Scott Morrison to outline economic recovery plans: ASX to open higher


The Australian share market looks set to continue the good start to the week by opening higher once again this morning. Yesterday around 180 out of 200 companies finished higher. The US stock market and markets in the UK were closed for public holidays. Prime Minister Scott Morrison is set to address to the National Press Club today looking into an overhaul of vocational education to lead the economy out of crisis. He will also propose a joint effort between the Commonwealth and states on job creation, while placing tax reform and deregulation on the agenda. Overseas, the US government is likely to impose sanctions on China if Beijing implements national security law over Hong Kong.

Markets

Wall Street was closed yesterday.

In European markets, London’s FTSE was closed, Paris added 2.2 per cent and Frankfurt closed 2.9 per cent higher.

Asian markets closed higher, Tokyo’s Nikkei gained 1.7 per cent, Hong Kong’s Hang Seng added 0.1 per cent, and China’s Shanghai Composite closed 0.2 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.8 per cent gain.

Yesterday, the Australian share market closed 2.2 per cent higher at 5616

Company news 

Murray Cod Australia Ltd (ASX:MCA) responded to media reports yesterday of large fish death event at Lake Wyangan, near Griffith, New South Wales. Reports from NSW DPI Fisheries state that the event has affected Bony Herring, Golden Perch and Murray cod, and is likely related to water quality issues in the lake. The Board of MCA would like to assure investors, that the Lake Wyangan fish kill event, is no way linked to MCA operations. MCA fish across all Riverina sites are thriving. To-date, across our two hatcheries, more than 20 million Murray cod fingerlings have been released into the river system. Shares in Murray Cod Australia (ASX:MCA) closed 9.09 per cent lower at $0.10 yesterday.

The Board of Phoslock Environmental Technologies (ASX:PET) announces that Managing Director Robert Schuitema has retired after 15 years with the company. He is replaced by Lachlan McKinnon as CEO and Managing Director. Shares in Phoslock Environmental Technologies (ASX:PET) closed 1.85 per cent higher at $0.55 yesterday.

Currencies

One Australian Dollar at 7:45 AM was buying 65.45 US cents, 53.73 Pence Sterling, 70.51 Yen and 60.09 Euro cents.

Commodities

Iron Ore futures suggest a 1.0 per cent fall.
Gold has fallen $7.40 to US$1746 an ounce.
Silver has down $0.07 to US$17.63 an ounce.
Oil was up $0.47 to US$33.72 a barrel.