Welcome to Tuesday. Here are the five things I'm looking at today on the Australian sharemarket.
- The S&P/ ASX 200(Index: ^AXJO) (ASX: XJO) has opened 0.2% lower this morning, following moderate falls on Wall Street overnight.The Dow Jones Industrial Average fell 0.5% while the broader S&P 500 dropped 0.4% while the tech-heavy NASDAQ was also down 0.4%.
Crude oil prices were up slightly, with Brent at US$58.09 per barrel while iron ore sunk 2.1% to US$61.20 per tonne.
The Australian dollar has jumped against the US dollar and is currently buying 78.2 US cents.
- Iron ore stocks could be in for a rough day after the spot price fell 2.1% to US$61.20 per tonne.Companies to watch include Arrium Limited (ASX: ARI), BC Iron Limited (ASX: BCI), Mount Gibson Iron Limited (ASX: MGX), Fortescue Metals Group Limited (ASX: FMG) and Atlas Iron Limited (ASX: AGO).
- Mining services supplies company Bradken Limited (ASX: BKN) has posted a 64% fall in net profit for the first six months of 2015 financial year. It was the second mining services company to release disappointing financial results. Yesterday, Coffey International Limited (ASX: COF) reported a 50% fall in net profit – and shares sank 17%.Expect more of these disappointing results this reporting season from mining services companies.
- Tweet of the Day
Slater and Gordon $SGH today announced 2 further UK acquisitions: Walker Smith Way & Leo Abse & Cohen. Cost for both £18.7M #ausbiz ^JR
CommSec (@CommSec) February 9, 2015Slater & Gordon Limited (ASX: SGH) reports strong first-half results and acquisitions. Look out for an in-depth article on fool.com.au later today.
- Stock of the Day– brought to you by Tim McArthur – AVJennings Ltd (ASX: AVJ). The construction company just reported a 42% increase in net profit as the building boom gathers pace. Is there more ahead? Find out here.
