Tech stocks rally in the US: ASX poised for a rebound

Tech stocks rally in the US: ASX poised for a rebound


The Australian share market looks set for a rebound this morning as US stocks closed higher. Over in the UK, Prime Minister Boris Johnson has announced new restrictions on social gatherings in England, after a spike in Covid-19 infections. As we reported yesterday, AstraZeneca's Covid-19 vaccine trial has been paused after a patient on the trial had a rare but serious spinal inflammatory disorder. Australia has signed up to purchase and make the vaccine, providing it succeeds in clinical trials. Over in the US, Tesla jumps nearly 11 per cent, rebounding from worst day on record. Gold added over $11 and oil is up slightly. 

Local Economic News

Australian Outward Foreign Affiliates Trade.


Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 1.6 per cent to 27,940 the S&P 500 added over 2 per cent to 3399 and the NASDAQ closed 2.7 per cent higher at 11,142.

European markets closed higher, London’s FTSE added 1.4 per cent, Paris gained 1.4 per cent and Frankfurt closed 2.1 per cent higher.

Asian markets closed lower, Tokyo’s Nikkei fell over 1 per cent, Hong Kong’s Hang Seng lost 0.6 per cent and China’s Shanghai Composite closed 1.9 per cent lower.

Taking all of this into equation, the SPI futures are pointing to 1.3 per cent gain.

Yesterday, the Australian share market closed 2.2 per cent lower at 5879.

Company news

Resolute Mining (ASX:RSG) reports they have received a strike notice from a union for a 10-day strike order at the Syama Gold Mine in Mali if certain demands are not met.
The principal demand relates to a request to reinstate Syama workers who have been stood down on full pay due to the Company’s Covid-19 protocols. At Syama, a decision has been made to limit the travel of non-essential workers from outside the surrounding region to the mine site. This decision was made to limit the risk of transmission of the virus between separate regional populations and to maintain Syama’s isolation from the virus. Resolute has informed the Union that the strike notice is irresponsible. Given the uncertainty of the impact of the strike and consequential actions that may be taken by the Company on production at Syama, Resolute withdraws production and cost guidance for the full year ending 31 December 2020. Shares in Resolute Mining (ASX:RSG) closed 4.5 per cent lower at $1.06 yesterday.


Austin Engineering (ASX:ANG) is paying 0.3 cents fully franked
Blue Sky Alt Access (ASX:BAF) is paying 3 cents fully franked
CPT Global Limited (ASX:CGO) is paying 1.25 cents fully franked
CSL Limited (ASX:CSL) is paying 148.0969 cents unfranked
Easton Investments (ASX:EAS) is paying 2.5 cents fully franked
Finbar Group Limited (ASX:FRI) is paying 1 cent fully franked
Generation Dev Group (ASX:GDG) is paying 1 cent unfranked
Genesis Energy Ltd (ASX:GNE) is paying 7.6498 cents unfranked
IGO Limited (ASX:IGO) is paying 5 cents unfranked
Laserbond Limited (ASX:LBL) is paying 0.6 cents fully franked
Monadelphous Group (ASX:MND) is paying 13 cents fully franked
Pro Medicus Limited (ASX:PME) is paying 6 cents fully franked
Reliance Worldwide (ASX:RWC) is paying 2.5 cents 20 per cent franked
South32 Limited (ASX:S32) is paying 1.3795 cents fully franked
Shine Justice Ltd (ASX:SHJ) is paying 2.75 cents unfranked
Servcorp Limited (ASX:SRV) is paying 9 cents unfranked
Templeton Global (ASX:TGG) is paying 3.5 cents fully franked
Vita Group Ltd (ASX:VTG) is paying 2.4 cents fully franked


One Australian Dollar at 7:35 AM was buying 72.82 US cents, 56.05 Pence Sterling, 77.32 Yen and 61.71 Euro cents.


Iron Ore lost 2 per cent to US$126.54.
Iron Ore futures suggest a 0.2 per cent fall.
Gold has added $11.70 to US$1955 an ounce.
Silver was up $0.20 to US$27.20 an ounce.
Oil was up $1.02 to US$37.78 a barrel.
Copyright 2020 – Finance News Network

Source: Finance News Network

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