US Equities close at record highs: Aus shares to race hard at open

Market Reports

by Jessica Amir

Following more record leads on Wall Street from all the three major indices, the Australian share market is set for gallop up almost 0.5 per cent at the open. It comes as Broadcom offered to buy fellow chip maker Qualcomm for $70 a share. And if it is completed, it would be the biggest ever deal in the history of the technology sector. Qualcomm rose 1 per cent while Broadcom lifted 1.4 per cent.

It follows President Donald Trump’s announcement last week that Broadcom would move its headquarters from Singapore to the US.

On the commodities front, oil has surged 3 per cent higher, near 2 years highs after the Saudi Crown Prince coordinated the arrest of several princes and ministers on corruption allegations. While the iron ore price is seeing a bull run, up 3.6 per cent. Which all bodes well of for our big miners and energy companies today.

Local economic news 

RBA will hold their Bank Board meeting and interest rates expected to remain on hold at 1.5 per cent. Also out today NAB’s Business Survey for October is released.

Markets 

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.04 per cent to close at 23,548, the S&P 500 added 0.1 per cent to close at 2,591 and the NASDAQ gained 0.3 per cent to close at 6,786.

European markets closed mixed: London’s FTSE gained 0.03 per cent, Paris lost 0.2 per cent and Frankfurt fell 0.1 per cent.

Asian markets closed mixed: Tokyo’s Nikkei added 0.04 per cent, Hong Kong’s Hang Seng fell 0.02 per cent, and China’s Shanghai Composite rose 0.5 per cent.

And back home, the Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 6 points down to finish at 5,954.

On the futures market the SPI is 28 points up.

Company news

Evolve Education Group (ASX:EVO) will report a one off $3 million expense for GST provision for its Porse in-home-childcare division, in its half year financial results to 30 September 2017. At the same time, it also announced its expecting net profit after tax, will be $7 million, that’s before taking non- reoccurring items (such as the the $3 million expense into account. An interim dividend of 2.5 cents will be paid on 20 December 2017. Shares in Evolve Education Group (ASX:EVO) closed about 6.1 per cent higher at $0.70.

Ex-dividends

5 companies are going ex-dividend today

Bisalloy Steel (ASX:BIS) is paying 2.5 cents fully franked
Cbg Capital Limited (ASX:CBC) is paying 1.55 cents fully franked
Credit Corp Group (ASX:CCP) is paying 31 cents fully franked
Macquarie Group Ltd (ASX:MQG) is paying $2.05 cents 45 cent per cent franked
OceanaGold Corp (ASX:OGC) is paying 0.98 cents un franked.

Currencies

One Australian Dollar at 9.00AM was buying 76.92 US cents, 58.44 Pence Sterling, 87.46 Yen and 66.26 Euro cents.

Commodities

Gold has gained $13.10 to $US1,282 an ounce.
Silver has added $0.42 to $US17.25 an ounce.
Oil has surged $1.69 to $US57.33 a barrel.
 

Jessica Amir

Finance News Network
Jessica is the head of news and a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.