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Market: All Share Index
Sector: General Mining
Epic: ASX
News: Latest news
Web Site: UK Market Wrap
Other Articles: 19-03-201019-03-201019-03-2010

Tuesday, October 20, 2009

Markets climb ahead of Coca-Cola, Pfixer, Yahoo, Caterpillar and DuPont results

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Overview: the FTSE 100 is seen opening slightly higher today after a rally on Wall Street after Eaton Corp (NYSE: ETN), Hasbro (NYSE: HAS) and Texas Instruments (NYSE: TXN) all reported strong Q3 results, as did publisher Gannett (NYSE: GCI), whose profits beat analysts estimation.

The Dow Jones industrial average rose almost 1%, sitting well above the 10,000 point mark. S&P 500 also rose 0.9%, as did the Nasdaq composite. Computer giant Apple (NYSE: AAPL) reported higher than expected sales of iPhones and Macs after the bell, further buoying the markets.

Construction and mining equipment manufacturer Caterpillar (NYSE: CAT) also did well ahead of its quarterly report, which is due on Tuesday. Other companies reporting today are DuPont (NYSE: DFT), Yahoo (NYSE: YHOO), Coca-Cola (NYSE: KO) and Pfizer (NYSE: PFE).

Aside from the corporate results, investors will be expecting more updates from the US, where housing starts and producer prices data for September is due to be released today.

Asian markets were bullish in early trade with stocks in both Hong Kong and China starting higher. Japan’s Nikkei also improved. The UK blue chip index tacked on 1.8%, boosted by good gains from mining and energy stocks following an increase in oil and metal prices.

Oil prices continued climbing today with December Brent Crude rising to US$78.07/barrel, while US light, sweet crude was just short of the US$80/barrel mark.

Gold also inched higher as US dollar declined, helping the yellow metal rise to US$1,066/oz, while Silver reached US$17.80/oz. Platinum climbed to US$1,367/oz.

Base metals followed with Copper moving up to US$2.91/pound, while Nickel reached US$8.62/pound and Zinc was just short of US$0.95/pound.

Morning news wrap

Not much news was out in the UK this morning. Software manufacturer Autonomy Corporation (LSE: AU) reported highest profits and revenues in its history after Q3 revenues jumped 51%, while pre-tax profits rose 20% year on year to US$64.3 million.

Anglo-Swiss miner Xstrata (LSE: XTA) released an interim management statement, saying its operating and financial performance remained strong, while the Xstrata alloys increased capacity utilization from 60% in July to 85% in August, responding to a higher demand in the second half.

Publishing company Pearson (LSE: PSON) is expected to be in demand after raising its full year guidance, projecting its adjusted earnings to be at or above 60 pence per share.

In the AIM, laterite nickel specialist European Nickel (AIM: ENK) has extended its Bridge Loan Facility Agreement with Endeavour Financial Corporation to 30 November 2009.

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