The market is down 2. SFE Futures were up 1 this morning.

Dow Jones up 35. The Dow was down 7 at worst and up 87 at best. US markets finished mixed with some better than expected employment figures in the morning although there is some suspicion that such a good set of job numbers should conveniently pop out so close to the US Presidential Election (November 6). They obviously favour Barack Obama — they are the lowest jobs numbers since he was elected. The Dow closed off its highs of the day as there with some profit taking ahead of the third quarter results season (which kicks off properly on Tuesday) and ahead of the Columbus Day holiday which means US bond markets will be closed tonight. Over the week the Dow was +1.29%, S&P500 +1.41% and the NASQAQ +0.64%.

US employment was up by 114,000 in September which was in line with forecasts. The unemployment rate was down from 8.1% to a 3.5 year low of 7.8%. This was well below forecasts of around 8.2%.

Best sectors: Basic Materials (+0.4%), Consumer Goods (+0.3%), Industrials (+0.3%) and Consumer Services (+0.3%). Worst sectors: Technology (-0.8%) and Telecoms (-0.7%).

Metals mixed — Copper down 0.01%, Nickel down 2.02%, Aluminium down 0.12% and Zinc up 0.53%. Copper was the best performer last week finishing up 0.40% with zinc fairing the worst finishing down 2.7%.

  • QR National (QRN) — The QLD government 17.9% of their QRN stake for $1.5 billion leaving them holding 16%. The deal will involve the sale of $1 billion of shares into a company buyback at 347c (making the QLD government a $400 million profit since listing) and $500 million worth to a small number of cornerstone investors. QRN is up 4.9% to 364c.
  • ANZ — Says CEO Phil Chronican says “I don’t think the interest rate is the predominate reason we’re not getting significant growth in consumption or investment, and therefore I’m not sure there’s a lot of merit in having interest rate cuts as the only tool.” ANZ is up 0.63% to 2566c.
  • Bank of Queensland (BOQ) — Last week issued a profit downgrade quoting a weak Queensland housing market and the state’s unforeseen run of natural disasters. Property prices have fallen 50%-60% in QLD similar to GFC levels. BOQ closed down 5.15% on Friday. BOQ is down 2.65% to 734c.
  • Aquila Resources (AQA) has suffered a $1.4 billion blow out in costs. Costs are now expected to top $7.4 billion. The cost increase was primarily blamed upon a need to spend more to accommodate WA government requirements linked to the proposed new port for the project at Anketell point. AQA is down 0.75% to 266c.
  • The ANZ Job Ads survey saw a 2.8% fall in September. The total number of job ads has now fallen for six months and is now 10.8% below levels seen a year ago.
  • St George has lowered their standard variable home loan rate by 17bps.
  • The Chairman of Carsales.com (CRZ) has sold $9.1 million worth of stock on market. CRZ is down 32c or 4.03% to 763c.

For a 5 day FREE TRIAL of the MARCUS TODAY newsletter Click Here. You will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including:

  • Overnight developments, news, comments, rumours, broker recommendations and ideas from Marcus and his Team.
  • Our Portfolio recommendations which is actively managed on behalf of subscribers.…no “set & forget”. Everything you need to effortlessly managed your own long term investment portfolio.         
  • Daily Technical Trading ideas and data, including daily scans of the ASX 300 for stocks changing trend.
  • Stock Database – all the numbers with comments on the top 300 stocks and more.
  • Educational section – Marcus’s Educational and Entertaining articles.

Subscribe to MARCUS TODAY.  We are sure you will enjoy and profit from what we offer…we have one of the highest re subscription rates in the financial newsletter industry.

Peter Fray

Independent journalism at a Boxing Day price

You knew it was coming, so here it is, our Boxing Day offer. But this is different to the other offers out there.

Dig this: save 50% on a year of Crikey.

Usually $199, use the promo code BOXINGDAY2020 to get half price on your annual membership before midnight December 30.

Peter Fray
Editor-in-chief of Crikey

SAVE 50%