'Exciting' season expected for the wheat harvest: ASX poised to open higher


The Australian share market looks set to open higher this morning as US stocks rallied after a lift in Treasury yields. The wheat harvest here is set for a promising season after some rain events. The chief executive of Australia Post is standing aside after four senior employees were given $3,000 Cartier watches after securing a deal with three of the major banks back in 2018.

Economic News

ABS will release Australian Industry details for the reference period 2018-19 financial year

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.5 per cent to 28,364, the S&P 500 added 0.5 per cent to 3453 and the NASDAQ closed 0.2 per cent higher at 11,506.

European markets closed mixed, London’s FTSE added 0.2 per cent, Paris fell 0.1 per cent and Frankfurt closed 0.1 per cent lower.

Asian markets closed mixed, Tokyo’s Nikkei lost 0.7 per cent, Hong Kong’s Hang Seng gained 0.1 per cent and China’s Shanghai Composite closed 0.4 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a flat start.

Yesterday, the Australian share market closed 0.3 per cent lower at 6174.

Company news

Following recent media speculation, Infratil (ASX:IFT) confirms that it is a member of a consortium in discussions with Quadrant Private Equity regarding a potential transaction involving an acquisition of a majority interest in Qscan Radiology Clinics. They have comprehensive diagnostic medical imaging practices throughout Australia. The discussions are ongoing and incomplete and may not result in a transaction. Infratil notes that it raised additional equity of NZ$300 million in June 2020 to take advantage of investment opportunities. Those existing bank facilities could now be applied to fund the Qscan acquisition if it occurs, so no additional funding would be required. Shares in Infratil (ASX:IFT) closed 1.58 per cent higher at $5.13 yesterday.

Ex-Dividends

Peet Limited (ASX:PPC) is paying 1 cent fully franked

Currencies

One Australian Dollar at 7:45 AM was buying 71.17 US cents, 54.40 Pence Sterling, 74.66 Yen and 60.23 Euro cents.

Commodities

Iron Ore has lost 0.5 per cent to US$119.91.
Iron Ore futures suggest 0.3 per cent lower.
Gold has lost $22.80 to US$1907 an ounce.
Silver was down $0.45 to US$24.80 an ounce.
Oil was up $0.64 to US$40.67 a barrel.