US markets swing wildly, Dow soars: ASX poised to open higher

Market Reports

by Rachael Jones

Following positive leads from US markets, the Australian share market looks set to open higher this morning. The Dow halved the losses it suffered on Monday. The promise of a fiscal stimulus boosted the markets and plans to slow the spread of the coronavirus. Facebook, Amazon, Apple, Netflix and Google-parent company Alphabet all rose more than 4.8 per cent.Meanwhile, the Australian dollar dropped against the US dollar. 

Local economic news

The Reserve Bank Governor Guy Debelle will give a keynote speech today, Westpac consumer confidence, and the ABS will release building approvals;


Wall Street gained yesterday: The Dow Jones Industrial Average jumped 4.9 per cent to close at 25,018, the S&P 500 gained 4.9 per cent to 2882 and the NASDAQ added almost 5 per cent to 8344.

European markets closed lower: London’s FTSE lost 0.1 per cent, Paris fell 1.5 per cent and Frankfurt was down 1.4 per cent.

Asian markets closed higher: Tokyo’s Nikkei added 0.9 per cent, Hong Kong’s Hang Seng gained 1.4 per cent and China’s Shanghai Composite was up 1.8 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.6 per cent gain.

Yesterday, the Australian share market closed 3.1 per cent higher at 5940.

Company news 

Galaxy Resources (ASX:GXY) reports their Mineral Resource and Ore Reserve estimates at the Sal de Vida Project in Argentina and the James Bay Project in Canada have not changed during 2019. In 2019, Mt Cattlin in WA Mineral Resources were depleted by 2.1Mt from mining operations. No additional resource definition drilling occurred during 2019 and estimates are based on Mt Cattlin’s Mineral Resource as at 31 December 2018. Galaxy actively maintains reconciliation of in-situ resource depletion (estimated) and reported (actual) metrics, as well as stockpile accumulation, on a monthly and annual basis. Shares in Galaxy Resources (ASX:GXY) closed 11.92 per cent higher at $0.85 yesterday


Ariadne Australia (ASX:ARA) is paying 0.7 cents 70 per cent franked
Bega Cheese Ltd (ASX:BGA) is paying 5 cents fully franked
BWX Limited (ASX:BWX) is paying 1.3 cents fully franked
Brambles Limited (ASX:BXB) is paying 13.38 cents 30 per cent franked
CSL Limited (ASX:CSL) is paying 141.6008 cents unfranked
Finbar Group Limited (ASX:FRI) is paying 2 cents fully franked
ICSGlobal Limited (ASX:ICS) is paying 4.5 cents unfranked
IVE group (ASX:IGL) is paying 8.6 cents fully franked
Kip McGrath Education Centres (ASX:KME) is paying 1.5 cents fully franked
OZ Minerals (ASX:OZL) is paying 15 cents fully franked
Regis Healthcare Ltd (ASX:REG) is paying 4.02 cents 50 per cent franked


One Australian Dollar at 8:35 AM was buying 65.05 US cents, 50.54 Pence Sterling, 68.66 Yen and 57.66 Euro cents.


Iron Ore has added 4.7 per cent to $92.09
Iron Ore futures suggest a 4.9 per cent gain.
Gold has lost $26.50 to US$1649 an ounce.
Silver has lost $0.14 to US$16.92 an ounce.
Oil was up $3.52 to US$34.65 a barrel.