Dow hits record high: ASX set to open higher this morning

25Nov

Dow hits record high: ASX set to open higher this morning

 

The Australian share market looks set to open higher this morning as the Dow rallied yesterday hitting a record high at 30,000 points. Oil has surged to an eight-month high overnight. Tesla shares closed up after the company surpassed a $500 billion market cap yesterday. US president-elect Joe Biden says his foreign policy agenda will see the US strengthen its alliances in the Asia-Pacific. Queensland is expected to welcome Victorians back from December 1 and the Aussie dollar has seen a boost heading towards 74 US cents.

Economic News

The Australian Bureau of Statistics will release figures for the construction work done in the third quarter

Markets 

Wall Street closed higher yesterday: The Dow Jones Industrial Average added 1.5 per cent to 30046, the S&P 500 gained 1.6 per cent to 3635 and the NASDAQ closed 1.3 per cent higher at 12037.

European markets closed higher, London’s FTSE gained 1.6 per cent, Paris added 1.2 per cent and Frankfurt closed almost 1.3 per cent higher.

Asian markets closed mixed, Tokyo’s Nikkei gained 2.5 per cent, Hong Kong’s Hang Seng rose 0.4 per cent and China’s Shanghai Composite closed 0.3 per cent lower.

Taking all of this into equation, the SPI futures are pointing to a 0.6 per cent gain.

Yesterday, the Australian share market closed 1.3 per cent higher at 6644.

Company news

Fisher & Paykel Healthcare Corporation Limited (ASX:FPH) today announced its results for the first half of the 2021 financial year, which ended 30 September 2020 reporting net profit after tax was $225.5 million, up 86 per cent over the same period in the previous financial year, or 87 per cent in constant currency. Operating revenue was $910.2 million, up 59 per cent or 61 per cent in constant currency. The strong result was driven by the increased demand for the company’s Hospital hardware, in particular its OptiflowTM and AirvoTM systems. This reflected a shift in clinical practice towards using nasal high flow therapy as a front-line treatment for Covid-19 patients in hospital. Shares in Fisher & Paykel Healthcare Corporation Limited (ASX:FPH) are trading 3.6 per cent higher at $32.20.

Ex-Dividends

GrainCorp (ASX:GNC) is paying 7 cents fully franked
OFX Group (ASX:OFX) is paying 0.81 cents unfranked
Whitefield (ASX:WHF) is paying 10.25 cents fully franked

Currencies

One Australian Dollar at 7:30 AM was buying 73.56 US cents, 55.10 Pence Sterling, 76.89 Yen and 61.91 Euro cents.

Commodities

Gold has lost $34.60 to US$1803 an ounce.
Silver was down $0.42 to US$23.21 an ounce.
Oil was up $1.14 to US$44.97 a barrel.
Iron Ore futures suggest 0.1 per cent rise.

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Copyright 2020 – Finance News Network


Source: Finance News Network

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