Dow on record high: Aus shares to open higher

Market Reports

by Kathy Skantzos

Following positive leads from US markets, the Australian share market looks set to open higher this morning.

The Dow was up 24 points to finish on a record on Friday with Goldman Sachs outperforming. The Nasdaq finished 43 points up and the S&P 500 also finished higher, helped along by the technology sector.

Commodities have gone the other way. Brent crude has fallen 0.65 per cent, gold has fallen 0.3 per cent and iron ore has dropped nearly 1 per cent.

Local economic news

On Monday we can expect the Home Value Index for September and the HIA’s Manufacturing Index. 

On Tuesday the ABS will release the Building Approvals Statistics, Job Advertisements will be announced by ANZ, HIA’s New Home Sales for August will be released, and the RBA will announce its interest rate decision. 

On Wednesday the Australian Industry Group will release Services figures for September.

On Thursday, the ABS will have data for new vehicle sales, international trade and imports and exports figures. 

On Friday, Construction Index figures will be released by AIG.


Figures

Wall Street closed up on Friday: The Dow Jones Industrial Average gained 0.11 per cent to close at 22,405, the S&P 500 added 0.37 per cent to close at 2,519 and the NASDAQ was up 0.66 per cent to close at 6,496.

European markets closed up: London’s FTSE gained 0.7 per cent, Paris was up 0.7 per cent and Frankfurt rose 1 per cent.

Asian markets closed mixed: Tokyo’s Nikkei closed flat, Hong Kong’s Hang Seng added 0.5 per cent, and China’s Shanghai Composite gained 0.3 per cent.

The Australian share market closed higher: The S&P/ASX 200 Index closed 11 points up to finish at 5,682.

On the futures market, the SPI is 14 points up.

Company news

BCI Iron (ASX:BCI), a portfolio manager of iron ore in Australia, announced it has acquired tenements in Kumina from mineral resources company Mineralogy. BCI said it will proceed with the planning and execution of the initial exploration programmes on the mine site’s tenements. The company has key assets in Iron Valley in the Central Pilbara operated by Mineral Resources (ASX:MIN) and Buckland in the West Pilbara region. BCI is establishing an agricultural and industrial metals business which includes a joint venture over the Carnegie Potash Project with Kalium Lakes (ASX:KLL) and the fully owned Mardie Salt Project. Shares in BCI Iron (ASX:BCI) last traded 7.14 per cent higher to $0.15.

Ex-dividends

5 companies are going ex-dividend today. 

Cedar Woods (ASX:CWP) is paying 18 cents fully franked.

Currencies

One Australian Dollar at 7:50AM was buying 78.40 US cents, 58.62 Pence Sterling, 88.38 Yen and 66.49 Euro cents.

Commodities

Gold has lost $3.90 to $US1,285 an ounce.
Silver has lost $0.17 cents to $US16.68 an ounce.
Oil has gained $0.11 cents to $US51.67 a barrel.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.