Mar 11
30
Nikkei 225 index is trading 1.6% higher, at 9,613.1.
Australian and Asian Report 29th March 2011
Asian markets are trading higher this morning, taking cues from overnight gains on Wall Street. In Japan, exporters, Canon, Sony and Toyota Motor, paced gains, as the yen weakened against the dollar. Shares of Hitachi and Nissan Motor traded higher, as the companies resumed production, following the worst earthquake and tsunami. In Hong Kong, Hutchison Whampoa, Cheung Kong and Agricultural Bank of China gained values, after reporting their annual earnings that surpassed market expectations. In South Korea, Daewoo Shipbuilding & Marine Engineering traded in positive territory, after its senior executive stated that Japan’s lost nuclear capacity could be a catalyst to strong LNG orders ahead, while automakers, Hyundai Motor and Kia Motors also paced gains. Nikkei 225 index is trading 1.6% higher, at 9,613.1. Hang Seng index is up 1.7%, at 23,447.3, while the Kospi index is trading 0.8% higher, at 2,088.7.
International Report 29th March 2011
US markets rebounded on Tuesday, as investors shrugged off geopolitical concerns and weak US housing and consumer confidence data. Retail stock, Home Depot advanced 2.9% after it announced plans to issue $2 billion of debt and buy back $1 billion of stock. Oil related stocks, Baker Hughes, Schlumberger and Rowan, rallied between 0.5% and 5.5%, in line with the rise in oil price. Steel maker, AK Steel Holding gained 5.2%, after hedge fund, SAC Capital Advisors, revealed a 4.8% stake in the company. Amazon.com rose 3.1%, as it unveiled a new service called “Cloud Drive,” which would allow users to store music online and play it in any computer and Android device. DJIA closed 0.7% higher, at 12,279.0. NASDAQ climbed 1.0% or 26.2 points to 2,756.9, while S&P 500 index rose 0.7% to 1,319.4.
Other European markets finished mixed yesterday, as investors awaited reports on consumer confidence and real estate prices in the US. Auto makers, Fiat and Renault rose 1.9% and 2.4%, respectively, boosted by reports showing that the European Union saw annual growth of 16.8% in February for new commercial vehicle sales. Bayer rose 2.6%, after JP Morgan raised its price target to €75. Groupe Eurotunnel jumped 4.2%, after Morgan Stanley upgraded its rating from “Equal weight” to “Overweight”. However, UBI Banca plunged 12.4%, after a broker downgraded its rating from “Hold” to “Sell” on the bank’s announcement of a €1 billion capital raise. LVMH fell 0.6%, amid speculation that the company may bid for its British rival Burberry. Nordex tumbled 8.3%, after the company announced plans to sell 6.6 million shares. FTSEurofirst 300 index rose marginally to 1,125.9. German DAX Xetra 30 lost 0.1% to 6,934.4. French CAC-40 rose 0.3% to close at 3,987.8.
