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Welcome To The Australian Investor

ASX Midday Market Wrap – 3rd July 2009 – Shares Sink in Morning Trade

Australian shares sank this morning on the back of significant losses on Wall Street and European markets overnight.

At 1200 AEST the ASX 200 was down 56.3 points to 3821.0 and the All Ordinaries had fallen 54.1 points to 3821.1.




At midday all sectors were posting losses.

In company news, Catalpa Resources has reported encouraging results form regional auger geochemical sampling carried out along strike at the Edna May Operation. Results have defined coherent surface geochemical anomalies of up to two kilometres wide. In addition several new anomalies have been produced in previously unexplored areas.



Emergent Resources has entered into a commercial in-confidence non-binding memorandum of understanding with China Metallurgical Investment Co Ltd. The agreement is for the development of the company’s Beyondie Iron Project. The MOU provides for a 50:50 development JV and the provision of $A200 million in funding for the project, subject to satisfactory due diligence and completion contracts.



Avoca Resources Ltd has announced a record 52 118 ounces of gold production for the June quarter from its Higginsville gold project. The record June result contributes to Avoca’s first year as a gold producer of 130 594 ounces. The company has reported that it remains confident it will produce plus 190 000 ounces in the next financial year.

Downer EDI Limited posted today’s greatest gains up 14 cents or 2.66% to $5.40.

News Corporation posted posted today’s greatest losses down 54 cents or 4.07% to $12.72



At 1200AEST the 12 GICS indices were:-

Discretion 1,264.7 down 18.6
Energy 14,098.1 down 161.4
Financials 3,591.7 down 47.9
Fin-x-property 4,128.2 down 52.9
Gold 4,928.0 down 104.2
Healthcare 7,935.9 down 93.0
Industrials 2,868.0 down 40.0
Info Technology 506.2 down 8.9
Materials 9,769.6 down 233.8
Metals and Mining 3,493.3 down 88.1
Property Trusts 732.0 down 11.7
Consumer Staples 6,528.3 down 36.6
Telecommunications 1,153.0 down 9.3
Utilities 3,885.4 down 11.6

Individual stock performances

BHP Billiton was at $33.34 down 96 cents. Rio Tinto was at $51.75 and was unchanged.

Banks

Westpac at $19.28 down 30 cents. NAB at $21.67 down 18 cents. ANZ at $16.11 down 2 cents. Commonwealth Bank was at $37.05 down 37 cents.

Media

News Corp at $12.69 down 57 cents. The Seven Network at $5.46 down 4 cents. John Fairfax at $1.14 down 3 cents.

Retail

Woolworths at $25.83 down 16 cents. Harvey Norman at $3.19 down 2 cents. David Jones was at $4.51 down 1 cent.

Toll Holdings at $6.01 down 10 cents. Qantas at $1.90 down 6.5 cents.

Gold

Gold is currently trading at $US931.50 up US50 cents an ounce.

Oil

Light sweet crude oil is currently trading at $US66.18 down US55 cents a barrel.

Dollar

The Australian dollar opened lower, as investor expectations of a recovery in the US economy were dampened after the US unemployment rate hit a 26-year high

At 1205 AESDT the Australian dollar was:

AUD/USD .7919
AUD/EUR .5677
AUD/GBP .4849
AUD/JPY 76.341
AUD/NZD 1.264


US Stock Market Report – 3rd July 2009 – Jobs Report Weighs on Stocks

Stocks tumbled Thursday, with the Dow losing 223 points, following a worse-than-expected jobs report hammered hopes that the economy is close to stabilising.

The Dow Jones industrial average fell 223.32 points, or 2.63 per cent to 8280.74 and the Nasdaq lost 49.20 points, or 2.67 per cent to 1796.52.

The New York Stock Exchange reported that trading will be extended until 4:15 p.m. ET instead of the usual 4:00 p.m. ET close, so as to allow customers to put through orders that were impacted by system irregularities. The NYSE did not specify what the irregularities were.

Declines were broad based, with all 30 Dow stocks falling, led by oil components Chevron and Exxon Mobil. IBM, Boeing, United Technologies and Wal-Mart were the other big losers.

Financial shares tumbled, including Dow components American Express, JPMorgan Chase and Travelers Companies.

All US financial markets are closed Friday for the Independence Day holiday.

Stocks climbed Wednesday on the first day of the third quarter as investors found some encouragement in the day's housing and manufacturing reports. But the advance lost steam Thursday, with the jobs report giving investors a reason to retreat after a strong second quarter.

In the April-through-June period, the S&P 500 gained 15.2 per cent, its best quarter in more than a decade. The Dow rose 11 per cent and the Nasdaq 20 per cent. Both indexes posted their best quarters since the second of 2003.

Stocks rallied on hopes that the economy was starting to stabilize after the six months of panic that followed the collapse of Lehman Brothers last September.

Lately, stocks have churned on concerns that the market got ahead of itself.

In economic news, employers cut 467 000 jobs from their payrolls in June, after cutting 322 000 jobs in May, the Labour Department reported Thursday. That made June the first month in four in which job losses rose from the previous month. Economists surveyed by Briefing.com expected 365 000 job losses.

The unemployment rate, generated by a separate survey, rose to 9.5 per cent from 9.4 per cent, short of forecasts for an increase to 9.6 per cent.

