The Australian share market looks set to open higher after a surge in all three benchmarks in the US on Friday. Wall Street rose after US President Donald Trump released $50 billion US to offset the impact of the coronavirus. The virus continues to spread rapidly across Europe, Italy is the second most heavily affected country after China where the outbreak was first recorded. Australians have been told to start practising "social distancing" and stop shaking people's hands. These volatile global economic conditions have caused the Australian dollar to fall even further now standing at against the US dollar.
Local economic news
Overseas Arrivals and Departures, January 2020.
Reserve Bank Head of Economic Analysis Dr
Alexandra Heath delivers a speech in Melbourne at 1.30pm.
Residential Property Price Indexes: Eight Capital Cities, December 2019.
Reserve Bank Assistant Governor (Economic) Dr
Luci Ellis speaks at the Urban Development Institute (UDIA)
National Congress at 10am.
Labour Force, February 2020.
Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 9.4 per cent to close at 23,186, the S&P 500 added 9.3 per cent to close at 2711 and the NASDAQ rose 9.4 per cent to 7875.
European markets closed higher on Friday: London’s FTSE added 2.5 per cent, Paris gained 1.8 per cent and Frankfurt closed 0.8 per cent higher.
Asian markets closed lower on Friday: Tokyo’s Nikkei dropped 6.1 per cent, Hong Kong’s Hang Seng lost 1.1 per cent and China’s Shanghai Composite fell 1.2 per cent.
Taking all of this into equation, the SPI futures are pointing to 1.1 per cent gain. On Friday, the Australian share market closed 235 points (4.4 per cent) higher at 5539.
Paladin Energy Ltd (ASX:PDN) has successfully completed the sale of Kayelekera Uranium project in Malawi to Lotus Resources (ASX:LOT).This completion follows Lotus’ announcement in June 2019, that it would acquire an indirect 65 per cent interest in the Kayelekera project, by way of Lily Resources Pty Ltd acquiring 85 per cent of the shares in Paladin’s subsidiary Paladin (Africa) Limited (PAL). Kayelekera has more than $200 million invested in plant and infrastructure and produced uranium from 2009 to 2014. Shares in Paladin Energy (ASX:PDN) closed 12.31 per cent lower at $0.06 on Friday.
Alliance Aviation (ASX:AQZ) is paying 7.3 cents fully franked
Austal Limited (ASX:ASB) is paying 3 cents unfranked
Chorus Limited (ASX:CNU) is paying 9.5547 cents unfranked
Data#3 Limited (ASX:DTL) is paying 5.1 cents fully franked
F.F.I. Holdings (ASX:FFI) is paying 11 cents fully franked
Macmahon Holdings (ASX:MAH) is paying 0.25 cents 30 per cent franked
Naos Emerg Opp (ASX:NCC) is paying 3.75 cents fully franked
Plato Inc Max Ltd (ASX:PL8) is paying 0.5 cents fully franked
Think Childcare (ASX:TNK) is paying 5 cents fully franked
Thorney Opp Ltd (ASX:TOP) is paying 0.73 cents fully franked
One Australian Dollar at 7:40 AM was buying 61.45 US cents, 50.11 Pence Sterling, 65.78 Yen and 55.50 Euro cents.
Iron Ore has gained 1.1 per cent to US$91.71
Iron Ore futures suggest a 2.9 per cent gain.
Gold dropped $73.60 to US$1517 an ounce.
Silver has fallen $1.50 cents to US$14.50 an ounce.
Oil has added $0.23 to US$31.73 a barrel.