Shares in GameStop surge once again: ASX poised to open higher

Market Reports

by Rachael Jones

Following mixed leads from US markets, the Australian share market looks set to open higher. The 10-year US Treasury yield traded near the 1.6 per cent level yesterday after the US Senate passed the $1.9 trillion coronavirus economic relief and stimulus bill over the weekend. Shares in Gamestop surged more than 50 per cent along with other so-called meme stocks. Iran has exported record volumes of crude oil to China in recent months according to unofficial arrivals data.

Local economic news 

RBA governor Philip Lowe will speak about The Recovery, Investment and Monetary Policy at the Financial Review Business Summit today; NAB February business confidence and conditions.


Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained almost 1 per cent to 31,802, the S&P 500 lost 0.54 per cent to 3821 and the NASDAQ closed 2.4 per cent lower at 12,609.

European markets closed higher, London’s FTSE gained 1.3 per cent, Paris added 2.1 per cent and Frankfurt closed 3.3 per cent higher.

Asian markets closed lower, Tokyo’s Nikkei fell 0.4 per cent, Hong Kong’s Hang Seng lost 1.9 per cent and China’s Shanghai Composite closed 2.3 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 0.7 per cent gain.

Yesterday, the Australian share market closed 0.43 per cent higher at 6740.

Company news

Air New Zealand (ASX:AIZ) has announced a loss before other significant items and taxation of $185 million for the six month period ended 31 December 2020, reflecting the impact of the Covid-19 pandemic on the airline and global aviation industry. This compares to earnings before other significant items and taxation of $198 million for the same period last year. Statutory losses before taxation of $104 million include an $81 million gain from other significant items, compared to a $139 million profit before taxation for the first half of the previous financial year. Shares in Air New Zealand (ASX:AIZ) closed 1.35 per cent lower at $1.46 yesterday.


Adairs Limited (ASX:ADH) is paying 13 cents fully franked
Antipodes Global Investment Company (ASX:APL) is paying 2 cents 50 per cent franked
Glennon Small Companies Ltd (ASX:GC1) is paying 1 cent fully franked
IVE Group Ltd (ASX:IGL) is paying 7 cents fully franked
Iluka Resources (ASX:ILU) is paying 2 cents fully franked
Kip McGrath Education Centres Limited (ASX:KME) is paying 1 cent fully franked
Lovisa Holdings Ltd (ASX:LOV) is paying 20 cents 50 per cent franked
Money3 Corporation (ASX:MNY) is paying 3 cents fully franked
Monash IVF Group Ltd (ASX:MVF) is paying 2.1 cents fully franked
Over The Wire Ltd (ASX:OTW) is paying 1.75 cents fully franked
PSC Insurance Group Ltd (ASX:PSI) is paying 4 cents fully franked
Qube Holdings Ltd (ASX:QUB) is paying 2.5 cents fully franked
Spheria Emerging Companies Ltd (ASX:SEC) is paying 3.5 cents fully franked
Sonic Healthcare (ASX:SHL) is paying 36 cents 30 per cent franked
SRG Global Ltd (ASX:SRG) is paying 1 cent fully franked
Servcorp Limited (ASX:SRV) is paying 9 cents unfranked
TPC Consolidated Ltd (ASX:TPC) is paying 8 cents fully franked


One Australian Dollar at 8:15 AM was buying 76.45 US cents, 55.32 Pence Sterling, 83.28 Yen and 64.52 Euro cents.


Iron Ore has gained 0.1 per cent to US$174.34.
Iron Ore futures suggest 1.3 per cent fall.
Gold has lost $20.90 to US$1678 an ounce.
Silver was down $0.12 to US$25.17 an ounce.
Oil was down $1.40 to US$64.69 a barrel.

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