US crude builds: Aus shares to open higher

Market Reports

by Rachael Jones

Australian shares are set to rise today as Wall Street edged mostly higher. Gainers in New York include Boeing, Exxon Mobil and Walt Disney offsetting losses for GE, Amex, Coca-Cola and Goldman Sachs. Facebook reported its latest quarterly results after the closing bell. Total revenue rose 49 per cent to US$11.97 billion.

Futures in New York settled 0.5 percent higher on Wednesday after fluctuating during the session. There was an early larger-than-expected build in U.S. crude stockpiles. Investors looked for any signals from French President Emmanuel Macron on an Iran nuclear deal. Gold meanwhile is down. Iron ore futures are pointing to a fall.

Local economic news

International trade price indices for the first quarter will be released by the Australian Bureau of statistics.

Figures from around the globe 

Wall Street closed mixed yesterday. The Dow Jones Industrial Average gained 0.3 per cent to close at 24,084, the S&P 500 increased 0.2 per cent to close at 2,639 and the NASDAQ dropped 0.1 per cent to close at 7004.

European markets closed weaker: London’s FTSE dropped 0.6 per cent, Paris fell 0.6 per cent higher and Frankfurt declined over 1 per cent.

Asian markets closed lower: Tokyo’s Nikkei fell 0.3 per cent, Hong Kong’s Hang Seng dropped over 1 per cent, and China’s Shanghai Composite lost 0.4 per cent.

Taking all of this into equation, the ASX futures are pointing to a 38 points gain. On Tuesday, the Australian share market closed higher with the S&P/ASX 200 Index closing 36 points higher at 5922.

Company news

Billabong International (ASX:BBG) confirms that the scheme of arrangement (Scheme) in relation to the acquisition by a subsidiary of Boardriders, Inc. (Boardriders) of has been implemented today. All of the Billabong shares, other than those owned by Boardriders' related entities, have now been acquired by Boardriders. The Scheme Consideration of $1.05 will be paid to each Billabong shareholder registered as the holder of a Billabong share at the Scheme Record Date, of Monday, 16 April 2018. Billabong intends to apply to the ASX shortly for the termination of the official quotation of Billabong shares on the ASX and to have Billabong removed from the official list of the ASX from the close of trading today. As a result of implementation of the Scheme, Billabong announces the resignation a number of directors and company secretary effective immediately.

Shares in Billabong International (ASX:BBG) last traded at $1.05.


Just one company going ex-dividend today:
Bank of Queensland (ASX:BOQ) 38 cents at 100 per cent franked


One Australian Dollar at 7:45AM was buying US75.69 cents, 54.37 Pence Sterling, 82.80 Yen and 62.25 Euro cents.


Iron ore futures are pointing to a 1.2 per cent fall.
Gold has dropped almost $9 to $US1324 an ounce.
Silver has fallen 19c to $US16.60 an ounce.
Oil has added $0.31 to $US68.01 a barrel.


The three most traded cryptocurrencies are trading lower: Bitcoin has lost 3.6 per cent to US$9132, Ethereum fell almost 9 per cent to US$646 and EOS lost 1.8 per cent to US$15.29.