Wall Street closed modestly higher on Tuesday after positive US economic data. Meanwhile, the Federal Reserve chief Ben Bernanke also said the "recession is very likely over at this point". US retail sales were surprisingly strong in August largely due to government's "cash for clunkers" program, but analysts warned that it may not represent a sustainable recovery in consumer spending.
Wall Street closed in negative territory on Friday despite a survey showed that US consumer sentiment rose to its strongest level in three months. But the Dow still surged 164 points, or 1.74 per cent, with four days rally in the week.
Wall Street continued its gains for a fifth day on Thursday on some upbeat economic data and corporate guidance. The Commerce Department's report showed a sign of consumer spending pickup as US trade volume and imports surged. A separate report said jobless claims fell to 550,000 in the past week.
The Australian share market yesterday ended higher for a second day, following another rise on Wall Street. The benchmark S&P/ASX200 index gained 57.4 points, or 1.5 per cent, at 3924.5 points, while the broader All Ordinaries index was up 58.7 points, or 1.5 per cent, to 3917.5 points. Trading volumes were still light as the local market was awaiting more upbeat earnings reports from the US to solidify confidence.
2009 will be an interesting year for Uranium in Western Australia. The change of Government has led to uranium exploration and mining being back in favour but the financial crisis has led to a lack of funds being available for exploration. However the outlook is positive. Uranium usage is tipped to increase with China and India leading the way and Japan also active in the sector.
On 14 January 2009 Universal Resources Limited (ASX:URL) announced its intention to raise additional funds for working capital purposes by way of a fully underwritten non-renounceable rights issue to existing shareholders on the basis of one new share for every two shares held on the record date, at an issue price of 1c per share. The issue was successfully completed on 25 February 2009 and raised A$1,720,112 before costs.
Yesterday the Australian shares market appeared to be decoupled from Wall Street. The local shares shrugged off the bad lead of US stocks and finished firmer with rising in all sub-sectors, as traders put more of their attention to the local news. The benchmark S&P/ASX200 was up 2%, or 74.8 points, at 3743, while the broader All Ordinaries surged 1.9%, or 68.6 points, at 3695.8.
