Local shares set to rise: Joe Biden declared US election winner

Market Reports

by Anna Napoli

Local shares are on track to start the week in positive territory after Joe Biden was declared winner of the US presidential election over the weekend. In the US on Friday stocks closed mostly flat as traders nervously awaited the election outcome. Despite the uncertainty around the presidential vote, Wall Street notched its best weekly performance since April. The S&P 500 and Nasdaq jumped 7.3 per cent and 9 per cent, respectively, for the week.


Wall Street closed mixed on Friday: The Dow Jones Industrial Average lost 0.2 per cent to close at 28,323, the S&P 500 fell 0.03 per cent to close at 3509 and the NASDAQ closed 0.04 per cent higher at 11,895.

European markets closed mixed on Friday: London’s FTSE added 0.1 per cent, Paris fell 0.5 per cent and Frankfurt closed 0.7 per cent lower.

Asian markets closed mixed on Friday: Tokyo’s Nikkei added 0.9 per cent, Hong Kong’s Hang Seng gained 0.1 per cent and China’s Shanghai Composite fell 0.2 per cent.

Back home, the SPI futures are pointing to 0.2 per cent gain. On Friday, the Australian share market closed 0.8 per cent higher at 6190 hitting a two week high,

Economic news

Today, The Reserve Bank releases the September data on credit and debit card lending, on Tuesday, the NAB business survey is released n Wednesday, there is another measure of consumer confidence – this time the November monthly survey results from Westpac and the Melbourne Institute on ThursdayABS data on overseas arrivals and departures data for September. On Friday, the ABS issues provisional October data on overseas travel movements

Company news

Electricity company Tilt Renewables’ (ASX:TLT) group revenue dropped 45.9 per cent to $56 million when compared to the first half of FY 2020. The decline was largely due to the removal of Snowtown 2 from the Group and delay in progress with commissioning of Dundonnell. This also meant earnings (EBITDAF) were down by 55 per cent to $31.8 million. Net Profit After Tax went the other way jumping 125 per cent to A$26.8 million. Full year earnings (EBITDAF) guidance range remains unchanged at A$65 million and A$80 million. Shares in Tilt Renewables (ASX:TLT) closed 0.82 per cent lower at $3.61 on Friday.


ANZ Banking Group Ltd (ASX:ANZ) is paying 35 cents fully franked
Hawthorn Resources (ASX:HAW) is paying 1.5787 cents unfranked
Joyce Corporation (ASX:JYC) is paying 5 cents fully franked
NAOS Ex-50 Opportunities Company Ltd (ASX:NAC) is paying 1.4 cents fully franked
NAOS Small Cap Opportunities Company Ltd (ASX:NSC) is paying 1.25 cents fully franked


One Australian Dollar at 7:50 AM was buying 72.86 US cents, 55.37 Pence Sterling, 75.26 Yen and 61.27 Euro cents.


Iron Ore has added 0.7 per cent to US$117.80.
Iron Ore futures suggest a 3.9 per cent gain.
Gold was up $4.90 to US$1952 an ounce.
Silver has added $0.47 to US$25.66 an ounce.
Oil was down $1.65 to US$37.14 a barrel.

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