Weekly Market Outlook

The Dow fell 31 points (0.3%) on Friday to close at 11,062.78, while the S&P500 rose 0.2% to 1176 and the Nasdaq soared 1.4%. A strong result from Google sent its shares up 11%, while a revenue miss from General Electric saw its shares fall 5%. Ongoing concerns over mortgage foreclosures and fraud claims had the banks down yet again, impacting on both the Dow and S&P500.

The highlight of the session was, perhaps, that for one brief moment the Aussie dollar traded above US$1.00 when the greenback opened weaker. The Aussie quickly retreated to be just above US$0.99 again by the close.

In a speech on Friday, US Fed chairman Ben Bernanke said, “There would appear – all else being equal - to be a case for further action”. This provided confirmation the Fed was indeed planning some further quantitative easing, but when Bernanke suggested officials “will take account of the potential costs and risks”, and that any action would be “contingent on incoming information about the economic outlook and financial conditions,” Wall Street began to wonder whether assumptions of a US$500bn package might be just a little too presumptuous.

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Broadvector is an Australian biotechnology company focused on conditions of the ageing population. This demographic is one of the fastest growing markets in society as life expectancies increase and governments are seeking more cost effective treatments with greater urgency.

The Company holds sophisticated IP covering therapies for early stage prostate cancer and aseptic loosening of prosthetic implants (e.g. hips and knees etc), based upon novel Enzyme-Prodrug therapies. It also holds IP for a vaccine delivery platform with out-licensing potential.

Broadvector is seeking to raise up to $8.5 million by way of an IPO and listing on the Australian Securities Exchange (ASX). BDV will have a minimum post-IPO capitalisation of $21 million.

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