Markets soar on Covid vaccine news: ASX set to open higher

Market Reports

by Rachael Jones

The Australian share market looks set to soar higher this morning on Covid vaccine news. Pfizer and BioNTech have announced their coronavirus vaccine was more than 90 per cent effective in preventing Covid-19 among those without evidence of prior infection, claiming “a great day for science and humanity.” European stocks rose higher. Vaccine hopes come as cases surge across the USA and Europe. 

Economic news

NAB will release their business survey for October

Markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average added almost 3 per cent to 29,158, the S&P 500 gained 1.2 per cent to 3551 and the NASDAQ closed 1.5 per cent lower at 11,714.

European markets closed higher, London’s FTSE gained 4.7 per cent, Paris jumped 7.6 per cent and Frankfurt closed almost 5 per cent higher.

Asian markets closed higher, Tokyo’s Nikkei gained 2.1 per cent, Hong Kong’s Hang Seng added 1.2 per cent and China’s Shanghai Composite closed 1.9 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 2.1 per cent gain.

Yesterday, the Australian share market closed 1.8 per cent higher at 6299.

Company news

Frontier Digital Ventures (ASX:FDV) has now successfully completed the acquisition of 100 per cent of the issued capital of Fincaraíz, Avito and Tayara from Adevinta ASA. They are the leading online classifieds portals in Colombia, Morocco and Tunisia respectively. The acquisitions strengthen FDV's position as a leading operator of online marketplace businesses in emerging markets. Shares in Frontier Digital Ventures (ASX:FDV) closed 1.19 per cent higher at $1.28 yesterday.

Ex-Dividends

Saferoads Holdings (ASX:SRH) is paying 1 cent fully franked

Currencies

One Australian Dollar at 8:40 AM was buying 72.82 US cents, 55.34 Pence Sterling, 76.75 Yen and 61.65 Euro cents.

Commodities

Iron Ore has added 2 per cent to US$120.20.
Iron Ore futures suggest 2.2 per cent gain.
Gold has lost $86.20 to US$1866 an ounce.
Silver was down $1.47 to US$24.20 an ounce.
Oil was up $2.83 to US$39.97 a barrel.