Record close on Nasdaq amid tech earnings: Aus shares to open flat

Market Reports

by Jessica Amir

The Australian share market looks set to open steady after the S&P500 and the Dow Jones etched just slightly higher on Wall Street.

The Nasdaq claimed a fresh record high ahead of tech stock earnings, with the likes of PayPal, Amazon and Comcast contributing the most gains.

The NBCUniversal parent, Comcast, reported better than expected quarterly profit and revenue which sent its share price 4 per cent higher.

Information technology stocks were among the top performers on the S&P 500 while energy was the worst, dropping more than 1 per cent after oil prices fell around 2 per cent overnight amid oversupply concerns.

US economic news

US durable goods orders rose 0.7 per cent  March, much less than the expected 1.2 per cent  rise. While the shipments of the non-capital goods rose 0.4 per cent  following a 1.1 per cent spike in February, which shows us that business investment accelerated in the first quarter.

Also out of the US; contracts to buy previously owned homes fell 0.8 per cent in March, which was better than the expected 1 per cent  fall on the cards. Pending home sales are also 0.8 per cent  higher than last year.

Local economic news

The Australian Bureau of Statistics will release the Producer Prices for the March quarter, which reflect price movements at a business level.

While the RBA will release the private sector credit for March, with expectations that credit will lift 0.4 per cent in the month.

Markets

Wall Street closed in the black: The Dow Jones Industrial Average gained 0.03 to close at 20,981, the S&P 500 added 0.06 per cent to close at 2,389 and the NASDAQ gained 0.4 per cent to close at 6,049.

European markets closed lower: London’s FTSE lost 0.7 per cent, Paris fell 0.3 per cent and Frankfurt dipped 0.2 per cent.

Asian markets closed mixed: Tokyo’s Nikkei slipped 0.2 per cent, Hong Kong’s Hang Seng rose 0.5 per cent, and China’s Shanghai Composite gained 0.4 per cent.

And back home, the Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 9 points up to finish at 5,921. On the futures market the SPI is 4 points lower.

Company news

Origin Energy Limited (ASX:ORG) has announced Australia Pacific LNG, which it owns a 37.5 per cent stake in, will remain as a contributor to the domestic gas market. It comes as the Australian government announced it would impose gas export restrictions, to ensure gas companies boost local supply before they are allowed to export. Both Australia Pacific LNG and Origin are major suppliers of gas to the east coast. They will also take part in the Governments consultation process to finalize the regulation. Shares in Origin Energy Limited (ASX:ORG) closed 3.59% lower yesterday to $7.26

Ex-dividends

One company is going ex-dividend today: MFF Capital (ASX:MFF) is paying 1 cent 85% franked.

Currencies

The Australian Dollar at 7:30AM was buying 74.69 US cents, 57.90 Pence Sterling, 83.09 Yen and 68.70 Euro cents.

Commodities

Gold has lost $5.20 to $US1,265 an ounce.
Silver has lost 14 cents to $US17.29
Oil has fallen 6 cents to $US49.24 a barrel.
 

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