Aussie shares are hitting fresh record highs for a fourth day as the ASX 200 improves by 38 pts or 0.55 per cent and is consolidating above the key 7000pt level, which it cracked for the first time yesterday. The market is continuing to enjoy its best start to the year in 26 years. At 1pm AEDT today, data on China’s economy will receive attention.
US markets hit record highs last night following solid profit results from Morgan Stanley, encouraging economic data and continued optimism thanks to the US and China signing the Phase One trade deal yesterday.
Gains across almost all sectors are keeping markets positive at lunch.
Rio Tinto (RIO) is up 1.9 per cent after the release of its quarterly update. The miner recorded a drop in production in 2019, which it blamed on weather related and operational issues. Its shares are lifting however, after flagging a lift in iron ore shipments this year. BHP is set to post its quarterly results next Tuesday.
Nufarm (NUF) is down by 10 per cent after warning of lower profits. NUF – which sells crop protection chemicals – expect underlying earnings to be in the range of $55- $65m over the 1H20. The company has been impacted by climate extremes.
Resolute (RSG) is up 1.7 per cent after raising its FY20 guidance. The gold miner expects production of 500,000 ounces and All-In Sustaining Costs (AISC) of US$980/oz over the year. This represents a 30 per cent lift in production and a 10 per cent decline in costs.
Domino’s (DMP) updated the market on its French legal proceedings this morning. France’s highest court ordered pizza group, Speed Rabbit Pizza pay Domino’s €500,000 in damages. This case has been dragging on for close to six years.
Data on China’s GDP for the December quarter, together with monthly figures on investment, production and retail sales will be released at 1pm AEDT today and could impact the local market in the event of surprising results.
1.1bn shares have changed hands today worth $2.6bn. 589 stocks are up, 463 down and 337 are unchanged.
Published by CommSec