End of fiscal year: Aus shares to open higher

Market Reports

by Rachael Jones

It’s the final trading day of the June quarter and fiscal year today - and this morning we are set to see the Australian share market open higher. On Wall Street US stocks rose the most in three weeks as technology rebounded from losses sparked by America’s unclear strategy towards Chinese trade. Chinese shares extending their losses. New to the index Walgreens Boots Alliance took a tumble after online shopping giant Amazon bought an online pharmacy. Starbucks shares dropped as chief financial officer Scott Maw announced his retirement at the end of November. The coffee shop chain fell more than 4 per cent. Gold dropped and oil is up and iron ore futures are pointing to a 1.3 per cent gain.

Local economic news

The ABS will release the results of International Merchandise Trade for Australia later today. Looking at concepts, sources and methods.

Figures from around the globe:

Wall Street closed higher yesterday. The Dow Jones Industrial Average added 0.4 per cent to close at 24,216, the S&P 500 gained 0.6 per cent to close at 2,716 and the NASDAQ was up 0.8 per cent to close at 7504.

European markets closed lower yesterday: London’s FTSE lost 0.1 per cent, Paris fell almost 1per cent and Frankfurt declined 1.4 per cent.

Asian markets closed mixed yesterday, Tokyo’s Nikkei closed 0.01% lower, Hong Kong’s Hang Seng gained 0.5% and China’s Shanghai Composite was down 0.9%.

On the futures markets, the ASX futures are pointing to a 13 pts gain. Yesterday, the Australian share market closed higher with the S&P/ASX 200 Index gaining 20 points to close at 6215.

Company news

Loan company Money3 Corporation (ASX:MNY) has appointed of Ray Malone as Executive Chairman. For the last 18 months Mr Malone has been heavily involved in the development of strategy, sourcing debt funding, investor relations, and worked on the exit from the provision of Small Amount Credit Contract lending. When Mr Malone was appointed to the Board of Money3 on 29 January 2016, the share price was $1.02, EBITDA for the preceding calendar year was $29.7m (December 2015) and the gross loan book $182.2m. Shares in Money3 Corporation (ASX:MNY) closed 3.05% lower to $1.91 yesterday.

Medical supplied company Paragon Care (ASX:PGC) has appointed a new Joint Company Secretary Melanie Leydin after John OSbourne resigned. Len Kocovic, will remain in his role as Chief Financial Officer and Joint Company Secretary. Shares in Paragon (ASX:PGC) closed 0.63 per cent lower to 79.5c yesterday.


Four companies going ex dividend today.

Concentrated Leaders (ASX:CLF) is paying 2.25c fully franked
Eildon Capital (ASX:EDC) is paying 1.925c fully franked
GrainCorp (ASX:GNC) is paying 8c fully franked
MCP Master Income (ASX:MXT) is paying 1.01c unfranked.


Iron ore futures are pointing to 1.3 per cent gain.
Gold has dropped $6.60 to $US1250 an ounce.
Silver has fallen 19c to $US16.05 an ounce.
Oil gained 52c to $US73.28 a barrel.


The three most traded cryptocurrencies are trading lower:
Bitcoin has dropped 2.1 per cent to US$6,015,
Ethereum has fallen 1.4 per cent to US$431,
Ripple has lost 3.5 per cent to US$0.45 

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