Tech rally boosts Wall St: Aus shares to rise

Market Reports

by Anna Napoli

Australian shares look set to rise this morning following strong leads from US markets yesterday. A tech-led rally on Wall Street saw the Dow Jones close 200 points higher as gains in Apple and Facebook helped to offset a decline in Boeing. The airline company fell over 5 per cent after a plane crash on Sunday that involved the 737 MAX jet. However, Apple shares popped over 3 per cent after Merrill Lynch upgraded the stock to buy from neutral.

Local Economic News

NAB releases its February business survey and the ABS releases data on lending to households and businesses.


To the figures from around the globe: Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.8 per cent to close at 25,651, the S&P 500 added 1.5 per cent to close at 2,783 and the NASDAQ jumped 2.02 per cent to close at 7558.

European markets closed higher: London’s FTSE added 0.4 per cent, Paris gained 0.7 per cent and Frankfurt was up 0.8 per cent.

Asian markets closed higher, Tokyo’s Nikkei increased 0.5 per cent lower,Hong Kong’s Hang Seng gained almost 1 per cent and China’s Shanghai Composite added almost 2 per cent.

Returning home the SPI futures are up 38 points. Yesterday the Australian share market closed 0.4 per cent lower or 24 points at 6180.

Company news

Cash Converters (ASX:CCV) has provided an update on two class action claims. The lender and pawn chain has paid $16.4 million in costs following settlement of the McKenzie proceeding. The payout dragged down Cash Converters FY19 half year results with the company announcing a net loss after tax of $5.2 million last month. Meantime, Cash Converters is awaiting judgment in a separate proceeding but says the financial impact can't determined at this time. Shares in Cash Converters (ASX:CCV) closed 2.56 per cent higher at 20 cents yesterday.


Ausdrill Limited (ASX:ASL) is paying 3.5 cents fully franked
Apollo Tourism & Leisure Ltd (ASX:ATL) is paying 2 cents unfranked
Duxton Water Ltd (ASX:D2O) is paying 2.6 cents fully franked
GTN Limited (ASX:GTN) is paying 2.4 cents fully franked
Michael Hill International Ltd (ASX:MHJ) is paying 2.5 cents unfranked
News Corp (ASX:NWS) is paying 9.8605 cents unfranked
NZK Salmon Ltd (ASX:NZK) is paying 1.9173 cents unfranked
Pro Medicus Limited (ASX:PME) is paying 2.5 cents fully franked
PSC Insurance Group Ltd (ASX:PSI) is paying 3.1 cents fully franked
Regis Resources (ASX:RRL) is paying 8 cents fully franked
Sims Metal Management Ltd (ASX:SGM) is paying 23 cents fully franked
SRG Global Ltd (ASX:SRG) is paying 1 cents fully franked
Villa World Ltd (ASX:VLW) is paying 8 cents fully franked


One Australian Dollar at 8:35 AM was buying 70.70 US cents, 53.74 Pence Sterling, 78.62 Yen and 62.88 Euro cents.


Iron Ore has shed 2.3 per cent to US$83.79.It futures suggest a 0.4 per cent gain.
Gold has dropped $6.00 to US$1293 an ounce.
Silver has lost $0.03 to US$15.32 an ounce.
Oil has added $0.67 to US$57.10 a barrel.