James Hardie (ASX:JHX) raises its FY adjusted NOPAT: ASX poised to open higher

Market Reports

by Rachael Jones

Despite weak leads from US markets, the Australian share market looks set to open higher. Wall Street shares dropped after it was reported that President Donald Trump and Chinese President Xi Jinping’s meeting to sign an interim trade deal could be delayed until December as the two parties struggle to agree on the terms and venue. Uber shares fell around 9 per cent to a record low on Wednesday after shares held by early investors became available for sale. Meanwhile, on the commodities front, oil has fallen and gold hasgained over $9.00.

Markets 

Wall Street closed mixed yesterday: The Dow Jones Industrial Average finished the session flat at 27,493, the S&P 500 closed 0.1 per cent higher at 3077 and the NASDAQ dropped 0.3 per cent to 8411.

European markets closed higher: London’s FTSE gained 0.1 per cent, Paris added 0.3 per cent and Frankfurt closed 0.2 per cent higher.

Asian markets closed mixed: Tokyo’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng closed 0.02 per cent higher and China’s Shanghai Composite fell 0.4 per cent also.

Taking all of this into equation, the SPI futures are pointing to a 0.4 per cent gain.

Yesterday, the Australian share market closed 37 points or 0.6 per cent lower at 6660.

Local economic news 

From the ABS International Trade in Goods and Services, September 2019.

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average finished the session flat at 27,493, the S&P 500 closed 0.1 per cent higher at 3077 and the NASDAQ dropped 0.3 per cent to 8411.

European markets closed higher: London’s FTSE gained 0.1 per cent, Paris added 0.3 per and Frankfurt closed 0.2 per cent higher.

Asian markets closed mixed: Tokyo’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng closed 0.02 per cent higher and China’s Shanghai Composite fell 0.4 per cent also.

Taking all of this into equation, the SPI futures are pointing to a 0.4 per cent gain.

Yesterday, the Australian share market closed 37 points or 0.6 per cent lower at 6661.

Company news 

James Hardie (ASX:JHX) today announced results for the second quarter of fiscal year 2020 and half year ended 30 September 2019 showing group adjusted net operating profit ("NOPAT") of US$98.6 million for the quarter and US$188.8 million for the half year. That’s an increase of 22 per cent and 17 per cent, respectively, compared to the prior corresponding periods. Group Adjusted EBIT of US$134.2 million for the quarter and US$258.6 million for the half year, an increase of 26 per cent and 21 per cent, respectively, compared to pcp. Shares in James Hardie Industries (ASX:JHX) closed 1.98 per cent lower at $24.70 yesterday.

Ex-Dividend

OM Holdings Limited (ASX:OMH) is paying 1 cent unfranked
Waterco Limited (ASX:WAT) is paying 3 cents fully franked

Currencies

One Australian Dollar at 8:40AM was buying 68.84 US cents, 53.56 Pence Sterling, 75.05 Yen and 62.22 Euro cents.

Commodities

Iron Ore is 0.2 per cent higher at US$83.47.
Iron Ore futures suggest a 0.4 per cent fall.
Gold has added over $9 to US$1493 an ounce.
Silver has gained $0.03 to US$17.60 an ounce.
Oil has fallen $0.72 to US$56.51 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.