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Welcome To The Australian Investor

ASX Afternoon Market Wrap – 25th July – Market Closes Lower on NAB Credit Warning.

The Australian stock market fell by 3 per cent this afternoon following a National Australia Bank credit warning.

At close of trade the ASX 200 had fallen 173.6 points to 4970.5 and the All Ordinaries were down 157.4 points to 5031.0




At the close the all sectors were positing losses.

The US Geological Survey has found that up to 90 billion barrels of oil and a third of the world's undiscovered natural gas lie beneath an area north of the Arctic Circle. The area currently accounts for about a fifth of the world's recoverable oil and natural gas reserves. At today's current consumption rate, oil found in the Arctic would supply global demand for three years.



In company news, Wynn Resorts Ltd has announced that second-quarter earnings have more than tripled in comparison to the prior corresponding year with hefty tax benefit and strong revenue growth at the Macau property cited for the result. Earnings for the quarter ended June 30 jumped to $US272 million ($A283.84 million). Excluding special items, profit rose 23.3 percent and totalled $US124.3 million.



Energy Resources of Australia Ltd has announced a strong rise in first half profit, following an increase in the price of uranium. The uranium producer reported that output for the six months ended June was lower than for the same period last year, however net profit grew to $38.95 million, from $5.67 million.



Newsat LTD posted greatest gains up 0.1 cents or 50% to 0.3 cents.

Jutt Holdings LTD posted today’s greatest losses down 6 cents or 31.58% to 13 cents.

At 1617 AEDT the 12 GICS indices were:-

Discretion 1,640.6 down 47.3
Energy 16,714.4 down 33.9
Financials 4,705.1 down 330.2
Fin-x-property 5,065.3 down 352.0
Gold 4,995.0 down 32.14
Healthcare 8,339.5 don 94.0
Industrials 4,796.7 down 74.7
Info Technology 490.2 down 29.1
Materials 13,285.4 down 252.5
Metals and Mining 4,624.9 down 99.0
Property Trusts 1,357.1 down 99.3
Consumer Staples 7,123.2 down 130.6
Telecoms 1,509.2 down 4.3
Utilities 5,437.6 down 13.9

Individual stock performances

BHP Billiton was at $36.72 down 83 cents. Rio Tinto was at $113.85 down $1.35.

Banks

Westpac was at $21.93 down 87 cents. NAB was at $26.38 down $4.32. ANZ was at $17.86 down $1.59. Commonwealth Bank was at $43.47 down $2.92.

Media

News Corp was at $15.87 down 41 cents. The Seven Network was at $7.75 down 11 cents. John Fairfax was at $2.91 down 20 cents.

Retail

Woolworths was at $25.45 down 40 cents. Harvey was Norman at $3.29 down 26 cents. David Jones was at $3.34 down 10 cents.

Toll Holdings was at $6.69 down 16 cents. Qantas was at $3.46 down 12 cents.

Food

Coca Cola was at $7.91 up 8 cents. Goodman Fielder was at $1.33 down 0.5 cents.

Insurance

AMP was at $6.74 down 36 cents. QBE was at $23.18 down 85 cents. IAG was at $3.90 up 1 cent.

Gold

Gold rebounded in the local session in spite of crude’s oil declined to a seven-week low overnight.

At the close Gold was trading at $U931.90 up $US9.60 an ounce.

Oil

World oil prices have remained steady in today’s local session in a market calmed by slowing global demand.

US Light sweet crude oil is trading at $US126.17 up US68 cents a barrel.

Dollar

The Australian dollar declined today, heading for its first weekly loss in more than a month, following the National Australia Bank Ltd. set aside more funds for US credit losses.

At the close the Australian dollar was lower against the euro, pound and the yen however made gains against the greenback and the new Zealand dollar.

At 1600 AEDT the Australia dollar was:

AUD/USD .9579
AUD/EUR .6098
AUD/GBP .4822
AUD/JPY 102.318
AUD/NZD 1.289

ASX Midday Market Wrap – 25th July– Local Market Down as Financials tumble.

