as at 14th February - $315651 An increase of $5409 for the day!! *** At the close of business - "Weak banks drag the market lower" The Australian sharemarket closed lower yesterday, pulled back by a weaker banking sector, which was affected by a disappointing half-year profit from the Commonwealth Bank Ausbil Dexia's director of equities, Paul Xiradis, said the banks had been the main drag on the local bourse, and all were down sharply "That's following on from the CBA result which came out, which was below expectations Perhaps what the market is drawing from that is it has ramifications for the whole banking sector" Mr Xiradis said The benchmark ASX200 index was down 66.0 points, or 1.18 per cent, at 5542.1, while the broader All Ordinaries index fell 54.1 points, or 0.95 per cent, to 5615.3 On the Sydney Futures Exchange, the March share price index futures contract reversed 36 points to 5553, on a volume of 30,346 contracts In resources, Rio Tinto, which reported its full-year results after the market had closed, rose 81c to $128.61 and BHP Billiton added 44c to $37.35 In the gold sector, Newmont was 42c lower at $5.26, Newcrest slipped 3c to $36.70 and Lihir eased 2c to $3.67 National turnover was 1.6 billion shares worth $6.95 billion, with 694 stocks down, 531 up and 325 unchanged |
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x NOTE #69 |
Notes as at 15th February 2008 Brett's Total as at 14th February - $315651 Brett's Total as at 15th February - $312700 Down by $2951 for the day!! *** At the close of business - "Australian stocks fall" The Australian stock market closed in negative territory with global credit woes and slowing US economic growth weighing on the local bourse At the close, the benchmark S&P/ASX200 index was 78.2 points or 1.38 per cent lower to at 5606.6, while the All Ordinaries lost 68.4 points or 1.18 per cent to 5679.8 On the Sydney Futures Exchange, the March share price index contract was 78 points lower at 5588, on a volume of 23,981 contracts CMC Markets senior dealer Dominic Vaughan said the local market had been influenced by the negative news coming out of the US "We're very much being hammered by what's happening in the global credit market and the slowing of growth in the US" Mr Vaughan said "The only sector that has maintained its momentum and been relatively strong today has been the resource sector, which is probably why we haven't seen further downside in the ASX/200" BHP Billiton added 26 cents to $39.29 and rival Rio Tinto picked up $3.33 to $137.10 The market got off to a poor start following a weak lead from Wall Street overnight after US Federal Reserve chairman Ben Bernanke warned of sluggish economic growth ahead The Dow Jones industrial average lost 175.09 points, or 1.39 percent, to close at 12,377.15 The spot price of gold was stronger and at 1622 AEDT was trading at $US909.30 an ounce, up $US1.90 an ounce on yesterday's local close of $US907.40 per fine ounce The gold miners were weaker, with Newcrest losing 86 cents to $35.14, Lihir falling five cents to $3.51 and Newmont dropping 13 cents to $5.35 Preliminary market turnover reached 1.32 billion, worth $6.18 billion, with 422 stocks up, 729 stocks down and 354 unchanged Notes as at 18th February 2008 Brett's Total as at 15th February - $312700 Brett's Total as at 18th February - $307117 Down by $5583 for the day!! (Friday to Monday) Total has dropped by $8534 over the last two trading days!! *** At the close of business - "ASX closes in negative territory" Once again the sharemarket closed lower than it opened, led by heavy falls in the banks, the backbone of the retail investors' share portfolios But the result wasn't as bad as it could have been The ASX200 index closed 48.2 points lower at 5558.4, while the All Ordinaries was 45.8 lower at 5634 Trading on the Sydney Futures Exchange, gloomy all day, ended in an apparent fit of optimism, jumping from a discount to a 20-point premium in the final minutes of the day trade, closing down 41 at 5578 on lower than normal volume of 21,207 contracts Bad news from the ANZ Banking Group, following on last week's less than cheering news from the Commonwealth, belted the market into the creek "The banks were the real drag on the market today" CMC Markets senior dealer Dominic Vaughan said "ANZ came out with a $US200 million ($220.7 million) derivative writedown from one of the US insurers The financial sector, especially the majors, continue to come under pressure They have been sold off aggressively since the start of the year" The big miners were also weaker, with BHP Billiton falling 33c to $38.96 and rival Rio Tinto losing $3.10 to $134.00 In the golds, Lihir was up 5c to $3.56, Newcrest fell 92c to $34.22 and Newmont down 2c to $5.33 Total market turnover reached 1.26 billion shares, worth $5.78 billion |
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x NOTE #70 |
