The Bull

Wednesday 15

August, 2018 3:18 PM



ASX set to open up after global rallies

ASX set to open up after global rallies

The Australian share market looks set to continue its positive run and open higher after key global indexes finished well in the green.

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By AAP 07.06.2018 07:38 AM

The Australian share market looks set to open half a per cent higher after comfortable rises on key overseas indexes and another record higher for the Nasdaq.

At 0700 AEST on Thursday, the share price futures index was up 30 points, or 0.5 per cent, at 6054.

Global markets fared well in the offshore session with risk sentiment improved further with recent upbeat economic data sparking more confidence.

The Dow Jones Industrial Average rose 1.4 per cent, the S&P 500 gained 0.86 per cent and the Nasdaq Composite added 0.67 per cent to close at a third consecutive record high at 7,689.24 points.

Locally, in economic news on Thursday, the Australian Bureau of Statistics releases international trade and goods and services data for April.

The Ai Group's performance of construction index is also due out.

In equities news, Coles, Bunnings and Officeworks owner Wesfarmers has a Strategy Day where key executives will lay out the company's business plan and take questions from investors and analysts.

The Australian market on Wednesday closed higher thanks to higher prices for iron ore and oil and stronger-than-expected economic growth figures.

The benchmark S&P/ASX200 index rose 30.2 points, or 0.5 per cent, to 6,025.1 points while the broader All Ordinaries index gained 28.9 points, or 0.47 per cent, to close at 6,137.4 points.

Meanwhile, the Australian dollar has extended its rally, started after gross domestic product data released on Wednesday boosted sentiment.

The local currency was trading at 76.67 US cents at 0700 AEST on Thursday, from 76.54 on Wednesday.

CURRENCY SNAPSHOT AT 0700 AEST:

One Australian dollar buys:

* 76.67 US cents, from 76.54 on Wednesday

* 84.47 Japanese yen, from 84.20 yen

* 65.13 euro cents, from 65.28 euro cents

* 57.16 British pence, from 57.10 pence

* 108.99 NZ cents, from 108.52 cents

GOLD:

The spot price of gold in Sydney at 0700 AEST was $US1,296.17 per fine ounce, from $US1,297.72 per fine ounce on Wednesday.

BOND SNAPSHOT AT 0700 AEST:

* CGS 4.50 per cent April 2020, 2.1852pct, unchanged

* CGS 4.75pct April 2027, 2.7611pct, unchanged

Sydney Futures Exchange prices:

* March 2018 10-year bond futures contract at 97.19 (implying a yield of 2.81pct), from 97.235 (implying a yield of 2.765pct) on Wednesday

* March 2018 3-year bond futures contract at 97.755 (2.245pct), from 97.775 (2.225pct).

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

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