Apple shares rise on Buffet's comments: ASX to open higher


Following leads from US markets, the Australian share market looks set to open higher this morning – all three major US equity benchmarks rose. Major sovereign bonds rallied across the globe and the US 10-year yield backed off from its recent high. Apple shares rose 5 per cent yesterday after Berkshire Hathaway chairman and CEO Warren Buffett wrote that his investment firm owns 5.4 per cent of Apple’s stock, making it Berkshire’s third-most valuable asset. On the commodities front, energy, iron ore and copper prices all eased overnight.

Local economic news 

A current account surplus of $13 billion is expected in the December quarter when the ABS Balance of Payments report is issued. Building approvals and quarterly government financial statistics round-out a busy day of economic data releases.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained almost 2 per cent to 31,536, the S&P 500 gained 2.4 per cent to 3902 and the NASDAQ closed over 3 per cent higher at 13,589.

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

Asian markets closed higher, Tokyo’s Nikkei gained 2.4 per cent, Hong Kong’s Hang Seng added 1.6 per cent and China’s Shanghai Composite closed 1.2 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.9 per cent gain.

Yesterday, the Australian share market closed 1.7 per cent higher at 6790.

Company news 

PYC Therapeutics (ASX:PYC), a biotechnology company, today announced that the Company’s lead investigational drug, VP-001, for the treatment of RP11 has restored function of the Retinal Pigment Epithelium, the target cells for the therapy, in patient-derived models of the disease. Break-down of the Blood-Retina Barrier is a major driver of vision loss in patients with RP11. This result has given the best non-clinical demonstration that VP-001 has the potential to correct this problem in patients. Shares in PYC Therapeutics (ASX:PYC) closed flat at 14 cents yesterday.

Ex-dividends

Ashley Services Group Ltd (ASX:ASH) is paying 1.8 cents fully franked
Blackwall Limited (ASX:BWF) is paying 2.4 cents fully franked
Cleanaway Waste Ltd (ASX:CWY) is paying 2.25 cents fully franked
Gale Pacific Limited (ASX:GAP) is paying 2 cents unfranked
Healthia Limited (ASX:HLA) is paying 2 cents fully franked
Home Consortium (ASX:HMC) is paying 6 cents fully franked
Kina Securities Ltd (ASX:KSL) is paying 5.1 cents unfranked
Mader Group Limited (ASX:MAD) is paying 1.5 cents fully franked
Oil Search Ltd (ASX:OSH) is paying 0.6348 cents unfranked
Platinum Asset Management Ltd (ASX:PTM) is paying 12 cents fully franked
St Barbara Limited (ASX:SBM) is paying 4 cents fully franked
Sunland Group Ltd (ASX:SDG) is paying 30 cents fully franked
Sandfire Resources (ASX:SFR) is paying 8 cents fully franked

Currencies

One Australian Dollar at 8:25 AM was buying 77.65 US cents, 55.79 Pence Sterling, 82.93 Yen and 64.49 Euro cents.

Commodities

Iron Ore has lost 0.7 per cent to US$174.55.
Iron Ore futures suggest 0.7 per cent fall.
Gold has lost $6.50 to US$1722 an ounce.
Silver was up $0.16 to US$26.60 an ounce.
Oil was down $1.06 to US$60.44 a barrel.

 

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