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Epic ASX
Time: 16:45:38
Mid Price: 2871.68
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Market: All Share Index
Sector: General Mining
Epic: ASX
News: Latest news
Web Site: UK Market Wrap
Other Articles: 11-03-201011-03-201011-03-2010

Thursday, November 26, 2009

Gold, silver and platinum inch lower, FTSE 100 set to fall in early trade

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Overview: the US stock market posted gains yesterday with the main indices setting new 13 month highs ahead of the Thanksgiving Day. Investors were responding to a slew of economic data that was released in the morning, giving mixed signals about the economic recovery. A government report revealed an unexpectedly large fall in initial jobless claims to 466,000 last week, the lowest level in 14 months. Another report released by the Commerce Department further strengthened the sentiment, showing an increase in spending of 0.7% in October compared to a 0.6% decline in the previous month, while personal income rose by 0.2%. At the same time, the positive effect from the news was offset by an unexpected fall in USD durable goods orders, which declined 0.6% in October after rising 2% in September.

The Dow Jones Industrial Average closed 0.3% higher, as did the technology heavy Nasdaq composite, while the broader S&P 500 index added 0.5%.

Asian markets were in bearish mode today with Hong Kong’s Hang Seng sliding 1%, while Japan’s Nikkei moved down 0.7% to set a new four month low and China’s Shanghai composite index tumbled 3%.

Oil prices slightly improved from yesterday’s levels with January Brent Crude reaching US$77.60/barrel, while US light, sweet crude for January delivery rose to US$76.85/barrel.

Precious metals slightly retreated after advancing late in the day yesterday with gold sliding to US$1,187/oz after stopping just short of US$1,200/oz, while silver and platinum settled at US$18.62/oz and US$1,464/oz respectively.

Base metals also gave away some of their gains. Copper and nickel were at US$3.14/lb and US$7.60/lb respectively, while zinc held steady at US$1.02/lb.

The FTSE 100 is projected to open about 30 points, or roughly 0.5% lower today following the declines in Asia after tacking on 0.7% yesterday. Compass Group (LSE: CPG) led the index with a 6% climb, while pest control company Rentokil (LSE: RTO) was a distant second with a 3% advance. Miners also did well with Lonmin (LSE: LMI), BHP Billiton (LSE: BLT) and Randgold Resources (SLE: RRS) adding 3%. Car insurer Admiral Group (SLE: ADM) also rose 3%.

Investment management company Man Group (LSE: EMG) was the biggest faller with a 5% decline, while specialty chemicals firm Johnson Matthey (LSE: JMAT) and London Stock Exchange Group (LSE: LSE) followed with losses of nearly 4%. Investor Resolution (LSE: RSL) and commercial property companies Segro (LSE: SGRO) and Hammerson (LSE: HMSO) all shed 2.5%.

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