Australian stocks fell nearly 3 per cent in early trading after Wall Street tumbled and a National Australia Bank credit warning.

At 1200 AEST the ASX 200 was down 156.1 points to 4988.0 and the All Ordinaries was down 13906 points to 5048.8.

At midday majority sectors were posting losses with the Fin-x-property sector posting the highest losses and the Utilities Sector posting the only gain.

In company news, Balkans Gold Limited is pleased to announce that it has received initial metallurgical test work carried out on samples from the Breznik and Rakitivio Projects which have achieved over 90 percent recoveries for both gold and silver. The company has reported that the positive results means the company can progress the projects with confidence.
More test work needs to be carried out, in particular gridding and flotation work, which will be aimed at improving the recoveries of both metals.

Toro Energy Limited is pleased to advise that a new estimate based on 2007 drilling and assay results have doubles the JORC-Inferred resource estimate for the company’s Napperby Uranium Project. The updates inferred resource includes 4.6 million tones at 305ppm (0.031%)U3O8 for 1,420 tonnes of contained uranium oxide (using 200ppm U308 cut off), which is 112 percent more than the last inferred estimate prepared 18 months ago. The company is continuing drilling with a scoping study planned this year to target refine initial extraction parameters of the shallow deposit.

BHP Billiton has announced that it has approved an expenditure of $US625 million for the full field development of the Turrum oil and gas field in the Gippsland Basin. The Turrum development will produce new supplies of natural gas and liquids through new and existing Bass Strait facilities. The company has reported that the project will build on BHP Billiton’s long-life producing asset in Bass Strait as well as adding new supplies of oil and natural gas to meet the future energy needs of South Eastern Australia.

At Midday none of the ASX top 20 of 100 stocks reported gains, with National Australia Bank LTD reporting today’s largest losses down $3.47 or 11.30% to $27.23

At 1200AEST the 12 GICS indices were:-

Discretion 1,648.1 down 39.8
Energy 16,727.7 down 20.6
Financials 4,741.8 down 293.5
Fin-x-property 5,098.3 down 319.0
Gold 4,960.2 down 66.9
Healthcare 8,357.1 down 76.4
Industrials 4,807.8 down 63.6
Info Technology 506.5 down 12.8
Materials 13,301.9 down 236.0
Metals and Mining 4,640.8 down 83.1
Property Trusts 1,375.5 down 80.9
Consumer Staples 7,150.5 down 103.3
Telecommunications 1,498.6 down 14.9
Utilities 5,483.1 up 31.6

Individual stock performances

BHP Billiton was at $38.03 down 52 cents. Rio Tinto was at $114.20 down $1.00

Banks

Westpac at $21.62 down $1.18. NAB at $27.26 down $3.44. ANZ at $18.09 down $1.36. Commonwealth Bank was at $43.51 down $2.88.

Media

News Corp at $15.68 down 60 cents. The Seven Network at $7.78 down 8 cents. John Fairfax at $2.97 down 14 cents.

Retail

Woolworths at $25.65 down 20 cents. Harvey Norman at $3.37 down 7 cents. David Jones was at $3.37 down 7 cents.

Toll Holdings at $6.65 down 20 cents. Qantas at $3.48 down 10 cents.

Gold

Gold declined for a third straight session easing the appeal of the precious metal as an alternative investment.

Gold is currently trading at $US927.70 up $5.40 an ounce.

Oil

Crude oil was little changed after rebounding from a seven-week low yesterday as some traders purchased contracts on speculation prices fell too far during the past two weeks.

One barrel of light sweet crude oil is currently trading at $US125.49 and remains the same.

Dollar

The Australian dollar headed for its first weekly loss in six as the prices of commodities the nation exports, slid on concern global economic growth is slowing.

At Midday the Australian Dollar fell against the euro and the Yen.

At 1205 AESDT the Australian dollar was:

AUD/USD .9557
AUD/EUR .6096
AUD/GBP .4813
AUD/JPY 102.46
AUD/NZD 1.289

US Stock Market Report – 25th July – Housing and Jobs Send Stocks Lower

Renewed fears in regards to the battered housing market in addition to rising unemployment stats sent stocks into a tailspin Thursday.

