Aus shares to open higher- Coca Cola Amatil receives takeover offer from Coca-Cola European Partners


Local shares are set to rise despite a mixed finish on Wall Street on Friday. It was a choppy day of trade as investors continued to monitor developments in talks over a stimulus package. Shares in Intel lost 10 per cent after reporting a drop in margins. And shares in American Express fell 3.6 per cent after third-quarter profit missed estimates. Meantime back home the Apple Isle has again taken out the mantle of Australia’s best performing economy, while coronavirus-stricken Victoria has dropped from second to third spot, according to the State of the States report from CBA. The ACT overtook Victoria as the nation’s second strongest economy, enjoying the best relative unemployment figures. In breaking news Coca-Cola Amatil (ASX:CCL) has received a non-binding indicative proposal from Coca-Cola European Partners of $12.75 cash per share for the acquisition of all of the issued shares held by independent shareholders of Amatil we will have more on this story throughout the day.

Markets

Taking a look at how global markets finished up on Friday: Wall Street closed mixed on Friday: The Dow Jones Industrial Average lost 0.1 per cent to close at 28,336, the S&P 500 added 0.3 per cent to close at 3465 and the NASDAQ closed 0.4 per cent higher at 11,548.

European markets closed higher on Friday: London’s FTSE gained 1.3 per cent, Paris added 1.2 per cent and Frankfurt closed 0.8 per cent higher.

Asian markets closed mixed on Friday: Tokyo’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng gained 0.5 per cent and China’s Shanghai Composite lost over 1.0 per cent.

Taking all of this into equation, the SPI futures are pointing to 0.3 per cent gain. On Friday, the Australian share market closed 0.1 per cent lower at 6167.

Economic news

Today the ABS releases preliminary trade in goods data for September. On Tuesday Reserve Bank Assistant Governor Michele Bullock will give a speech On Wednesday, the ABS releases the September quarter Consumer Price Index and the ABS releases Provisional Mortality Statistics for the January-July period. On Thursday, the ABS releases data on export and import prices with oil, iron ore, LNG and coal prices the key influences along with the Australian dollar. The ABS also releases quarterly data on business counts for the 2019/20 financial year. Finally on Friday the ABS releases data on business inflation

Markets

European markets closed lower: London’s FTSE lost 0.7 per cent, Paris fell 1.2 per cent and Frankfurt closed 0.7 per cent lower. And on Friday, the ABS releases data on business inflation

Asian markets closed higher, Nikkei added 0.2 per cent, Hong Kong’s Hang Seng gained 0.5 per cent and China’s Shanghai Composite closed 2.1 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.6 per cent fall.

On Friday, the Australian share market fell 19 points to close at 5865

Company news

Infratil (ASX:IFT) has executed a conditional offer to acquire up to 60 per cent of Qscan Group from Quadrant Private Equity and existing doctor and management shareholders, for total cash equity consideration of up to $330 million. QScan is a diagnostic imaging practice throughout Australia. Shares in Infratil (ASX:IFT))closed 2.53 per cent higher at $5.26 on Friday.

Ex-Dividends

Katana Capital (ASX:KAT) is paying 0.5 cents fully franked.

Currencies

One Australian Dollar at 7:50 AM was buying 71.44 US cents, 54.70 Pence Sterling, 74.76 Yen and 60.23 Euro cents.

Commodities

Iron Ore has lost 3.6 per cent to US$115.60.
Iron Ore futures suggest a 2.2 per cent fall.
Gold was up $0.60 to US$1905 an ounce.
Silver has lost $0.03 to US$24.68 an ounce.
Oil has lost $0.79 to US$39.85 a barrel.