Dow notches all-time high: ASX set to open higher


The ASX is set for a higher start, as a result of bullish performances of the benchmark indices on Wall Street overnight. The Dow Jones Industrial Average advanced by 305 points into the unknown territory of the 34,000s to reach an all-time high. US stocks soared after upbeat data from the Commerce Department, indicating a 10-month high rise of 9.8 per cent in retail sales for March. Stateside unemployment has also hit a post-pandemic low, as the country only received 576,000 new jobless claims by April 10.

European benchmarks also made strong gains following positive quarterly results from blue-chip companies, as the pan-European Stoxx 600 reached a record high during yesterday’s trading session.

To the figures from around the globe: Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.9 per cent to 34,036, the S&P 500 gained 1.1 per cent to 4170 and the NASDAQ closed 1.31 per cent higher at 14039.

European markets closed higher: London’s FTSE added 0.6 per cent, Paris gained 0.4 per cent and Frankfurt closed 0.3 per cent higher.

Asian markets closed mixed: Tokyo’s Nikkei added 0.1 per cent. Hong Kong’s Hang Seng fell 0.4 per cent and China’s Shanghai Composite closed 0.5 per cent lower.

­Taking all of this into equation, the SPI futures are pointing to 0.2 per cent gain.
Yesterday, the Australian share market closed 0.5 per cent higher at 7059.

In company news:

Mining company Stanmore Coal (ASX:SMR) has teamed up with M Resources to purchase the Millennium and Mavis Downs Mine in Queensland. The 50/50 joint venture has agreed to buy the project from foreign-owned Peabody Energy Australia for an upfront cash payment of $1.25 million and further add-ons capped at $1.25 million. Super royalties of up to $3.5 per tonne for a maximum of five years will also be payable to Peabody in case premium hard coking coal prices surpass US$175 per tonne. Under the agreement, the buyers will resume operations at the mine and fulfill rehabilitations obligations estimated at $25.7 in costs. Peabody Energy will cover $12.5 million of these expenses over a period of 2 years. Shares in Stanmore Coal (ASX:SMR) closed 1.95 per cent lower at $0.76 yesterday.

Dividends:

Aneka Tambang (ASX:ATM) is paying 0.6044 cents unfranked
Coca-Cola Amatil (ASX:CCL) is paying 18 cents fully franked
Easton Investments (ASX:EAS) is paying 1.5 cents fully franked

Turning to currencies

One Australian Dollar at 7:50 AM was buying 77.55 US cents, 56.24 Pence Sterling, 84.31 Yen and 64.79 Euro cents.

To Commodities 

Iron Ore has gained 2.8 per cent to US$178.41.
Iron Ore futures suggest a 0.96 per cent gain.
Gold has gained $30.50 to US$1767 an ounce.
Silver has added $0.44 to US$25.96 an ounce.
Oil has gained $0.31 to US$63.46 a barrel. 
 

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