Notes as at 21st February 2008 Brett's Total as at 20th February - $309351 Brett's Total as at 21st February - $315445 Up by $6094 for the day!! *** At the close of business - "ASX buoyed by earnings results" The Australian share market closed firmly in the black as solid earnings results from Telstra, Qantas, Fairfax and other major companies, along with a stronger resources sector and buoyant US market, boosted investor sentiment Wall Street was up overnight, amid speculation of another interest rate cut by the US Federal Reserve to stave off a recession The Dow Jones industrial average closed 90.04 points higher to 12,427.26, the Standard & Poor's 500 Index gained 11.25 points to 1,360.03 and the Nasdaq Composite Index added 20.90 points to 2,327.10 Here, the benchmark S&P/ASX200 index was up 86.9 points, or 1.58 per cent, at 5,583.4 while the broader All Ordinaries index rose 85.7 points, or 1.54 per cent, to 5,663 On the Sydney Futures Exchange, the March share price index contract was 100 points higher at 5,552 on a volume of 30,780 contracts CMC Markets senior dealer Dominic Vaughan said the resource sector was very strong, continuing to underpin the broader market "The oil companies are stronger but the drag on the market is still coming from the financial sector, with ANZ and NAB down Overall, it has been a very positive day for company earnings, with Brambles, Telstra and Babcock & Brown all reporting very strong earnings" Investment house Babcock & Brown forecast 15 per cent earnings growth this year after boosting its 2007 profit by about 70 per cent Its shares added $1.43, or 9.33 per cent, to $16.76 The spot price of gold in Sydney was $US940.20 per fine ounce, up $US12.20 on last night's close of $US927.90 Newcrest firmed 96 cents to $36.66, Lihir Gold picked up 15 cents to $3.90 and Newmont was 12 cents higher at $5.57 Preliminary market turnover was 1.57 billion shares worth $7.62 billion, with 657 stocks up, 505 down and 350 unchanged Notes as at 22nd February 2008 Brett's Total as at 21st February - $315445 Brett's Total as at 22nd February - $318580 Up by $3135 for the day!! An increase of $9229 in the last two trading days!! *** At the close of business - "Stocks falls on US growth fears" The Australian share market closed the week in negative territory, with continuing fears of slowing US growth dragging the bourse lower At the close, the benchmark S&P/ASX200 index was 23.5 points or 0.42 per cent lower at 5559.9, while the All Ordinaries dropped 18.5 points or 0.33 per cent to 5644.5 On the Sydney Futures Exchange, the March share price index contract was 26 points lower at 5529, on a volume of 28,910 contracts CMC Markets senior dealer Dominic Vaughan said continuing fears of a recession in the US weighed heavily on the financial sector, particularly the banks "The banks are extremely heavy again, the financial sector has such a heavy weighting on the index and there is a fair amount of negativity out there at the moment" Mr Vaughan said "The main drag on the market is coming out of the US and talk of it going deeper into recession The energy sector has also pulled back today and Santos continues to fall after its profit result yesterday" The local market got off to a poor start following a weak lead from Wall Street overnight, with the Dow Jones industrial average losing 142.96 points, or 1.15 per cent, to 12,284.30 The big miners were stronger, with BHP Billiton adding 73 cents to $39.73 and rival Rio Tinto gaining $1.92 to $135.60 The spot price of gold was higher and was trading at $US948 an ounce, up $US6.10 on Thursday's local close of $US941.90 an ounce The gold miners were weaker despite the gold price rise, with Newcrest falling 74 cents to $35.92 and Newmont dropping 12 cents to $5.45 Lihir Gold, Australia's second largest gold mining company, lost two cents to $3.88 after a $1.2 billion restructure of its hedge book Preliminary market turnover reached 2.01 billion shares worth $6.39 billion with 551 stocks up, 625 down and 346 unchanged Notes as at 25th February 2008 Brett's Total as at 22nd February - $318580 Brett's Total as at 25th February - $325765 Up by $7185 for the day!! (Friday to Monday) An increase of $16414 in the last three trading days!! Up by an average of $5471 per day!! *** At the close of business - "Stocks close firmly in black" The Australian share market closed firmly in positive territory driven by a strong lead from Wall Street on Friday In the US on Friday, the Dow Jones industrial average rose 96.72 points to 12,381.02, the Standard & Poor's 500 Index gained 10.58 points to 1,353.11 and the Nasdaq Composite Index added 3.57 points to close at 2,303.35 Here, the benchmark S&P/ASX200 index was up 61.7 points, or 1.11 per cent, at 5,621.6 points while the broader All Ordinaries index rose 55.3 points, or 0.98 per cent, to 5,699.8 On the Sydney Futures Exchange, the March share price index futures contract was 81 points higher at 5601 points on volume of 24,087 contracts CommSec chief equities economist Craig James said financial stocks were stronger, buoyed by speculation that US banks were putting together a rescue plan to bail out bond insurer Ambac Financial, a deal that could prevent further damage to the banking industry and credit markets Mr James said it had been a strong day for local banks "Also, Citigroup has come out with upgrades for a number of the banks, in particular Commonwealth Bank and Westpac, which are benefiting from that news" he said "A number of institutions now believe that the banking sector has become cheap" Profit reports released by Transfield, BlueScope Steel and Zinifex Ltd were above market expectations, sending those shares higher Of those, Transfield was the best performer, adding $2.30, or 24.21 per cent, to $11.80 after nearly doubling its first half profit to $41.22 million (NOTE - Brett has 2000 of these shares!!) Gold and base metal prices were slightly softer and this had not provided a