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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, November 03, 2009

Dow Jones, S&P 500 and Nasdaq rise, FTSE 100 to correct after surge

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Overview: the FTSE 100 is projected to correct after yesterday’s rally and surrender more than half of its gains in early trade, shedding as much as 0.8%. The UK government is set to unveil its plans to restructure and recapitalise the troubled partly nationalised banks Lloyds (LSE: LLOY) and Royal Bank of Scotland (LSE: RBS), which will most likely include a massive rights issue by the former and asset disposal by the latter to satisfy the demands of EU regulators.

The US stock market performed strongly yesterday, cooling off after an early surge but still seeing all of its key indexes close with good gains, marking a recovery from Friday’s selloff that saw the Dow Jones industrial average shed as much as 2.5%.

The Dow added 0.7% yesterday, while the S&P 500 index tacked on 0.65% and the Nasdaq composite inched 0.2% higher after slipping into the negative early in the day.

Asian markets were in decline today with Hong Kong’s Hang Seng shedding 0.7% and Japan’s Nikkei lost 2.3%. However, China’s Shanghai Composite Index tacked on 1.2% today.

Oil prices were slightly higher. December Brent Crude rose to US$76.42/barrel, while US light, sweet crude came back to US$78/barrel.

Gold and Silver stayed hot, rising to US$1,061/oz and US$16.54/oz respectively, while Platinum reached US$1,340/oz.

Base metals remained at roughly the same levels with Copper holding steady at US$2.27/pound and Zinc fluctuating around US$0.98/pound. Nickel inched lower, moving down to US$8.19/pound.

Morning news wrap

In the FTSE 100, Associated British Foods (LSE: ABF) released its full year results, reporting a 12% increase in revenues to £9.3 billion, while pre-tax profits were up 4% to 21 pence. The company raised the final dividend 4% to 21 pence.

Insurer Legal & General (LSE: LGEN) reported its quarterly results, saying it has achieved its annualised cost reduction target of £50 million within 9 months. The group’s worldwide new business was down 7% to £1,058 million.

Another insurer Aviva (LSE: AV) said the offer price of its Dutch asset Delta Lloyd valued the company at €2.65 billion with its IPO (initial public offering) resulting in cash proceeds of €1.12 billion for Aviva.

In the AIM, North American based explorer Nighthawk Energy (AIM: HAWK) said it has commenced gas production at the Xenia acreage within its Revere project.

Africa focused energy company Dominion Petroleum (AIM: DPL) appointed Andrew Cochran as its new Chief Executive Officer with immediate effect.

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