Wall Street rallied towards the close of trade: ASX poised to open higher

The Australian share market looks set to lift at the open. On Wall Street all three major benchmarks had a slight rally towards the end of trade closing higher. Microsoft beat expectations on their earnings and revenue but the stock barely changed. Apple and Boeing shares made gains yesterday. Apple rose 1.1 per cent, it’s felt its new video streaming service will boost revenue. On the commodities front, oil has gained and gold added almost $7.00.

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.2 per cent to close at 26,834, the S&P 500 closed 0.3 per cent higher at 3005 and the NASDAQ added 0.2 per cent to 8120.

European markets closed mixed: London’s FTSE added 0.7 per cent, Paris fell 0.1 per cent and Frankfurt rose 0.3 per cent.

Asian markets closed mixed, Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng was down 0.8 per cent and China’s Shanghai Composite fell 0.4 per cent.

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

Yesterday, the Australian share market closed 1 point (0.01%) higher at 6673 yesterday.

Company news

MOD Resources (ASX:MOD) reports that the Scheme of Arrangement has been implemented for Sandfire Resources (ASX:SFR) to acquire all of the issued shares. All MOD shares have been transferred to Sandfire. MOD Resources Ltd (ASX:MOD) is a dual listed copper exploration and development company with a dominant land position within the Kalahari Copper Belt in Botswana. An application has been made to remove MOD from the Official List of the Australian Securities Exchange as at close of trade on 29 October 2019. Shares in Sandfire Resources (ASX:SFR) closed 1.74 per cent lower at $6.21.

Ex – Dividend

Probiotec Limited (ASX:PBP) is paying 2.5 cents fully franked

Currencies

One Australian Dollar at 7:40 AM was buying 68.54 US cents, 53.08 Pence Sterling, 74.51 Yen and 61.59 Euro cents.

Commodities

Iron Ore has gained 0.6 per cent at US$87.18
Iron Ore futures suggest a 0.4 per cent fall.
Gold has added $6.80 to US$1494 an ounce.
Silver has gained 5 cents to US$17.55 an ounce.
Oil has gained $1.34 to US$55.82 a barrel.

Source: Finance News Network