All Ords Weaker on Mining Stocks

Submitted by Share Trading on 13 December, 2005 - 14:48

A flat session on Wall Street last night as investors wait for tomorrow’s decision on US interest rates has prompted weakness on the Australian market. The All Ords is currently 22.2 points softer to an intraday level of 4540.

A pull-back in base metals overnight has inspired weakness in BHP. Traders prompted by the dip in the stock bought upside leveraging to a bounce using BHPIM3 Mar06 $21.00 Instalment, BHPDMA Jun06 $21.50 Instalment and BHPIM2 Mar06 $19.00 Instalment.

Shares in Zinifex have taken a breather from their stellar run, easing 12 cents to $5.96. The weakness in the stock encouraged traders to buy for a rebound using ZFXWMG Dec05 $3.50 Call.

Australia’s largest domestic insurer IAG has held yesterday’s gains following the re-rating of the stock by two brokers. Traders buoyed by the stock’s recovery looked to capture further gains using IAGWME Mar06 $5.50 Call.

More about