The Dow Jones industrial average lost 283.10 points, tumbling 2.43 per cent to 11 349.28 and the Nasdaq composite index sank 45.77 points or 1.97 per cent to 2 280.11.

The combination of slumping existing home sales and rising jobless claims renewed investor concerns that tough economic times are far from over.

News sent financial sector stocks reeling, driving the rest of the market down with them.

Stocks opened mixed in the first few minutes of trading, as techs got a boost from a strong quarterly earnings report from Amazon.com, while an $8.7 billion loss from Ford Motor pressured blue chips.

In economic news, a report from the US Labour Department showed new unemployment claims rose much more than expected last week.

New applications filed for jobless benefits rose by a seasonally adjusted 34 000 to 406 000 - a level not seen since hurricanes devastated the Gulf Coast in September 2005.

The National Association of Realtors that showed homeowner sales fell 2.6 per cent to a lower-than-expected 4.86 million annual rate in June.

The economy has stayed in a slump as home sales continue to decline, leading to a slowdown in consumer spending as American homeowners' purchasing power dries up.

The percentage of vacant homes available for sale in the second quarter of 2008 was modestly lower from the record high set in the first quarter, according to Census Bureau figures released Thursday.

The House on Wednesday voted 272-152 to pass sweeping legislation that will throw government support behind struggling mortgage finance giants Fannie Mae and Freddie Mac.

In stock news, Shares of Lennar fell 18.2 per cent, Centex dropped 16.4 per cent, KB Homes sank 15.4 per cent, D.R. Horton lost 13.8 per cent and Hovnanian fell 8.7 per cent all Thursday.

Shares of Washington Mutual led the extensive losses with a 13.3 per cent fall Thursday.

Shares of UBS fell 7.1 per cent after the New York State Attorney General Andrew Cuomo reported he is bringing a multi-billion dollar civil lawsuit against the Swiss bank for allegedly pushing everyday investors into buying troubled auction-rate securities.

Shares of Fannie Mae sank 19.9 per cent and Freddie Mac dropped 18.4 per cent Thursday in spite of positive news from the House.

Internet retailer Amazon.com announced better-than-expected second-quarter earnings after the market's close Wednesday.

Satellite radio companies, XM and Sirius agreed to pay the Federal Communications Commission a $19 million fine for violating radio transmission rules Thursday.

The move was widely expected to clear the path for a merger between the two companies. Shares of XM lost 3.4 per cent and Sirius dropped 9.7 per cent.

In commodities, COMEX gold for August delivery fell US50 cents to settle at $US922.30 an ounce.

Oil prices rose $US1.05 to settle at $US125.49 Thursday after falling nearly $US4 Wednesday on continued concerns about reduced demand.
In currency trading, the US dollar rose against the euro and British pound, however fell marginally against the Japanese yen.

On Australian dollar currently buys:

AUD/USD .9658
AUD/EUR .6117
AUD/GBP .4826
AUD/JPY 102.948
AUD/NZD 1.289

In overseas trade In Europe, Britain's FTSE 100 closed down 1.61 per cent, France's CAC 40 fell 1.38 per cent and Germany’s DAX lost 1.46 per cent.
Latest International Stockmarket Indices
(get latest data...updated every 5 mins)
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Market News

[IDM] Quarterly Activities Update.
25-Jul-2008

[FMS] CID Iron Mineralisation Intersection First Hole
25-Jul-2008

[VIE] Viento Fund Reached $189 Million Under Management.
25-Jul-2008

[BTV] Quarterly Activities Report.
25-Jul-2008

[CLY] Clancy to Explore Further A Class Targets.
25-Jul-2008

[JML] Jabiru Finalises Placement.
25-Jul-2008

[RRL] Erlistoun Gold Deposit Preliminary Metallurgical Results.
25-Jul-2008

[CGS] Cash Flow Positive for Second Half Year.
25-Jul-2008

[NEM] Newmont Mining Gold Sales of 1.27 Million Equity.
25-Jul-2008

[ITT] InterMet pleased with Munderra Project’s First Stage Drilling Program.
25-Jul-2008

