Resmed and Fisher & Paykel Healthcare settle dispute: ASX set to open higher

Market Reports

by Rachael Jones

The Australian share market is set to open higher this morning. Overnight the US Federal Reserve released minutes from its latest policy meeting. They show officials are unsure of the need for rate hikes this year. Wall Street's three main benchmarks were modestly higher because of this. Back home we have another busy day of reporting companies.

Reporting Companies 

-Ausdrill (ASX:ASL)
- Alumina (ASX:AWC)
- Coca-Cola Amatil (ASX:CCL)
- Flight Centre Travel Group (ASX:FLT)
- Growthpoint Properties Australia (ASX:GOZ)
- Iluka Resources (ASX:ILU)
- IRESS (ASX:IRE)
- Mineral Resources (ASX:MIN)
- Lifestyle Communities (ASX:LIC)
- MYOB Group (ASX:MYO)
- Nine Entertainment (ASX:NEC)
- NRW Holdings (ASX:NWH)
- Origin Energy (ASX:ORG)
- Perpetual (ASX:PPT)
- Platinum Asset (ASX:PTM)
- Qantas Airways (ASX:QAN)
- Qube Holdings (ASX:QUB)
- Rural Funds Group (ASX:RFF)
- Star Entertainment Grp (ASX:SGR)
- Santos (ASX:STO)
- Southern Cross Media Group (ASX:SXL)
- Sydney Airport (ASX:SYD)
- Webjet (ASX:WEB)
- Wesfarmers (ASX:WES)

Economic News

Investors are also waiting for the Australia Bureau Statistics the released the Labour Force figures for January 2019.

Markets 

Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.2 per cent to close at 25,954, the S&P 500 gained 0.2 per cent to close at 2,785 and the NASDAQ was up 0.03 per cent to close at 7489.

European markets closed higher: London’s FTSE added 0.7 per cent, Paris also gained 0.7 per cent and Frankfurt closed 0.8 per cent higher.

Asian markets closed higher, Tokyo’s Nikkei closed 0.6 per cent higher, Hong Kong’s Hang Seng gained 1.01 per cent and China’s Shanghai Composite added 0.2 per cent.

The ASX futures are up 6 points. Yesterday the Australian share market closed 0.2 per cent lower or 10 points to 6096.

Company news

Medical device maker ResMed (ASX:RMD), and Fisher & Paykel Healthcare (ASX:FPH) have agreed to settle all outstanding patent infringement disputes between the companies in all venues around the world. Each alleged the other infringed its patents. In a joint statement, it said the settlement involves no payment or admission of liability by either side. As a result of the settlement, there will be no further infringement proceedings against ResMed products, including AirSense flow generators, AirFit P10, Swift LT and Swift FX masks, and ClimateLine heated tubes; or against Fisher & Paykel Healthcare products including Simplus, Eson and Eson 2.Fisher & Paykel Healthcare (ASX:FPH) say this will not have a material impact on its net profit after tax guidance for the 2019 financial year. Shares in Fisher & Paykel Healthcare (ASX:FPH) closed closed 0.39 per cent lower to $12.80 yesterday.

Ex-Dividends

GWA Group (ASX:GWA) is paying 9 cents fully franked
JB Hi-Fi (ASX:JBH) is paying 91 cents fully franked
Macquarie Media (ASX:MRN) is paying 3 cents fully franked
Qv Equities (ASX:QVE) is paying 2.2 cents fully franked

Currencies

One Australian Dollar at 8:35 AM was buying 71.63 US cents, 54.92 Pence Sterling, 79.42 Yen and 63.19 Euro cents.

Commodities

Iron Ore has dropped 1.4 per cent to at US$88. Its futures suggest a 0.4 per cent gain.
Gold has dropped $3.30 to US$1342 an ounce.
Silver has gained $0.07 to US$16.14 an ounce.
Oil has risen $0.68 to US$57.13 a barrel.