Apple facing US import ban on some iPhones: ASX set to open higher

Market Reports

by Rachael Jones

Australian shares are poised to open higher as stocks in the US rose. Apple shares took a hit after a judge recommended a partial ban on some iPhones. Apple are currently in a legal battle with Qualcomm, an American telecommunications company. A US trade judge found Apple guilty of infringing two Qualcomm patents. As a result some iPhone models containing competing Intel modems might be blocked from shipping from China, where they’re manufactured, to America. Meanwhile, oil has risen as Russia signaled its commitment to output cuts.


Wall Street closed higher yesterday: The Dow Jones Industrial Average closed0.6 per cent higher at 25,658, the S&P 500 added 0.7 per cent to 2818 and the NASDAQ gained 0.7 per cent to 7692.

European markets closed higher: London’s FTSE added 0.3per cent, Paris gained 0.9 per cent and Frankfurt increased 0.6 per cent.

Asian markets closed mixed, Tokyo’s Nikkei added 2 per cent, Hong Kong’s Hang Seng gained 0.2 per cent and China’s Shanghai Composite fell 1.5 per cent.

Taking all of this into equation, the SPI futures are up 10 points. Yesterday the Australian share market closed 0.1 per higher or 4 points at 6131.

Company news

Lithium and tantalum producer Pilbara Minerals (ASX:PLS) has received $50 million from Jiangxi Ganfeng Lithium Company under the previously announced Subscription Agreement. The $50M equity placement is in lieu of a debt or pre-payment facility for Ganfeng to secure additional spodumene concentrate under its Stage 2 offtake agreement. Meanwhile in other news the company is pleased to advise that there has been no material impact to its Pilgangoora operations in the north Pilbara as a result of the recent tropical cyclone Veronica. Mining and processing operations have now resumed after 72 hours’ disruption. High river flows have impacted traffic on the site though. However, it is expected this will subside in the coming days, the haulage operation will then recommence concentrate movement. The Pilbara Ports Authority has continued to suspend ship-loading activities within Port Hedland harbor meaning there may be minor delays to Pilbara Minerals’ shipping schedule over the coming week. Shares in Pilbara Minerals (ASX:PLS) closed 2.2 per cent higher at $0.69.


Japara Healthcare Ltd (ASX:JHC) is paying 2.8 cents unfranked
PWR Holdings Ltd (ASX:PWH) is paying 1.6 cents fully franked
SG Fleet Group Ltd (ASX:SGF) is paying 8.169 cents fully franked
Unibail-Rodamco-Westfield (ASX:URW) is paying 30.2062 cents unfranked
Viva Energy Group Ltd (ASX:VEA) is paying 4.8 cents fully franked


One Australian Dollar at 7:40 AM was buying 71.34US cents, 54.04 Pence Sterling, 78.89 Yen and 63.34 Euro cents.


Iron Ore futures suggest a 0.2 per cent gain
Gold has fallen $7.60 to US$1321 an ounce.
Silver has dropped $0.14 to US$15.53 an ounce.
Oil was $1.22 higher at US$60.04 a barrel.