More US records broken: Aus shares to rise, nearing 1-year highs

Market Reports

by Jessica Amir

Wall Street is on fire, with the three major US indices setting intraday and record closes ahead of Netflix reporting its financial results. Also fueling the fire was a rise in Apple shares, which gained 1.8 per cent after a corporate advisory firm upgraded the stock, to an ‘overweight’ position.

On the commodity front, the oil price has risen around the US$52 mark on the back of escalating Kurdish conflict in Iraq. Copper has risen 3.4 per cent, setting a new one-year high. While on the flip side, the iron ore price has fallen over 2 per cent.

With all of that under our belt, the Australian share market is set to open higher, with the local bourse already nearing one-year highs again.

Local economic news 

The RBA will release its board minutes from meeting held on October 3. And RBA Assistant Governor, Luci Ellis will take part in a panel discussion at 9th Annual Australian & New Zealand Investment Conference.


Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.4 per cent to close at 22,957, the S&P 500 added 0.2 per cent to close at 2,558 and the NASDAQ gained 0.3 per cent to close at 6,624.

European markets closed mixed: London’s FTSE lost 0.1 per cent, Paris gained 0.2 per cent and Frankfurt added 0.1 per cent.

Asian markets closed mixed: Tokyo’s Nikkei added 0.5 per cent, Hong Kong’s Hang Seng lifted 0.8 per cent, and China’s Shanghai Composite lost 0.4 per cent.

And back home, the Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 33 points up or 0.6 per cent higher to finish at 5,847.

On the futures market the SPI is 11 points up.

Company news 

Platinum Investment Management Limited (ASX:PTM) has appointed a new US distributor, AccessAlpha Worldwide. It will distribute its global equity capabilities in the US and the Canadian institutional market. Shares in Platinum Investment Management Limited (ASX:PTM) closed 3.25 per cent higher at $7.30.

And, global fund administrator, Mainstream Group Holdings (ASX:MAI), formerly MainstreamBPO has successfully completed a $800,000 capital raising via a retail entitlement offer. The company was planning to raise more funds but all of its issue was not subscribed to. It also follows the company raising $3.3 million through institutional investors. The new shares will start trading on 19 October 2017. Shares in Mainstream Group Holdings (ASX:MAI) closed 3.09 per cent higher yesterday at $0.50.


5 companies are going ex-dividend today

Future Glbobal Invest Co (ASX:FGG) is paying 1 fully franked
Future Gen (ASX FGX) is paying 2.2 fully franked
WAM Active Limited (ASX:WAA) is paying 2.75 fully franked
WAM Capital Limited (ASX:WAM) is paying 7.5 fully franked and
WAM Research Ltd (ASX:WAX) is paying 4.5 fully franked


One Australian Dollar at 7:45am was buying 78.50 US cents, 59.25 Pence Sterling, 88.06 Yen and 66.56 Euro cents.


Gold has lost $8.10 to $US1,297 an ounce.
Silver has lost $0.18 to $US17.23 an ounce.
Oil has gained $0.42 to $US52.15 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.