Tech shares up, boosted by remote workers: 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 as tech stocks rallied. Alphabet, Microsoft, and Facebook all slumped on Wednesday but with many in lock down across the world due to the coronavirus crisis, remote, internet-based activity across society caused tech shares to rally yesterday. In the US, bargain hunters grabbed Twitter stocks and Netflix - all up at least 5 per cent. Tesla shares were also popular - although production has temporarily been suspended in the US because of the virus outbreak. On the commodities front, oil has risen and gold has dropped.


Wall Street gained yesterday: The Dow Jones Industrial Average added 0.95 per cent to close at 20,087, the S&P 500 gained 0.5 per cent to 2409 and the NASDAQ added 2.3 per cent to 7151.

European markets closed higher: London’s FTSE added 1.4 per cent, Paris gained 2.7 per cent and Frankfurt closed up 2 per cent.

Asian markets closed lower: Tokyo’s Nikkei fell over 1 per cent, Hong Kong’s Hang Seng dropped 2.6 per cent and China’s Shanghai Composite was down almost 1 per cent.

Taking all of this into equation, the SPI futures are pointing to a 2.5 per cent gain.

Yesterday, the Australian share market closed 3.4 per cent lower at 4783.

Company news

As previously announced, Nigel Greenwood is stepping down as Synlait Milk (ASX:SM1) Chief Financial Officer and will be replaced by Angela Dixon. Synlait announced last year that Nigel would finish in late March or early April 2020. Nigel will now finish on 26 June and stay on to support Synlait ahead of Angela starting in June 2020, to assist with the transition period.Shares in Synlait Milk (ASX:SM1) closed 3.7 per cent lower to $4.42 yesterday.


Apiam Animal Health (ASX:AHX) is paying 0.8 cents fully franked
Briscoe Group (ASX:BGP) is paying 12.17 cents unfranked
Contrarian Value Fund Ltd (ASX:CVF) is paying 0.458 cents fully franked
Garda Diversified Property Fund (ASX:GDF) is paying 2.25 cents unfranked
K&S Corporation Ltd (ASX:KSC) is paying 2 cents fully franked


One Australian Dollar at 7:40 AM was buying 57.46 US cents, 49.86 Pence Sterling, 63.57 Yen and 53.73 Euro cents.


Iron Ore has fallen 0.4 per cent to $91.36.
Iron Ore futures are flat.
Gold has dropped $4.00 to US$1473.90 an ounce.
Silver has added $0.36 to US$12.13 an ounce.
Oil was up $4.90 to US$25.27 a barrel.

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