Dow rallies over 460 points: ASX poised to open higher

Market Reports

by Melissa Darmawan

The Australian share market is set to open higher following mixed leads from the US markets. The Dow Jones Industrial Average rallied 463 points to hit a record high on the back of the House passing President Joe Biden's $1.9 trillion dollar stimulus plan. The 10-year US Treasury yield slipped from its session highs as data showed core consumer prices index excluding volatile items such as food and energy lifted 0.4 per cent in February calming inflation worries. The Nasdaq closed lower in choppy trade after logging its best one-day percentage jump in four months on Tuesday. A rotation into sectors such as energy and financials continued as investors sold big tech names that have fueled the rally since last March.

Local economic news

The Reserve Bank is set to release data on credit and debit cards, ATM statistics and cheques.


Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained 1.5 per cent to 32,297, the S&P 500 added 0.6 per cent to 3899 and the NASDAQ closed 0.04 per cent lower at 13,069.

European markets closed mixed, London’s FTSE fell 0.1 per cent, Paris added 1.1 per cent and Frankfurt closed 0.7 per cent higher.

Asian markets closed mixed, Tokyo’s Nikkei added 0.03 per cent, Hong Kong’s Hang Seng gained 0.5 per cent and China’s Shanghai Composite closed 0.1 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 0.5 per cent gain.

Yesterday, the Australian share market closed 0.8 per cent lower at 6714.

Company news

New Zealand fuel distributor with branded service stations, Z Energy (ASX:ZEL) expects its financial year 2021 EBITDA to be in a range between $235 million to $245 million. Their previous guidance range was $235 million to $265 million. Z continues to experience the effects of Covid-19 from the two recent lockdowns, the loss of international tourists in its retail channel and reduced volume in Jet travel, as well as the enduring and ongoing effects of lower refining margins. Intense retail competition has continued, while crude prices have increased substantially in a short period of time, compressing margins. Oil prices have risen on the expectation of a post-Covid-19 global economic recovery and vaccination roll-out, with the Brent indicator having increased by over 75 per cent in the 120 days since the beginning of November 2020. Shares in Z Energy (ASX:ZEL) closed 0.38 per cent higher at $2.61 yesterday.


AVJennings Limited (ASX:AVJ) is paying 0.7 cents fully franked
Ellerston Asian Investments (ASX:EAI) is paying 2.5 cents fully franked
Globe International (ASX:GLB) is paying 12 cents fully franked
GR Engineering Services Ltd (ASX:GNG) is paying 5 cents fully franked
Joyce Corporation (ASX:JYC) is paying 7 cents fully franked
Mercury NZ Limited (ASX:MCY) is paying 6.2858 cents unfranked
Michael Hill International (ASX:MHJ) is paying 1.5 cents unfranked
McMillan Shakespeare (ASX:MMS) is paying 30.2 cents fully franked
OZ Minerals (ASX:OZL) is paying 17 cents fully franked
South32 Limited (ASX:S32) is paying 1.8058 cents fully franked
Shine Justice Ltd (ASX:SHJ) is paying 2 cents unfranked
Sealink Travel Group (ASX:SLK) is paying 7 cents fully franked


One Australian Dollar at 8:20 AM was buying 77.39 US cents, 55.53 Pence Sterling, 83.87 Yen and 64.87 Euro cents.


Iron Ore has gained 0.2 per cent to US$164.67.
Iron Ore futures suggest 1.2 per cent gain.
Gold has gained $6.30 to US$1723 an ounce.
Silver was up $0.09 to US$26.28 an ounce.
Oil was up $0.77 to US$64.78 a barrel.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?