Flights cancelled to Brisbane after Covid uncertainty: 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. US stocks fell yesterday as major tech shares came under pressure again after the 10-year Treasury yield touched its highest level since January 2020. Shares in Apple, Microsoft and Amazon all fell. At least 75 flights have been cancelled to Brisbane during the first day of lockdown after a breakout of coronavirus. To Brisbane hospitals are in lockdown after exposure.

Local economic news 

The Australian Bureau of Statistics will release figures for Building Approvals for February and Engineering Construction Activity for December.


Wall Street closed lower yesterday: The Dow Jones Industrial Average closed 0.3 per cent lower at 33067, the S&P 500 shed 0.3 per cent to 3959 and the NASDAQ closed 0.1 per cent lower at 13045

European markets closed higher, London’s FTSE added 0.5 per cent, Paris gained 1.2 per cent and Frankfurt closed 1.3 per cent higher.

Asian markets closed higher, Tokyo’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng gained 0.8 per cent and China’s Shanghai Composite rose 0.6 per cent.

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

Yesterday, the Australian share market closed 0.9 per cent lower at 6738.

Company news

Suncorp (ASX:SUN) received just over 7,600 claims across all three states on the 30th March across New South Wales, South East Queensland and Victoria after heavy rain and flooding. Claims numbers are expected to rise further as customers gain access to affected regions and the extent of damage becomes clear. Based on claims lodged to date Suncorp estimates net claims costs in relation to this event will be $230 – 250 million. Shares in Suncorp (ASX:SUN) closed 1.3 per cent lower at $9.75


Eagers Automotive (ASX:APE) is paying 25 cents fully franked
Harvey Norman (ASX:HVN) is paying 20 cents fully franked
Mcp Income Opportunities Trust (ASX:MOT) is paying 1.01 cents unfranked
Mcp Master Income Trust (ASX:MXT) is paying 1 cent unfranked
Partners Group Global Income Fund (ASX:PGG) is paying 0.68 cents unfranked


One Australian Dollar at 7:30 AM was buying 75.93 US cents, 55.33 Pence Sterling, 83.80 Yen and 64.80 Euro cents.


Gold has shed $31.20 to US $1683 an ounce.
Silver was down $0.78 to US $24.00 an ounce.
Oil was down $0.93 to US $57.75 a barrel.
Iron ore futures are suggesting a 0.8 per cent rise

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