The Bull

Saturday 25

November, 2017 1:11 PM



CommSec Daily Report Monday

CommSec Daily Report Monday

The ASX 200 started the new trading week with buyers pushing the index through a 19 point range, with a 4 point gain at session lows and a 19 point improvement at the best level of the morning.

Share |

30.10.2017 01:08 PM

Latest News

The ASX 200 started the new trading week with buyers pushing the index through a 19 point range, with a 4 point gain at session lows and a 19 point improvement at the best level of the morning.

The early gains followed a constructive session on Wall Street at the end of last week. US share markets rose on Friday, led by encouraging gains from tech stocks following the gamut of positive updates from
names such as Amazon, which rose 13.2%; Microsoft which gained 6.4%, Google-parent Alphabet up by 4.3%, Apple lifted 3.6% and Intel lifted 7.4%. The Dow Jones rose by 33 points or 0.1%. The S&P 500 rose by 0.8% and the Nasdaq rose by 144 points or 2.2%. Over the week the Dow rose by 0.5%, the S&P 500 lifted 0.2% and the Nasdaq gained 1.1%.

Participation over the morning saw around 1.9 billion transactions being measured by the ASX valued at $1.7 billion. At lunch 575 shares were higher, 480 were lower and 380 were unchanged. Early ASX gains saw only two sectors lower over the morning led by telecoms; Telstra shares were 3 cents or 0.85% lower at $3.52, Vocus Communications (VOC) shares were 8 cents or 2.9% higher at $2.84, TPG Telecom was at $5.22 for a gain of 2.5 cents or 0.5%. Likewise Property Trusts were lower as a group; Scentre Group (SCG) shares were 2 cents or 0.5% lower at $4.01, Westfield Corporation (WFD) shares were at $7.73, down 8 cents or 1%.

Energy names led the improvements after Saudi Arabia and Russia each indicated support for an extension of current oil production cuts. Over the course of last week both Brent and Nymex rose by 4.7%. Santos (STO) shares were at $4.45 for a gain of 10 cents or 2.3%, Oilsearch (OSH) was ahead by 9 cents or 1.2% at $7.44. Financials were well supported , with the CBA the only exception , while ANZ and Westpac (WBC) were each higher by 0.5%. Macquarie Group (MQG) shares were almost 1% higher, adding to the recent gains inspired by an encouraging trading update last week.

Shares in plumbing products maker Reliance Worldwide Corporation (RWC) were 4 cents or 1% higher at $3.70 after a positive trading update. RWC revealed that the year had begun well with year?to?date trading meeting expectations, and as a result the group remains on track to deliver full?year earnings before earning interest tax depreciation and amortisation (EBITDA) of between $145 million and $150 million. The assessment assumed economic conditions remain unchanged and no significant changes in variables such as exchange rates and the cost of raw materials.

Most major currencies were mixed against the US dollar at the weekend. The Aussie dollar rose from lows near US76.25 cents to highs near US76.80 cents and ended US trade around the highs. In early Asian trade the local unit was changing hands at US 76.79 cents

Originally published by CommSec
Archive
Markets
Index: Points Change Percent

PLEASE SUPPORT OUR SPONSORS, AUSTRALIA'S LEADING BROKERS:



© Copyright The Compare Group Pty Ltd. All rights reserved.