The number of Americans filing new claims for unemployment fell to 614 000 last week from a revised 630 000 the previous week, the Labor Department reported. Economists thought claims would fall to 615 000.

May factory orders rose 1.2 per cent, the Commerce Department reported, versus forecasts for a rise of 0.9 per cent. Factory orders rose a revised 0.5 per cent in April.

In company news, Exelon has sweetened its hostile takeover offer for rival power generator NRG Energy. The all-stock offer is $8 billion versus the previous offer of $7 billion.

Johnson & Johnson will take an 18 per cent equity stake in biotech Elan in exchange for a $1 billion investment. J&J will also buy Elan's share of its Alzheimer's disease treatment program with Wyeth.

US-traded shares of Elan gained 11 per cent in active New York Stock Exchange trading.

In commodities, COMEX gold for August delivery fell $10.60 to settle at $930.70 an ounce.

US light crude oil for August delivery fell $2.37 to $66.94 a barrel on the New York Mercantile Exchange.

In currency trading, the US dollar gained versus the euro and fell against the yen.

On Australian dollar currently buys:

AUD/USD .7936
AUD/EUR .5671
AUD/GBP .4842
AUD/JPY 76.110
AUD/NZD 1.263

In overseas trade, Britain's FTSE 100 was down 2.45 per cent, Germany's DAX lost 3.81 per cent and France's CAC 40 fell 3.13 per cent.
Latest International Stockmarket Indices
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Market News

[EMG] MOU with Chinese Group for Development of Beyondie
03-Jul-2009

[BHP] Sale of Yabulu Nickel Refinery, Queensland
03-Jul-2009

[SGM] Acquisition of Fairless
03-Jul-2009

[CNT] Private Placement
03-Jul-2009

[AVO] Record 52 118 Ounce June Quarter
03-Jul-2009

[QFX] Non-Renounceable Rights Issue
03-Jul-2009

[SEY] Placement
03-Jul-2009

[PVE] Po Valley commences drilling Sillaro2 production well
03-Jul-2009

[FSE] Resource Upgrade and Sekoko Agreement
03-Jul-2009

[CAH] Exploration Results Encouraging
03-Jul-2009

Morning Market Mood - Gold
03-Jul-2009

Morning Market Mood - Oil
03-Jul-2009

Morning Market Mood - Dollar
03-Jul-2009

[GRK] GRK to develop WA`s first geothermal energy project
02-Jul-2009

[PAN] Record Nickel Production
02-Jul-2009

[MSR] Drilling recommences on the South West Kyrgyz Gold Project
02-Jul-2009

[AEE] Drilling to Commence at Gunbarrel Basin JV Project
02-Jul-2009

[SAU] RC Drilling Commences at Golf Bore Prospect
02-Jul-2009

[THX] Thunderball Gamma Survey Results
02-Jul-2009

[EXT] Rossing South Zone 1 Resource Upgrade
02-Jul-2009

[NTU] Placement to raise $1.125 Million
02-Jul-2009

[HDF] Completion of institutional component of equity raising
02-Jul-2009

[CCU] Wonawinta feasibility study to Commence
02-Jul-2009

[BNO] US Clinical Trial of BNC105 in Renal Cell Cancer
02-Jul-2009

[NQM] Twin Hills Acquisition
02-Jul-2009

[CXN] ConnXion signs Fairfax Media Group
02-Jul-2009

[PLB] Perth Mortgage Broking Acquisition
02-Jul-2009

[SXE] Tiwest Contract Award
02-Jul-2009

Morning Market Mood - Gold
02-Jul-2009

Morning Market Mood - Oil
02-Jul-2009

Morning Market Mood - Dollar
02-Jul-2009

[CLQ] Clean TeQ Awarded Air Contract
01-Jul-2009

[UNI] Unilife and sanofi-aventis Sign Industrialisation Agreement
01-Jul-2009

[THX] East Kimberley Exploration Agreement
01-Jul-2009

[GBE] Globe Commences Discussions with Potential Chinese Off-Take
01-Jul-2009

[BRW] Breakaway Commences Gold Exploration Drilling
01-Jul-2009

[TOE] Toro awarded WA Govt drilling grant for Lake Mackay Project
01-Jul-2009

[SIU] Acquisition of MasterSoft International Pty Ltd
01-Jul-2009

[SLX] GLE submits License Application to Build and Operate Plant
01-Jul-2009

[LDW] Ludowici Sells Packaging Business in New Zealand
01-Jul-2009

[BVA] BVA signs significant 5 year agreement with J.P. Morgan
01-Jul-2009

[JMS] Jupiter Secures Strategic Investment and Off-Take with POSCO
01-Jul-2009

[TIS] More VitroGro Patents Granted in South Korea and Australia
01-Jul-2009

[GXY] Acqusition of Mt Cattlin Tenement Extension
01-Jul-2009

[NVT] Potential Acquisition of Transport House by Sydney Metro
01-Jul-2009

Morning Market Mood - Gold
01-Jul-2009

Morning Market Mood - Oil
01-Jul-2009

Morning Market Mood - Dollar
01-Jul-2009

[DJS] DJS - David Jones Increases FY09 Profit Guidance
30-Jun-2009

[SLV] Ruukki and Sylvania Announce Proposal to Merge
30-Jun-2009

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