Weekly ASX Market Wrap – 25/2/11 – High oil price hit ASX shares

In a week dominated by geopolitical tensions, rising oil prices, disappointing profit results and, of course, the tragedy in Christchurch, it’s little wonder the local share market lost ground this week.

The S&P/ASX 200 fell two per cent last week as, once again, local shares backed away from the massive technical barrier at 5,000 points.

HRR – Heron Resources Shares Trading Under Cash Value

There would have to be a strong revival of interest in nickel laterites to get Heron shares back over $1.00 – It may well happen one day but not in the immediate future. In the meantime the shares are ridiculously undervalued by the market. At 31 March the company had just over $61M in cash, 253M shares on issue; cash per share of over 24cents. With shares changing hands today at 18.5 cents you would have to conclude that the market considers all Heron’s non cash assets to be worth negative 5.5cents per share! Even with expenditure of $4.5M this quarter to advance Heron’s A1 gold mine and other exploration projects there will be in excess of 22cents per share in cash by 30th June!

ASX Share Market Update March 2nd 2010

The much expected interest rate hike today did little to excite financial markets, however the main indices did manage to hold on to a five day high thanks to a positive offshore lead. The All Ordinaries Index (XAO) gained 15pts or 0.3pct by close to 4709.9 while the S&P/ASX 200 Index (XJO) added 15.4pts or 0.3pct to finish at 4701.9.

Australian Share Market ASX Wrap up Feb 22nd 2010

The Australian share market rallied today, as positive earnings results and upbeat guidance buoyed investor sentiment. The All Ordinaries Index (XAO) gained 76.4pts or 1.6pct to 4732.7 while the S&P/ASX 200 Index (XJO) firmed by 82.4pts or 1.8pct to 4717.5. The financial sector increased by 1.9pct as all the majors recorded solid gains

Australian Share Market Update – Feb 19 2010

The defensive tone continued today with money flowing out of the materials and energy sectors, and into consumer staples, healthcare and telco stocks. An interesting development this morning was the FOMC’s move to lift the emergency Fed fund’s rate up to 75 basis points, from 50. It’s now clear that China and the US are laying the foundations to move away from emergency settings.

ASX Market Update -Daily Recap 17th Feb 2010

The ASX took on a distinctly more favourable tone today with solid gains across the board. Nerves over Greece’s sovereign debt worries seem to have abated for the short term as Eurozone authorities iron out its fiscal issues, and manufacturing numbers out of the US also helped bring back the risk trade.

ASX Stock Market Closing Wrap

In Asia, the Kospi is the best performer, up 0.5%, while the Nikkei 225 is 0.3% higher. This is the fifth gain in six sessions for Asian markets, driven by strong financial and materials leads from London.

Locally, the ASX 200 closed 0.5% higher at 4567.80, off earlier highs of 4598. Solid leads from London got the ball rolling but it was the sharply better-than-expected trading update from Westpac Banking Corporation, featuring a large reduction in impairment charges that boosted market sentiment.

Share Market ASX Update 12th Feb 2010

In Asia, equity markets are all higher in early afternoon trade, led by gains among material and bank stocks after lower-than-expected Chinese inflation numbers and an increase in Australian jobs tempered concerns that tighter monetary policy will weigh on growth. The Kospi and Hang Seng are the best performers, up 1.8% and 1.3% while the Nikkei 225 and Shanghai Composite are stronger by 0.3% and 0.2% respectively.

ASX Shares Market Update – Feb 10 2010

Despite a strong start, the Australian share market finished only slightly firmer today, as losses from the banks outweighed positive earnings results and a strong offshore lead. The All Ordinaries Index (XAO) rose 12.3pts or 0.3pct to 4533 while the S&P/ASX 200 Index (XJO) added 8.3pts or 0.2pct to 4513.4.

ASX Share Market Wrap Up – Feb 9th 2010

The Australian share market fell back into the red today, weighed down by a weak offshore lead and an indecisive trading update from Macquarie Group (MQG). The All Ordinaries Index (XAO) fell 18.1pts or 0.4pct to 4520.7 while the S&P/ASX 200 Index (XJO) eased by 16.3pts or 0.4pct to 4505.1.