The Dow surges 450 points: ASX poised to open higher

Market Reports

by Rachael Jones

Following a lift on US markets overnight, the Australian share market looks set to open higher this morning. The top infectious disease expert in the US, Dr. Anthony Fauci, says that the number of daily coronavirus cases in the United States is currently “unacceptably high.” The US is seeing roughly 40,000 new cases a day, but it needs to bring infections down to 10,000 or less per day, Fauci said. Meanwhile, the Trump administration says it will take the next steps as they withdraw from the World Health Organization, a convoluted process that will take at least a year to complete. The price of iron ore is on the rise on reports China’s demand for steel could be high this month and next.

Local Economic News

AiG performance of construction August, ABS Trade balance July


Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 1.6 per cent to 29,101 the S&P 500 added 1.5 per cent to 3581 and the NASDAQ closed almost 1 per cent higher at 12,056.

European markets closed higher, London’s FTSE gained 1.4 per cent, Paris added 1.9 per cent and Frankfurt closed 2.1 per cent higher.

Asian markets closed mixed, Tokyo’s Nikkei added 0.5 per cent, Hong Kong’s Hang Seng fell 0.3 per cent and China’s Shanghai Composite closed 0.2 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 0.7 per cent gain.

Yesterday, the Australian share market closed 1.8 per cent higher at 6063.

Company news

Air New Zealand (ASX:AIZ) announces departure of Chief Commercial and Customer Officer Cam Wallace. He will step away from the airline full time on 30 September, and will provide consultancy support to the Chief Executive Officer Greg Foran until the end of 2020. Cam has been with Air New Zealand for 19 years and has held a variety of senior and executive roles. The Company will not be moving immediately to replace Cam’s role. Shares is Air New Zealand (ASX:AIZ) closed flat at $1.24 yesterday.


Auswide Bank Ltd (ASX:ABA) is paying 10.75 cents fully franked
Altium Limited (ASX:ALU) is paying 19 cents unfranked
BHP Group Limited (ASX:BHP) is paying 76.5697 cents fully franked
Big River Industries Ltd (ASX:BRI) is paying 2.4 cents fully franked
Blackwall Limited (ASX:BWF) is paying 2.1 cents fully franked
Blackwall Prop Trust (ASX:BWR) is paying 3.5 cents unfranked
Credit Intelligence (ASX:CI1) is paying 0.05 cents unfranked
Clinuvel Pharmaceut. (ASX:CUV) is paying 2.5 cents unfranked
DWS Ltd (ASX:DWS) is paying 3 cents fully franked
ECP Emerging Growth (ASX:ECP) is paying 2.25 cents fully franked
Gale Pacific Limited (ASX:GAP) is paying 1 cents unfranked
Globe International (ASX:GLB) is paying 6 cents unfranked
Home Consortium (ASX:HMC) is paying 7.5 cents fully franked
Lifestyle Communit. (ASX:LIC) is paying 2.5 cents fully franked
MACA Limited (ASX:MLD) is paying 2.5 cents fully franked
NIB Holdings Limited (ASX:NHF) is paying 4 cents fully franked
1300 Smiles Limited (ASX:ONT) is paying 12.5 cents fully franked
Perpetual Limited (ASX:PPT) is paying 50 cents fully franked
Platinum Asset (ASX:PTM) is paying 11 cents fully franked
Shriro Holdings Ltd (ASX:SHM) is paying 3 cents fully franked
Spark Infrastructure (ASX:SKI) is paying 7 cents unfranked


One Australian Dollar at 7:40 AM was buying 73.37 US cents, 54.97 Pence Sterling, 77.91 Yen and 61.91 Euro cents.


Iron Ore gained 2.1 per cent to US$127.31.
Iron Ore futures suggest a 1.5 per cent gain.
Gold has lost $29.90 to US$1949 an ounce.
Silver was down $1.03 to US$27.62 an ounce.
Oil was down $1.18 to US$41.58 a barrel.