[TOE] Toro Energy Doubles JORC-Inferred Estimate at its Napperby Uranium Project.
25-Jul-2008

[BHP] BHP Biliton Approves Turrum Field Development in the Gippsland Basin.
25-Jul-2008

[TEL] Commerce Commission releases a draft mobile co-location.
25-Jul-2008

[BNL] Balkans Gold Pleased with Metallurgical Test Work.
25-Jul-2008

[CVN] Carnavon Petroleum’s Testing is Underway on the Horizontal Appraisal Well.
25-Jul-2008

Morning Market Mood - Gold
25-Jul-2008

Morning Market Mood - Oil
25-Jul-2008

Morning Market Mood - Dollar
25-Jul-2008

[TAP] Woollybutt Reached Production Target.
24-Jul-2008

[OSH] Oil Search Signs MOU with PNG Government.
24-Jul-2008

[IOH] Iron Ore Holdings Partners Rio Tinto.
24-Jul-2008

[HGO] Further Copper-Gold Mineralisation Intersected.
24-Jul-2008

[PCP] Third Diamond Recovered from Central Kimberley Concessions.
24-Jul-2008

[ADU] Adamas Resources Limited Identifies a Further Zone of Mineralisation at its Borkrobo Deposit.
24-Jul-2008

[MEL] Metgasco Limited Upgrades to Largest 2P Gas Reserves in NSW.
24-Jul-2008

[AAR] Arasor Enters into Agreement to sell non-core Assets Worth $US5.9 Million.
24-Jul-2008

[OVR] Overland Resource Limited Receives Further Positive Results from its Yukon Base Metal Project.
24-Jul-2008

[WHN] WHL Acquires 33 percent in Kentucky’s Shale Gas Project.
24-Jul-2008

[TFC] TFS Corporation Acquires Mount Romance Australia for $28.6 million.
24-Jul-2008

[RBY] Rockeby Biomed Limited Receives Bird Flu Test Orders Worth US$230,000.
24-Jul-2008

[ENI] Empowernet International Limited to Merge with Superwoman Financial Solutions Pty Limited.
24-Jul-2008

[CDS] Comdek Limited Increases its Inferred Resource at its South African Deposit.
24-Jul-2008

[ACG] AtCor Medical Signs Contracts to Supply SphygrmoCor® to Leading Pharmaceutical Companies.
24-Jul-2008

Morning Market Mood - Gold
24-Jul-2008

Morning Market Mood - Oil
24-Jul-2008

Morning Market Mood - Dollar
24-Jul-2008

[NFE] Award of Mine Fleet Supply Contracts and Fleet Finance.
23-Jul-2008

[MBI] Launch of UNLIMITED OneNetwork.
23-Jul-2008

[PHK] Successful $1 Million Placement.
23-Jul-2008

[PVE] Italian Exploration and Production Assets.
23-Jul-2008

[COZ] Takeover Bid for Oil Mallee Company.
23-Jul-2008

[OOH] oOh!Media Group Acquires Sports and Outdoor Media Pty Limited.
23-Jul-2008

[HIG] Highlands Pacific Executes Funds for the $US1.37 Billion Ramu Project.
23-Jul-2008

[AJL] AJ Lucas Acquires Mitchell Drilling Corporation for $150 Million.
23-Jul-2008

[CGT] Castlemaine Goldfields Discovers Positive Intersections at its South Wattle Gully Prospect.
23-Jul-2008

[DML] Discovery Metals Completes Pre-Feasibility Study for Bosesto Copper Project.
23-Jul-2008

[ERH] Eromanga Hydrocarbons NL commences Flow Test Opertations at Block 430.
23-Jul-2008

[PGL] Progen Pharmaceuticals Terminates the PI-88 Phase 3 Study.
23-Jul-2008

[AGK] AGL Acquires Allco`s Australian Wind Farm Development Portfolio
23-Jul-2008

[TNE] TechnologyOne Wins $1.1 Million Contract for Wangaratta Council.
23-Jul-2008

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