The Australian share market looks set charge ahead at the open to the 5900 point mark, after Wall Street closed stronger with the Nasdaq etching a new all time high.
But, it wasn’t just the tech heavy index posting gains, the Dow Jones and the S&P 500 both closed 0.3% higher with banks etched gains of over 2% and crude oil rising 1.7% overnight to settle above the US$50 mark.
Financials picked up a lot of steam thanks to stronger US GPD data, while the energy sector flexing its muscle again, rising 0.4%. A rise in the base metals overnight should set the Australian miners up for gains today, while local bourse looks to extend this week’s rally into its fourth day.
US economic news The US Department of Commerce has revised the economic growth to a higher annualise pace. US GPD increased to 2.1% on an annualize pace in fourth quarter, up from the previously advised 1.9%.
It comes as stronger consumer spending partially offset the largest gain in imports in 2 years. Despite the upward revision, the US economy has slowed from its 3.5% annalised pace reported in the third quarter of 2016. But for all of 2016 year, the economy only grew 1.6%, its worst performance since 2011 after growing 2.6% in 2015.
Local economic news Ttoday we can expect the RBA to announce the private sector credit numbers for February. We are expecting to see a rise of 0.4% for the month.
Markets Wall Street closed higher: The Dow Jones Industrial Average gained 0.33 per cent to close at 20,728, the S&P 500 added 0.3 per cent to close at 2,368 and the NASDAQ gained 0.3 per cent to close at 5,914.
European markets closed mixed: London’s FTSE lost 0.1 per cent, Paris advanced 0.4 per cent and Frankfurt also climbed 0.4 per cent.
Asian markets closed lower:
Tokyo’s Nikkei shed 0.8 per cent, Hong Kong’s Hang Seng lost 0.4 per cent, and China’s Shanghai Composite fell 1.00 per cent.
Back home, the Australian share market closed higher on Thursday: At the closing bell the S&P/ASX 200 index closed 23 points up to finish at 5,896.
On the futures market the SPI is 9 points higher.
Company news Elders Limited
(ASX:ELD) has announced it has completed the realisation of all Elders Hybrids (ASX:ELDPA) via a resale.The purchaser of all the hybrids are the real estate company’s wholly owned subsidiary, Elders Management Services Pty Ltd. Elders says it will now redeem all hybrids and terminate the Hybrid Trust. Shares in Elders Limited
(ASX:ELD) last traded flat at $4.50
Ex-dividends6 companies are going ex-dividend today:
Cedar Woods Property
(ASX:CWP) is paying 12 cents fully franked, DongFang Modern Agriculture
(ASX:DFM) is paying 5 cents unfranked and Freedom Foods Limited
(ASX:FNP) is paying 2 cents fully franked and.
Currencies The Australian Dollar at 7:40AM was buying 76.47 US cents, 61.34 Pence Sterling, 85.53 Yen and 71.60 Euro cents.
OilOil has advanced 80 cents to $US50.39 a barrel.
