Oil jumps 19%: ASX poised to open higher

23Apr

Oil jumps 19%: ASX poised to open higher

 

Following positive leads from US markets, Wall Street rallied up on the back of further US stimulus optimism, the Australian share market looks set to open higher this morning.

Still in the US, Oil jumped 19 per cent – hitting a high of 40% on Wednesday, recovering from early losses in a volatile overnight trading session that saw international benchmark Brent crude fall to its lowest level in more than 20 years.

Markets

Wall Street closed higher yesterday:
The Dow Jones Industrial Average gained 1.99 per cent to close 23,476 the S&P 500 added 2.3 per cent to 2799 and the NASDAQ closed 2.8 per cent higher at 8495.

European markets closed higher:
London’s FTSE added 2.3 per cent, Paris gained 1.3 per cent and Frankfurt closed 1.6 per cent higher.

Asian markets closed mixed:
Tokyo’s Nikkei fell 0.7 per cent, Hong Kong’s Hang Seng gained 0.4 per cent and China’s Shanghai Composite added 0.6 per cent.

Taking all of this into equation, the SPI futures are pointing to a 0.9 per cent gain.

Yesterday, the Australian share market closed flat at 5221.

Local economic news 

Purchasing manager indexes (PMIs) for April are released by the CBA and IHS-Markit. 

ABS provides updates on regional labour markets and preliminary international trade for March.

Company news 

Lynas Corporation (ASX:LYC) has advised that the U.S. Department of Defense (DoD) intends to award a Phase I contract for a U.S. based Heavy Rare Earth separation facility to Lynas, following the company’s tender submission to the DoD in December 2019. Phase I funding provided by the DoD will allow Lynas and Blue Line to complete detailed planning and design work for the construction of a U.S. based Heavy Rare Earth separation facility, in line with DoD Phase I milestones. Successful completion of Phase I milestones may lead to further contracts for commercial scale production and operation of a U.S. Heavy Rare Earth separation facility. Shares in Lynas Corp (ASX:TWR) closed 4.5 per cent lower at $1.40 yesterday.

Turning to currencies

One Australian Dollar at 7:45 AM was buying 63.19 US cents, 51.24 Pence Sterling, 68.13 Yen and 58.39 Euro cents.

Commodities 

Iron Ore has gained 0.8 per cent to $85.04
Iron Ore futures suggest a 1.2 per cent gain.
Gold has added $50.50 to US$1738 an ounce.
Silver has gained $0.51 to US$15.50 an ounce.
Oil was up $2.21 to US$13.78 a barrel.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

14Dec

Tech takes charge: Aus shares 0.5% higher at noon

14 Dec 2020 -The S&P/ASX 200 Index is up 0.5 OR 32 points at 6674 Futures are pointing to a rise of 47 points. per cent at points following the first two hours of trade. Tech is leading the way with Afterpay shares reaching an intraday record of $106 ahead of the company’s entry into the ASX20

Read More
15Nov

GrainCorp surges 11.5%: Aus shares close 0.9% higher

15 Nov 2019 - Aus shares close 0.9% higher. All sectors in the green. GrainCorp Limited (ASX:GNC) shares surged 11.5 per cent after the ACCC said it would not intervene in the sale of the company's port facilities to ANZ Terminals.

Read More
21Feb

New Hopes (ASX:NHC) share price plummets: Aus shares close 0.3% lower

21 Feb 2020 - The Australian share market closed 0.3 per cent lower at the end of trade and the Australian dollar continued to fall, slipping below 66 US cents, its lowest since the GFC. NRW Holdings (ASX:NWH) shares led gains for the entire session.

Read More
15Feb

AMP (ASX:AMP) shares claw back up: ASX trading 0.2% higher at noon

14 Feb 2020 - The ASX is currently on the rise and is now tracking 0.2% higher at noon. Amp (ASX:AMP) shares are on the up despite posting a huge full-year loss yesterday and noting that shareholders will not receive a dividend. Promedicus (ASX:PME) shares continue to fall along with Breville (ASX:BRG). Ridley Corporation (ASX:RIC) has settled the legal proceedings started against it by Baiada.

Read More
15Jan

President Trump impeached for the 2nd time: ASX closes 0.4% higher

14 Jan 2021 - It has been a positive day of trade for the ASX. After opening higher, the market slightly dipped and then rallied throughout the day to end 0.4% higher. Over in the US, President Donald Trump was impeached by the House of Representatives for the second time.

Read More
31Aug

Behind the numbers it’s all about energy pricing

31 Aug 2022 - US stocks fell for a third straight day overnight, jeopardising a summer comeback rally, as the Federal Reserve and other global central bankers continued to signal they will raise interest rates to squash inflation despite the negative consequences for economic growth and, potentially, corporate profits.

Read More
10Dec

Cochlear (ASX:COH) appoint former CEO Fisher & Paykel to the board: ASX closed 0.3% lower

10 Dec 2019 - It has been a rollercoaster day of trade for the ASX. The local bourse managed to close 0.3% lower. Companies to lose the most ground were Avita Medical (ASX:AVH), Metcash (ASX:MTS) and Perenti Global (ASX:PRN). Cochlear (ASX:COH) today announced the appointment of Michael Daniell to the board - former Managing Director and CEO of Fisher & Paykel Healthcare Corporation.

Read More
28Mar

Aurizon (ASX:AZJ) completes sale of Acacia Ridge Terminal: Aus shares gain 1.7% over week

26 Mar 2021 - A strong end to the week for the Australian share market. The ASX 200 index ended the day 0.5 per cent or 34 points higher to finish at 6,824. Over the week, the market has gained 116 points or 1.7 per cent. All of the sectors rose over the week, except Tech stocks. Healthcare was the star performer, up over 5 per cent. Meanwhile, the Aussie dollar has sunk to a 3-month low. Rail freight...

Read More
03Apr

Half-price flights take off today: ASX closed 0.1% higher over the week

01 Apr 2021 - The local share market finished the first day of the month in positive territory building on yesterday's gains. The S&P/ASX 200 index closed 38 points or 0.6% higher to finish at 6,829. Over the week we closed 0.1% or 5 points higher. Gains in technology, materials and utilities offset losses in health care, industrials and consumer staples. Boral (ASX:BLD) rose 6.7% after announcing a buy back offer following the $1.33 billion sale in their USG...

Read More
17Oct

IOOF shares up after ANZ drops pension business sale price: ASX tracking 0.4% lower at noon

17 Oct 2019 - The ASX dropped at the open and is now tracking 0.4% lower at noon. Shares in IOOF Holdings (ASX:IFL) are on the up after ANZ (ASX:ANZ) reduced the price for the sale of its OnePath Pensions and Investments business and Aligned Dealer Groups. City Chic Collective (ASX:CCX) has finalised the acquisition of the e-commerce assets of Avenue Stores in the United States.

Read More