Despite disturbing job data coming out of the US on Friday, investors showed a willingness to look beyond the short-term impacts of Covid-19. US stocks held onto their gains even after the news and pushed them higher in the last hour of trade. The Australian share market looks set to continue the gains, with futures pointing to a rise at the open. Oil price volatility is easing however economists predict that more than 30 per cent of Australia’s thermal coal is unprofitable at current prices.
Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 1.9 per cent to close at 24,331, the S&P 500 added 1.7 per cent to close at 2930 and the NASDAQ rose 1.6 per cent to 9121.
European markets closed, London’s FTSE was close, Paris added 1.1 per cent and Frankfurt closed 1.4 per cent higher.
Asian markets closed higher, Nikkei added 2.6 per cent, Hong Kong’s Hang Seng added over 1 per cent and China’s Shanghai Composite closed 0.8 per cent higher.
Taking all of this into equation, the SPI futures are pointing to 0.1 per cent gain.
On Friday, the Australian share market gained 27 points (0.5 per cent) to close at 5391.
Managing Director of fintech giant, iSignthis (ASX:ISX), John Karantzis announced that the company intends to continue its messy legal battle against the ASX, despite the Federal Court’s decision not to grant the company interlocutory relief. iSignthis provides authentication, payment and settlement services to online businesses. The ASX suspended the company from trading on the 2nd of October last year to investigate the company’s compliance with the ASX listing rules. The investigation centres on a suspiciously sharp increase in revenue during the 2018 calendar year, which saw revenue rise from around $827,000 to over $5 million. That $5 million threshold was the trigger to allow the company to issue 337 million new shares to an entity in the British Virgin Islands which is controlled by iSignthis’s Managing Director. The colossal rise in revenue was mainly due to four new clients – 2 of which had been backlisted by the Australian Securities and Investments Commission. The company remains suspended from trading. It last traded at $1.07 on 1st of October 2019.
One Australian Dollar at 7:15 AM was buying 65.33 US cents, 52.71 Pence Sterling, 69.64 Yen and 60.35 Euro cents.
Iron Ore has gained 5 per cent to US$88.60
Iron Ore futures suggest a 0.8 per cent gain.
Gold has fallen $11.90 to US$1714 an ounce.
Silver was up $0.19 cents to US$15.78 an ounce.
Oil has gained $1.19 to US$24.74 a barrel.