Gold rises from an eight month low: ASX to open higher

Market Reports

by Rachael Jones

Despite weak leads from US markets, the Australian share market looks set to open higher this morning. US stocks fell yesterday as technology stocks took a dip. Apple and Microsoft fell about 1 per cent each. Tesla shares dropped 3.6 per cent. On the commodities front, gold prices rose yesterday, from a more than eight-month low, as a retreat in the dollar and US Treasury yields lifted demand.

Local economic news

The ABS will issue the National Accounts for the December quarter, and the weekly payroll jobs and wages data are all scheduled. Also today, the AiGroup will release the construction activity gauge for February.

Markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.5 per cent to close at 31,392, the S&P 500 shed 0.8 per cent to 3870 and the NASDAQ closed 1.7 per cent lower at 13,359.

European markets closed higher: London’s FTSE gained 0.4 per cent, Paris added 0.3 per cent and Frankfurt closed 0.2 per cent higher.

Asian markets closed lower: Tokyo’s Nikkei lost 0.9 per cent. Hong Kong’s Hang Seng fell 1.2 per cent and China’s Shanghai Composite also fell 1.2 per cent.

Taking all of this into equation, the SPI futures are pointing to 0.2 per cent gain.

Yesterday, the Australian share market closed 0.4 per cent lower at 6762.

Company news

Piedmont Lithium (ASX:PLL) report that a scheme of arrangement has been implemented under which Piedmont Lithium Inc, a newly formed US corporation will acquire Piedmont. Piedmont is pre-production business targeting the integrated production of battery quality lithium hydroxide to support a US and global electric vehicle supply chain. Shares in Piedmont Lithium (ASX:PLL) closed 8.7 per cent higher at $0.94 yesterday.

Ex-Dividends

Australian Ethical Investment (ASX:AEF) is paying 3 cents fully franked
Bell Financial Group (ASX:BFG) is paying 6.5 cents fully franked
Bravura Solution Ltd (ASX:BVS) is paying 2.6 cents unfranked
EQT Holdings (ASX:EQT) is paying 44 cents fully franked
Hansen Technologies (ASX:HSN) is paying 5 cents 22 per cent franked
IOOF Holdings Ltd (ASX:IFL) is paying 11 cents fully franked
Infomedia Ltd (ASX:IFM) is paying 2.15 cents fully franked
InvoCare Limited (ASX:IVC) is paying 7 cents fully franked
Link Administration Holdings (ASX:LNK) is paying 4.5 cents 60 per cent franked
MNF Group Ltd (ASX:MNF) is paying 3.3 cents fully franked
Medibank Private Ltd (ASX:MPL) is paying 5.8 cents fully franked
Orora Limited (ASX:ORA) is paying 6.5 cents unfranked
Origin Energy (ASX:ORG) is paying 12.5 cents unfranked
PM Capital Asian Opportunities Fund (ASX:PAF) is paying 1.5 cents fully franked
Probiotec Limited (ASX:PBP) is paying 2 cents fully franked
Perpetual Credit Income Trust (ASX:PCI) is paying 0.2707 cents unfranked
PM Capital Global Opportunities Fund (ASX:PGF) is paying 2.5 cents fully franked
Qantm Intellectual (ASX:QIP) is paying 4 cents fully franked
Treasury Wine Estate (ASX:TWE) is paying 15 cents fully franked

Currencies

One Australian Dollar at 8:20 AM was buying 78.26 US cents, 56.05 Pence Sterling, 83.56 Yen and 64.75 Euro cents.

Commodities

Iron Ore has added 0.6 per cent to US$175.55.
Iron Ore futures suggest a 1.2 per cent gain.
Gold has gained $9.10 to US$1732 an ounce.
Silver has added $0.12 to US$26.80 an ounce.
Oil has lost $1.00 to US$59.64 a barrel.