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Saturday 20

October, 2018 1:19 PM



Aust shares set to open modestly higher

Aust shares set to open modestly higher

The Australian share market looks set to open slightly higher, reversing track from its poor finish on Tuesday, hit by falls in commodity prices.

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By AAP 06.06.2018 07:37 AM

The Australian share market looks set to open slightly higher after mainly positive finishes on global markets in the offshore session

At 0700 AEST on Wednesday, the share price futures index was up 10 points, or 0.17 per cent, at 6,010.

Asian markets, and London's FTSE100 closed higher despite investors remaining wary about US and global trade discussions.

Meanwhile, Wall Street's key indexes closed mainly higher, with the Nasdaq ending at a record high for the second day in a row, although the Dow Jones was barely changed but just in the red.

The Dow Jones Industrial Average fell 0.06 per cent, to 24,799.98, the S&P 500 gained 0.07 per cent, to 2,748.8 and the Nasdaq Composite added 0.41 per cent, to 7,637.86.

Locally, in economic news on Wednesday, the Australian Bureau of Statistics is scheduled to release national accounts figures, including gross domestic product data, for the March quarter.

No major equities news is expected.

The Australian market on Tuesday was hit by falls in the heavyweight energy and mining sectors caused by weaker commodity prices.

The benchmark S&P/ASX200 index fell 30.6 points, or 0.51 per cent, to 5,994.9 points, while the broader All Ordinaries index lost 30.1 points, or 0.49 per cent, to 6,108.5 points

Meanwhile, the Australian dollar has slipped against the US dollar, as well as the yen and the euro.

The local currency was trading at 76.16 US cents at 0700 AEST on Wednesday, from 76.38 on Tuesday.

CURRENCY SNAPSHOT AT 0700 AEST:

One Australian dollar buys:

* 76.16 US cents, from 76.38 on Tuesday

* 83.61 Japanese yen, from 83.85 yen

* 65.01 euro cents, from 65.26 euro cents

* 56.87 British pence, from 57.32 pence

* 108.50 NZ cents, unchanged

GOLD:

The spot price of gold in Sydney at 0700 AEST was $US1,296.07 per fine ounce, from $US1,293.79 per fine ounce on Tuesday.

BOND SNAPSHOT AT 0700 AEST:

* CGS 4.50 per cent April 2020, 2.159pct, unchanged

* CGS 4.75pct April 2027, 2.7287pct, unchanged

Sydney Futures Exchange prices:

* March 2018 10-year bond futures contract at 97.270 (implying a yield of 2.730pct), unchanged from Tuesday

* March 2018 3-year bond futures contract at 97.810 (2.190pct), from 97.805 (2.195pct).

(*Bond market closes taken at 1630 AEST previous local session; currency closes taken from 1700 AEST previous local session)

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