Wall St rises, Apple hit record: Aus shares to rise

Market Reports

by Jessica Amir

The Australian share market is set for a rise to kick off the Thursday session, thanks to Wall Street’s positive leads and a rise in base metals.

On the back of a solid lift in copper, silver, lead, zinc and aluminum the materials charged ahead in the US. Apple shares also hit a record high.

All of that left the main US indices in positive territory, but criticism from the business community about President Donald Trump capped gains.

US economic news 

Federal Open Market Committee’s minute meetings from July revealed the Central Bank is divided over path to hike rates. Half of the participants were worried about delaying a hike, while the other sides were concerned about a recent drop in inflation and said the Fed ‘could afford to be patient under current circumstances’. The minutes also said that inflation will hit the Fed's 2 per cent target, but is clearly not there yet.

The FOMC held its target interest rate range of 1 per cent to 1.25 per cent in July.

Local economic news 

The ABS is expected to unveil the all-important unemployment & employment data for Jul, with the jobless rate tipped to remain at 5.6 per cent. As for the amount of people employed, the consensus is we will see a rise of 20,000 jobs in the month.

Markets

Wall Street closed in higher: The Dow Jones Industrial Average gained 0.1 per cent to close at 22,025, the S&P 500 added 0.1 per cent to close at 2,468 and the NASDAQ advanced 0.2 per cent to close at 6,345.

European markets closed higher: London’s FTSE rose 0.7 per cent, Paris added 0.7 per cent and Frankfurt lifted 0.7 per cent.

Asian markets closed mixed: Tokyo’s Nikkei fell 0.1 per cent, Hong Kong’s Hang Seng rose 0.9 per cent, and China’s Shanghai Composite fell 0.2 per cent.

And back home, the Australian share market closed higher yesterday: At the closing bell, The S&P/ASX 200 Index closed about 28 points higher or 0.48 per cent up for the day at 5,785.

On the futures market the SPI is 12 points up.

Company news

BC Iron (ASX:BCI) reported $5.7 million in profit 2017 financial year attributable to members. It’s a solid rebound from its $82.7 million loss in the prior corresponding period. It comes as it sold its 75 per cent interest in a JV to Fortescue (ASX:FMG) and also inked a rise in its revenue to $64 million. Shares in BC Iron (ASX:BCI) last traded steady at $0.16

Reporting season

About a dozen companies are reporting their financial results today. Just to name a few though, we can watch out for

ASX (ASX:ASX)
Telstra Group (ASX:TLS)
Tatts Group (ASX:TTS)
QBE Insurance Group (ASX:QBE)
Wesfarmers Limited (ASX:WES)
IRESS Limited (ASX:IRE)
Cochlear Limited (ASX:COH)

To ex-dividends

Five companies are going ex-dividend today,

Finbar Group Limited (ASX: FRI) is paying 3 cent fully franked.
Flagship Investments (ASX: FSI) is paying 3.75 cents fully franked
G.U.D. Holdings (ASX: GUD) is paying 25 cents fully franked
IOOF Holdings (ASX: IFL) is paying 27 cents fully franked and
Janus Henderson (ASX: JHG) is paying 40.39 cents unfranked.

Currencies

One Australian Dollar at 7:50AM was buying 79.29 US cents, 61.52 Pence Sterling, 87.34 Yen and 67.37 Euro cents.

Commodities

Gold has gained $11.50 to $US1,289 an ounce.
Silver has added $0.40 to $US17.11 an ounce.
And Oil has lost $0.88 to $US46.94 a barrel.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.