MARKET NEWS

Aust market opens higher
24/04/2017 10:48 AM

The Australian share market has opened higher as investors welcome the increased popularity of centrist pro-Euro candidate Emmanuel Macron in the first round of the French presidential election.

The benchmark S&P/ASX200 was up 0.43 per cent at 1030 AEST, led by the major banks.

IG market strategist Evan Lucas said the local market had opened positively, reflecting upward movement in futures markets after the initial run-off in the French election.

"There has been a positive sentiment lead from what is likely to be a fairly pro-European, pro-Euro French president (Emmanuel Macron)," Mr Lucas said.

Wall Street closed slightly lower on Friday amid investor caution ahead of the French poll and US president Donald Trump's tax plan announcement expected on Wednesday.

On the local market, the big four banks - Westpac, ANZ, Commonwealth and National Australia Bank - were 0.84 per cent to 0.98 per cent higher, led by Westpac.

In the resources sector, global miner BHP Billiton was down by 0.08 per cent, Rio Tinto was up 0.2 per cent, and Fortescue Metals was off 1.01 per cent.

Lotteries and wagering firm Tatts Group was up 1.5 cents, or 0.34 per cent, to $4.435 after it received a revised indicative takeover bid from private equity group Pacific Consortium, which said its $4.21 a share offer would not be affected if Tatts pays dividends to its shareholders.

Spotless Group was 0.75 cents, or 0.68 per cent, lower at $1.1025 after it rejected a $1.26 billion takeover bid from infrastructure and mining services company Downer EDI, saying the offer does not represent adequate value for shareholders.

Downer EDI was one cent, or 0.18 per cent, lower at $5.62.

Meanwhile, the Australian dollar is stronger against the US dollar as the result of the first round of the French presidential poll encouraged investors towards riskier currencies.

The local currency was trading at 75.66 US cents at 1030 AEST on Monday, from 75.36 US cents on Friday.

ON THE ASX AT 1030 AEST:

* The benchmark S&P/ASX200 was up 25.1 points, or 0.43 per cent, to 5,879.2 points.

* The broader All Ordinaries index was up 22.7 points, or 0.39 per cent, to 5,908.3 points.

* The June SPI200 futures contract was up 30 points, or 0.51 per cent, at 5,868 points.

* National turnover was 326 million securities traded worth $498.5 million.

CURRENCY SNAPSHOT AT 1030 AEST:

One Australian dollar buys:

* 75.66 US cents, from 75.36 on Friday

(*Currency closes taken at 1700 AEST previous local session)

Aust market opens higher
24/04/2017 10:19 AM

The Australian share market has opened higher as investors welcome the increased popularity of centrist pro-Euro candidate Emmanuel Macron in the first round of the French presidential election.

At 1015 AEST, the benchmark S&P/ASX200 was up 16.1 points, or 0.28 per cent, at 5,870.2 points, while the broader All Ordinaries index had gained 13.1 points, or 0.22 per cent, to 5, 898.7 points.

The June SPI200 futures contract was up 23 points, or 0.39 per cent, at 5,861 points.

The Australian market is set to open flat
24/04/2017 7:28 AM

The Australian share market looks set to open flat after Wall Street closed slightly lower amid investor caution ahead of the French poll and Donald Trump's tax plan announcement.

At 0700 AEST on Monday, the share price futures index was flat at 5,838.

In the US, Wall Street's three major indexes closed slightly lower with investors cautious ahead of Sunday's too-close-to-call French presidential election and US president Donal Trump's expected tax plan announcement on Wednesday.

Locally, in economic news on Monday, CommSec's latest State of the States quarterly report is due out.

CoreLogic's capital city house prices survey for the week just ended is also due to be released.

No major equities news is expected.

The Australian market on Friday higher, boosted by positive overseas leads and a lift in the price of iron ore.

The benchmark S&P/ASX200 index rose 32.7 points, or 0.56 per cent, to 5,854.1 points.

The broader All Ordinaries index gained 31.2 points, or 0.6 per cent, to 5,885.6 points.

Meanwhile, the Australian dollar is higher against its US counterpart with expectations early results in the French presidential poll will be pro-Europe pushing investors into riskier currencies.

The local currency was trading at 75.87 US cents at 0700 AEST on Monday, from 75.36 on Friday.

CURRENCY SNAPSHOT AT 0700 AEST:

One Australian dollar buys:

* 75.87 US cents, from 75.36 on Friday

* 83.86 Japanese yen, from 82.37 yen

* 69.48 euro cents, from 70.25 cents

* 59.10 British pence, from 58.8 pence

* 107.69 New Zealand cents, from 107.43 NZ cents

BOND SNAPSHOT AT 0700 AEST:

* CGS 5.25 per cent March 2019, 1.656pct, from 1.657pct

* CGS 4.25pct April 2026, 2.481pct, from 2.482pct

Sydney Futures Exchange prices:

* June 2017 10-year bond futures contract at 97.420 (implying a yield of 2.580pct), from 97.430 (2.570pct on Friday

* June 2017 3-year bond futures contract at 98.180 (1.820pct), unchanged.

(*Currency closes taken at 1700 AEST previous local session, bond market closes taken at 1630 AEST previous local session)