Wall St rebounds overnight: ASX set to open higher

Market Reports

by Rachael Jones

The Australian share market is set to open higher this morning – riding the wave of Wall Street's overnight surge. All three benchmarks advanced by at least 5 per cent. Rallies in retail and energy shares led the gains, as New York recovered the losses suffered in the previous session. On the commodities front, Gold has lost $2 and oil has gained $4.08 to US$46.61 a barrel.

Markets

Wall Street closed up yesterday: The Dow Jones Industrial Average gained 5 per cent to close at 22878, the S&P 500 also added 5 per cent to close at 2468 and the NASDAQ added 5.8 per cent to close at 6554.

European markets closed mixed on Christmas Eve: London’s FTSE 0.5 per cent lower, Paris lost 1.5 per cent and Frankfurt is flat

Asian markets closed mixed: Tokyo’s Nikkei added 0.9 per cent, Hong Kong’s Hang Seng 0.4 per cent lower, and China’s Shanghai Composite 0.3 per cent lower.

Taking all of this into equation, the ASX futures are pointing to a 35 points gain. The Australian share market closed 0.5 per cent higher with the S&P/ASX 200 Index closing 26 points higher at 5494 on Christmas Eve.

Company news

Navarre Minerals (ASX:NML) and Catalyst Metals (ASX:CYL) have reached agreement on the terms of the Tandarra Joint Venture Agreement (JVA) and have signed this agreement together with a Royalty Deed. The Tandarra Gold Project is a gold discovery in the Whitelaw Gold Belt. Following the signing of the JVA, the Parties will meet in late January 2019 to finalise the programme and budget for the remainder of the financial year to 30 June 2019. Drilling is likely to commence in the first quarter of 2019. The formal transfer of a 51 per cent equity interest in the Tandarra Gold Project is in progress. Catalyst is the Manager of the Joint Venture.

Shares in Catalyst Metals (ASX:CYL) traded 0.3 per cent lower at $1.65 on Tuesday.

Ex-dividends

Fat Prophets (ASX:FPC) paying 2.08 cents unfranked

Currencies

One Australian Dollar at 9:00 AM was buying 70.66 US cents, 55.98 Pence Sterling, 78.67 Yen and 62.25 Euro cents.

Commodities

Iron Ore futures suggest a rise 0.6 per cent
Gold has lost $2 to US$1270 an ounce.
Silver has gained $0.28 to US$15.10 an ounce.
Oil has gained $4.08 to US$46.61 a barrel.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.