CBA cash profit down 16%: ASX poised to extend rally

The Australian share market looks set to extend its rally this morning opening higher despite the US market closing mixed. Microsoft, Amazon and Facebook were all down as was Apple despite announcing the launch of its first new computers with their own chip instead of Intel’s. Investors are keeping a keen eye on a progress from Pfizer and BioNtech on their coronavirus vaccine that claims to be 90 per cent effective in preventing the disease.

Economic News

Westpac-MI consumer confidence for November.


Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained 0.9 per cent to close at 29,421, the S&P 500 lost 0.1 per cent to 3546 and the NASDAQ closed 1.4 per cent lower to 11,554.

European markets closed higher: London’s FTSE added 1.8 per cent, Paris gained 1.6 per cent and Frankfurt closed 0.5 per cent higher.

Asian markets closed mixed: Hong Kong’s Hang Seng gained 0.3 per cent and China’s Shanghai Composite added 1.1 per cent while Tokyo’s Nikkei was 0.4 per cent lower.

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

Yesterday, the Australian share market closed 0.7 per cent higher at 6341.

Company news

Commonwealth Bank (ASX:CBA) report statutory net profit was around $1.9 billion in the quarter. Expenses were up 2 per cent excluding customer remediation, down 4 per cent including customer remediation provisions in 2H20. On preliminary numbers they report a cash profit of $1.8 billion (down 16 per cent) for the first quarter. Shares in Commowealth Bank (ASX:CBA) closed 2.97 per cent higher at $72.40 yesterday.


Australian Pharmaceutical Industries Ltd (ASX:API) is paying 2 cents fully franked
ResMed Inc (ASX:RMD) is paying 3.8756 cents unfranked
Rand Mining Ltd (ASX:RND) is paying 10 cents fully franked
Tribune Res Ltd (ASX:TBR) is paying 20 cents fully franked
Westpac Banking Corp (ASX:WBC) is paying 31 cents fully franked


One Australian Dollar at 8:35 AM was buying 72.84 US cents, 54.92 Pence Sterling, 76.68 Yen and 61.68 Euro cents.


Iron Ore has added 0.4 per cent to $122.27.
Iron Ore futures suggest a 0.1 per cent gain.
Gold has gained $18.50 to US$1873 an ounce.
Silver has added $0.55 to US$24.25 an ounce.
Oil was up $1.09 to US$41.38 a barrel.

And finally a quick reminder our next online event is Nov 17. 5 companies presenting starting 12:30pm, details here Please register to secure a spot.