Dow rose on report China likely to buy more US products: ASX set to open slightly higher

Market Reports

by Rachael Jones

Following mixed leads from US markets, the Australian share market looks set to open slightly higher this morning. Wall Street managed to erase most losses in the final moments of trading. Treasury yields rose for a fifth day. The Dow Jones Industrial Average closed up, following a report that China is ready to buy more US agricultural products. On the commodities front, gold has dropped over $17 the iron ore futures suggest a 1.22 per cent gain.

Local economic news 

Westpac-MI consumer confidence for September;


The Dow Jones Industrial Average gained 0.3 per cent to close at 26,909, the S&P 500 closed 0.03 per cent higher at 2979 and the NASDAQ fell 0.04 per cent to 8084.

European markets closed higher: London’s FTSE added 0.4 per cent, Paris improved 0.1 per cent and Frankfurt gained 0.4 per cent.

Asian markets closed mixed: Tokyo’s Nikkei added 0.4 per cent, Hong Kong’s Hang Seng closed almost flat and China’s Shanghai Composite lost 0.1 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.26 per cent gain.

Yesterday, the Australian share market closed 34 points or 0.5 per cent lower at 6614.

Company news

Silver Lake Resources (ASX:SLR) has extended its off-market takeover bid for all of the fully paid ordinary shares in Egan Street Resources (ASX:EGA) (Offer) to the 1 November 2019. Egan Street Resources Limited (EGA) is the exploration, evaluation and development of the Rothsay Gold Project in the southern Murchison region of Western Australia. The Company extract gold from this project. Silver Lake is a gold producer with its cornerstone asset the Mount Monger Gold Camp, 50 km south east of Kalgoorlie in the prolific Eastern Goldfields district of Western Australia. Shares in Silver Lake Resources (ASX:SLR) closed 3.8 per cent lower at $1.01 yesterday.


Advanced Share Ltd (ASX:ASW) is paying 2 cents fully franked
Accent Group Ltd (ASX:AX1) is paying 3.75 cents fully franked
BlueScope Steel Ltd (ASX:BSL) is paying 8 cents unfranked
Brambles Limited (ASX:BXB) is paying 14.5 cents 30 per cent franked
Costa Group Holdings Ltd (ASX:CGC) is paying 3.5 cents fully franked
Cimic Group Ltd (ASX:CIM) is paying 71 cents fully franked
G8 Education Limited (ASX:GEM) is paying 4.75 cents fully franked
Lovisa Holdings Ltd (ASX:LOV) is paying 15 cents fully franked
PM Capital Asian Opportunities Fund Ltd (ASX:PAF) is paying 1.5 cents fully franked
PWR Holdings Ltd (ASX:PWH) is paying 9.9 cents fully franked
Regis Healthcare Ltd (ASX:REG) is paying 7.11 cents fully franked
Seek Limited (ASX:SEK) is paying 22 cents fully franked
Supply Network (ASX:SNL) is paying 8.5 cents fully franked
Zimplats Holding Ltd (ASX:ZIM) is paying 61.635 cents unfranked


One Australian Dollar at 7:40AM was buying 68.62US cents, 55.57Pence Sterling, 73.80 Yen and 62.13 Euro cents.


Iron Ore futures suggest a 1.22 per cent gain.
Gold has dropped $17.30 to US$1494 an ounce.
Silver has lost $0.08 cents to US$18.09 an ounce.
Oil has gained $0.02 to US$57.87 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.