Overseas Market Report – U.S. Stocks End Higher as Oil Stabilises
U.S. stocks had a choppy session on Wednesday but ended with modest gains after oil prices stabilised.
Oil futures fell in the morning after reports of rising crude inventories stoked worries of a continued supply/demand imbalance in the market, but prices recovered by the afternoon.
ADP announced that the U.S. private sector added 214,000 jobs in February. Economists had expected a more modest 185,000 jobs added. The data comes ahead of Friday's official payroll and unemployment rate report.
At the closing bell, the Dow, S&P 500 and NASDAQ were up 0.2%, 0.4% and 0.3%, respectively.
Shares of Monsanto (MON) slipped nearly 6.5% after the firm cut its earnings guidance for the year. Management says they now expect the firm to earn between US$4.40 and US$5.10 a share versus the earlier expectations of US$5.10 to US$5.60 a share. The firm said a strong dollar and weak commodity prices are pressuring the business.
For Australian ADRs listed on the NYSE, BHP Billiton jumped $1.94 (8.27%) to $25.40, ResMed slipped 8 cents (-0.14%) to $57.25, Telstra Corporation added 35 cents (1.97%) to $18.40, Spark New Zealand fell 33 cents (-2.82%) to $11.38 and Westpac rose 94 cents (4.36%) to $22.48.
At 8:15 AM (AEDT), the 10-year Treasury note yield was 1.84% and the 5-year yield was 1.34%.
European markets finished mixed Wednesday.
The FTSE 100 was down 0.1%, the French CAC 40 rose 0.4% and Germany's DAX tacked on 0.6%.
Asian shares soared as the U.S. performance inspired a 4%-plus surge for both the Nikkei 225 and the Shanghai Composite.
The Shanghai Composite, Nikkei 225 and Hang Seng were up 4.3%, 4.1% and 3.1%, respectively. India's Sensex rose 1.9%.
Australian Market Report- Local Market Expected To Open Higher
Ahead of the local open, SPI futures were 25 points higher at 5,039.
Wednesday 02 March – close. The Australian investors enjoyed a boom day on the share market. Local stocks started the day on a high point, following a positive lead from the US market and surging commodity prices overnight. The upward trend continued throughout the day, with broad-based gains across the financials, energy and materials sectors. Most sectors performed positively, with the exception of industrials and utilities. The Australian dollar appreciated against most major currencies.
The All Ordinaries added 93.90 points to 5,083.50 while the S&P/ASX 200 soared 98.90 points to 5,021.20.
In This Issue
Ramsay Health Care (RHC)
Ramsay Health Care announced half year results for the period ended 31 December 2015. The Company reported that core NPAT up 16.2% to $237.4m; core EPS up 16.9% to 114.1c. The Group reported revenue up 24.9% to $4.2bn and EBIT up 12.7% to $425.9m. The Company paid fully franked interim dividend of 47.0cps, up 16%. The Company has acquired a further nine hospitals in Lille, France which was completed in December 2015. In August 2015 the Company announced a strategic alliance with ICHOM (International Consortium for Health Outcomes Measurement). In the half year to December 2015. It has completed $126m worth of expansion projects delivering a total of 186 beds and 8 operating theatres. RHC lifted 68 cents to $66.62.
Medibank Private (MPL)
Medibank Private noted that the Federal Minister for Health announced that private health insurance premiums will be increasing across the industry, effective 1 April 2016. The Company received approval from the Minister to increase its premiums by an average of 5.64% across all the Company and ahm health insurance products. Private health insurance premiums for all private health insurers are regulated and all changes are approved by the Minister for Health annually. MPL rose 20 cents to $2.78.
Australia & New Zealand Banking Group (ANZ)
Australia & New Zealand Banking Group announced that it will simplify its approach to wealth management, more closely aligning the distribution of wealth products and services with its Retail and Commercial businesses and focussing its insurance, superannuation and investments product business in Australia on improving returns and capital efficiency. As part of simplifying the approach to wealth management, Joyce Phillips Group Executive Wealth, Marketing and Innovation will be leaving the Company to pursue her successful financial services career. ANZ gained $1.03 to $24.10.
Recent Contacts & Presentations
Troy Resources (TRY), Northern Star Resources (NST), Regis Resources (RRL), Medusa Mining (MML), Doray Minerals (DRM), Beadell Resources (BDR), Red 5 (RED), Kingsgate Consolidated (KCN), OBJ (OBJ), Sino Gas & Energy Holdings (SEH), TFS Corporation (TFC), Paragon Care (PGC), Austal (ASB), Orbital Corporation (OEC),Energia Minerals (EMX), Berkeley Energia (BKY) , Finders Resources (FND), 4DS Memory Ltd (4DS) , Bionomics Ltd (BNO)
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