Melco abandons plans to increase stake in Crown Resorts (ASX:CWN): ASX poised to open higher

Market Reports

by Rachael Jones

Australian shares are poised to open higher after positive leads from New York. All three US benchmarks closed higher, resetting record highs. Shares also rose across Europe in response to China's decision to cut tariffs on some imported US goods.

On the commodities front, oil has gained and gold has also added. 


Wall Street closed higher yesterday: The Dow Jones Industrial Average closed 0.3 per cent higher at 29,380, the S&P 500 gained 0.3 per cent to 3346 and the NASDAQ added 0.7 per cent to 9572.

European markets closed higher: London’s FTSE gained 0.3 per cent, Paris added 0.9 per cent and Frankfurt was up 0.7 per cent.

Asian markets closed also higher: Tokyo’s Nikkei added 2.4 per cent, Hong Kong’s Hang Seng gained 2.6 per cent and China’s Shanghai Composite rose 1.7 per cent.

Taking all of this into equation, the SPI futures are pointing to a 12 points gain.

Yesterday, the Australian share market closed 1.1 per cent higher at 7049.

Local economic news 

AiG performance of services January,

RBA Statement on Monetary Policy at 11.30am AEDT

Company news

Crown Resorts (ASX:CWN) have entered into a deed to terminate the sale of the second tranche of Crown shares to Melco Resorts Group. The Hong Kong based company had originally planned to buy a 19.99 per cent stake in Crown from James Packer’s Consolidated Press Holdings in two tranches. Shares in Crown Resorts (ASX:CWN) closed 0.26 per cent higher $11.61 yesterday.


Australian Foundation Investment Co. Ltd (ASX:AFI) is paying 10 cents fully franked
BKI Investment Ltd (ASX:BKI) is paying 3.625 cents fully franked
Oceania Healthcare Ltd (ASX:OCA) is paying 1.8762 cents unfranked
PTB Group Limited (ASX:PTB) is paying 2.5 cents fully franked


One Australian Dollar at 8:45 AM was buying 67.32 US cents, 52.08 Pence Sterling, 74.04 Yen and 61.32 Euro cents.


Iron Ore has gained 2.3 per cent to $83.17.
Iron Ore futures suggest a 0.9 per cent gain.
Gold has added $7.50 to US$1570 an ounce.
Silver has gained $0.21 to US$17.82 an ounce.
Oil was up $0.33 to US$51.08 a barrel

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