Mixed signals for local market – Daily Outlook
Australian Share Market Daily Outlook
September 20, 2010 – 8:52am
The Australian share market has received positive leads from Wall Street trading on Friday, with all three US indices higher. Precious and base metals were also higher, however oil was lower.
Saturday morning trade on the Sydney Futures Exchange points to likely fall on the share market at opening, with the September share price index contract trading 22 points lower at 4637.
Quick facts
- The SPI was down 22 points to 4637.
- US, the S&P500 rose less than a point on Friday to 1125.59
- Europe, the FTSE 100 fell 31.69 points on Friday to 5508.45
- Gold rose $US3.70 an ounce to $US1,277.50
- Oil was down $US0.91 a barrel to $US73.66
- The Australian dollar was buying 93.76 US cents
In Australian trade on Friday, the share market closed almost 1% firmer, dragged higher by the resource sector. The benchmark S&P/ASX200 index finished up 33.6 points, or 0.73%, to 4638.9, while the broader All Ordinaries index rose 35.1 points, or 0.75%, to 4685.1.
In overseas markets US stocks edged higher at the end of a choppy trading session marked by signs of weakening consumer confidence and strong earnings reports in the technology sector. The day started positive with the release of new data from the Labor Department showing consumer prices were up 0.3% in August from July. The market then stumbled after the release of a survey by the University of Michigan showing US consumer sentiment unexpectedly worsened in September to its weakest level in more than a year.
The Dow Jones Industrial Average climbed 13.02 points, or 0.12%, to end the week at 10,607.85. The Standard & Poor’s 500 index closed up 0.93 of a point, or 0.08%, to 1125.59. The Nasdaq composite index rose 12.36 points, or 054.%, to 2315.61.
European stock markets closed lower. The London FTSE 100 index fell 31.69 points, or 0.57%, to close the week at 5508.45. The German DAX fell 39.89 points, or 0.64%, to 6209.76. The French CAC 40 lost 14.28 points, or 0.38%, to 3722.02.