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Inside Markets - midday update 16/7/09

Switzer Daily
16 July 2009

Australian markets made gains in morning trading after US markets rose around three per cent overnight following an improved US economic contraction result and positive earnings reports in the technology sector.

The S&P/ASX 200 put on 76.3 points or 1.94 per cent to 4000.8.

The All Ords advanced 74.7 points or 1.91 per cent to 3992.2.

By industry, energy was up 338.5 points or 2.39 per cent, industrials gained 67 points or 2.25 per cent, financials were up 71 points or 1.91 per cent, and utilities rose 42.9 points or 1.06 per cent. Telecommunications were down 3.8 points or 0.32 per cent.

Mining company Rio Tinto added $2.03 or 4.05 per cent to $52.11, while BHP Billiton added $0.63 or 1.84 per cent to $34.93.

Woodside Petroleum added $0.83 or 2.14 per cent to $11.43. Santos was up $0.41 or 3.02 per cent to $13.98.

In financials, Westpac put on $0.34 or 1.7 per cent to $20.30, NAB gained $0.57 or 2.44 per cent to $23.92, the Commonwealth Bank was up $0.71 or 1.83 per cent to $39.53, and ANZ were $0.19 or 1.15 per cent higher.

Macquarie group shares increased $1.20 or 3.17 per cent to $39.11.

The US Federal Reserve held their policy meeting overnight and the minutes revealed they expect the US economy to contract between one and 1.5 percent, which is an improvement on the May prediction of between 1.3 and two per cent.

Around midday, the Nikkei was 195.3 points or 2.11 per cent higher.

The Hang Seng put on 351.6 points or 1.93 per cent to 18610.3.

Oil was at US$61.62 a barrel, and the Oz dollar was buying 80.03 US cents.


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