Oil jumps after tanker attacks: ASX poised to open higher

Market Reports

by Rachael Jones

We are set to see Australian shares open higher. Wall Street had late rises after a two day slide. The price of oil is on the rise after attacks on tanker ships near the world's busiest sea lane for oil shipments. The Front Altair and the Kokuka Courageous have sustained significant damage in the Gulf of Oman. Their crews have been evacuated. Last month there were attacks on four tanker ships in the Middle East. The price of iron ore has surged.

Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.4 per cent to 26,107, the S&P 500 gained 0.4per cent to close at 2892 and the NASDAQ closed 0.6 per cent higher at 7837.

European markets closed slightly higher: London’s FTSE edged up 0.01 per cent, Paris also added 0.01 per cent and Frankfurt gained 0.4 per cent.

Asian markets closed mixed, Tokyo’s Nikkei fell 0.5 per cent, Hong Kong’s Hang Seng was down 0.1 per cent and China’s Shanghai Composite added 0.1 per cent.

Taking all of this into equation, the SPI futures are up 13 points. On Friday, the Australian share market closed 1 point or 0.02 per cent lower at 6542.

Company news

Paladin Energy (ASX:PDN) has appointed a new Chief Financial Officer. Anna Sudlow will start in the role at the beginning of July. She's replacing the current CFO, Craig Barnes who is leaving the company to pursue other opportunities. Craig’s final departure date of 20 September 2019 will allow for a hand over period with Anna. Anna has more than 20-years’ experience across the energy and resources sectors specialising in corporate finance and funding, investor relations and commercial management. Shares in Paladin Energy (ASX:PDN) closed 4 per cent higher at $0.13 yesterday.

Ex-Dividends

Ironbark Capital Ltd (ASX:IBC) is paying 1.45 cents fully franked.

Currencies

One Australian Dollar at 7:50AM was buying 69.16 US cents, 54.60 Pence Sterling, 74.95 Yen and 61.33 Euro cents.

Commodities

Iron Ore futures suggest a 3.1 per cent gain.
Gold has added $9.20 to US$1346 an ounce.
Silver was up $0.14 to US$14.89 an ounce.
Oil gained $1.13 to US$52.48 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.