Energy sector leads Wall Street: Aus shares to open higher

Market Reports

by Anna Napoli

Australian shares are set to rise today following gains on Wall Street. The energy sector, bolstered by the surging oil price led the gains, with Apple lifting the tech sector. The tech giant’s shares surged 0.7 per cent taking the company to three and a half year highs. The oil price initially surged above $70 a barrel due to declining Venezuelan crude production, but later gave up gains after President Trump said he would announce his decision on the Iran nuclear deal on Tuesday.
In local economic news

Today can look out for the monthly retail trade figures, and all eyes will be on Parliament tonight as the Turnbull government hands down the Federal budget. We can expect to see tax cuts for low and middle-income earners worth around $10.50 a week, and a major shake-up of the aged-care sector is also expected.


Wall Street closed higher yesterday. The Dow Jones Industrial Average added 0.4 per cent to close at 24,357, the S&P 500 closed 0.4 per cent higher at 2,673 and the NASDAQ gained 0.8 per cent to close at 7265..

European markets closed higher yesterda: London’s FTSE was closedt, Paris added 0.3 per cent and Frankfurt gained 1 per cent.

Asian markets closed mixed: Tokyo’s Nikkei closed 0.03% lower, Hong Kong’s Hang Seng added 0.2 per cent, and China’s Shanghai Composite gained 1.5 per cent.

Taking all of this into equation, the ASX futures are pointing to a 20 pts gain. Yesterday, the Australian share market closed higher with the S&P/ASX 200 Index closing 22 points higher to 6084.

Taking all of this into equation, the ASX futures are pointing to a 24 points gain. Yesterday the Australian share market closed flat with the S&P/ASX 200 Index closing at 5842..

Company news

Antares Energy has (ASX:AZZ) extended the closing date of its public offer until Wednesday the 16th of May. The company is currently in trading halt and will resume trading on the 24th of May

Ellerston Global Investments (ASX:EGI) has announced a price of $1.06 per share to be issued to participants in its dividend reinvestment plan on the 18th of May . The price takes into consideration a 2 and a half discount to the volume weighted average price of the company’s shares.

Shares in Ellerston Global Investments (ASX:EGI) closed 0.9 per cent lower at $1.07 yesterday.

Sandon Capital Ltd (ASX:SNC) 3.5 cents fully franked.


One Australian Dollar at 7:40AM was buying US75.16 cents, 55.43 Pence Sterling, 81.98 Yen and 63.04 Euro cents.


Iron ore futures are pointing to a 0.74 per cent gain.
Gold has lost $0.10 to $US1315 an ounce.
Silver has dropped 2c ($0.02) to $US16.50 an ounce.
Oil has added $0.28 to $US70.00 a barrel.


The three most traded cryptocurrencies are trading mixed: Bitcoin has lost 1.3 per cent to US$9454, Ethereum fell 2.4 per cent to US$765 and EOS had added 4.5 per cent to US$18.19.


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