convincing lead for the miners, Mr James said BHP Billiton was down 68 cents to $39.05 and Rio Tinto finished 17 cheaper at $135.43 The spot price of gold in Sydney was $US947.00 per fine ounce, down $US1.30 on Friday's close of $US948.30 per fine ounce The gold miners were mixed. Lihir Gold was steady at $3.88, Newcrest was 38 cents stronger to $36.30 and Newmont lost five cents to $5.40 Preliminary market turnover was 1.42 billion shares changed hands worth $5.61 billion, with 571 shares up, 606 down and 357 unchanged Notes as at 26th February 2008 Brett's Total as at 25th February - $325765 Brett's Total as at 26th February - $327294 Up by $1529 for the day!! An increase of $17943 in the last four trading days!! Up by an average of $4486 per day!! *** At the close of business - "Australian stocks up on strong US lead" The Australian share market closed in the black following a strong US lead overnight, with bank stocks and consumer staples performing strongly The benchmark S&P/ASX200 was 44.5 points or 0.79 per cent higher at 5666.1, while the All Ordinaries put on 46 points or 0.81 per cent to 5745.8 On the Sydney Futures Exchange, the March share price index contract was up 50 points at 5,659 on a volume of 28,483 contracts CommSec market analyst Savanth Sebastian said the National Australia Bank (NAB) and Commonwealth Bank led the financial sector Mr Sebastian said a stronger Wall Street overnight after two large US bond issuers received positive credit ratings had a big effect on the local market The Dow Jones industrial average closed up 189.20 points, or 1.53 per cent, at 12,570.22, the Standard & Poor's 500 Index finished up 18.69 points, or 1.38 per cent, at 1,371.80 and the Nasdaq Composite Index rose 24.13 points, or 1.05 per cent, to settle at 2,327.48 "MBIA retained its triple A credit rating and Ambac (both bond insurers) was also given that rating, but it is still on review - it's certainly better news than what the market expected" Mr Sebastian said "Tonight we get US producer prices, consumer confidence numbers, home price numbers and the manufacturing index, which the market will be looking at tomorrow It's all leading into the US GDP numbers, which will come out towards the end of the week" "Base metals were weaker overnight ... which saw a bit of profit-taking in the resources sector" Mr Sebastian said The big diversified miners were weaker. BHP Billiton dipped 30 cents to $38.75 while Rio Tinto shed $1.75 to $133.68 The spot price of gold in Sydney was $US932.30 an ounce, down $US15.40 on yesterday's local close of $US947.70 an ounce The gold miners were weaker. Newcrest lost 73 cents to $35.57, Lihir fell nine cents to $3.79 and Newmont shed eight cents to $5.32 Preliminary market turnover totalled 1.53 billion shares worth $7.19 billion, with 653 stocks up, 600 stocks down and 330 unchanged Notes as at 27th February 2008 Brett's Total as at 26th February - $327294 Brett's Total as at 27th February - $336758 Up by $9464 for the day!! An increase of $27407 in the last five trading days!! Up by an average of $5481 per day!! *** At the close of business - "Stocks stronger for third straight day" The Australian share market marked its third straight day of gains, with the banks making a run higher and strong commodities boosting the big miners Aequs Securities institutional dealer Ric Klusman said there has been a strong run across the board, but the miners and banks bolstered the market "We have had s strong run across the board with Rio up about nearly three dollars and BHP also up" he said "The banks have really been the carriers today" The benchmark S&P/ASX200 index was up 101.1 points, or 1.78 per cent, to 5767.2 points while the broader All Ordinaries index climbed 96.7 points, or 1.68 per cent, to 5,842.5 On the Sydney Futures Exchange the March share price index futures contract was up 85 points at 5,742 on a volume of 24,247 contracts Mr Klusman said the speech by US Federal Reserve chairman Ben Bernanke due later Wednesday would be keenly watched, with some market participants nervous about what he might say about the US economy Mr Klusman said recent comments by former Fed chairman Alan Greenspan about the US slipping into recession and home prices bottoming out would weigh on the mind of Dr Bernanke A record oil price coincided with the Dow Jones industrial average rising 114.70 points to close at 12,684.92 overnight, while the Nasdaq Composite Index was up 17.51 points at 2,344.99 on news IBM plans to buy back $15 billion of its own shares In London overnight, tin prices hit a record high, copper was stronger and aluminium and lead were up also BHP Billiton ended the day up $1.10 at $39.85, while takeover target Rio Tinto gained $2.52 to $136.20 The spot price of gold in Sydney was $US953.70 per fine ounce, up $US22.50 on Tuesday's local close of $US931.20 an ounce The gold miners were stronger. Newcrest jumped $2.43 to $38.00, Anglo Gold Ashanti found 12 cents to $7.56 and Newmont was 13 cents more expensive to $5.45 Australia's largest engineering company, WorleyParsons met its ambitious growth targets, with a 62 per cent jump in interim profit and forecast higher earnings in the second half Investors liked the news pushing WorleyParsons shares up by 2.35 per cent, or 94 cents, to $40.94 Preliminary market turnover totalled 1.52 billion shares worth $6.51 billion, with 710 stocks up, 599 stocks down and 316 unchanged |