Overseas Market Report – U.S. Stocks End Higher as Oil Rises
U.S. stocks finished higher Friday after oil prices rose, sending major indexes to their highest levels so far this year.
Oil prices were higher after the International Energy Agency said crude prices may have bottomed and that output could fall.
U.S. import prices were off 0.3% in February from January levels, driven by falling energy prices. Prices were off 6.1% year over year.
At the close, the Dow, the S&P 500 and the NASDAQ were up 1.3%, 1.6% and 1.8%, respectively.
For Australian ADRs listed on the NYSE, BHP Billiton rose 66 cents (2.48%) to $27.22, ResMed gained 157 cents (2.67%) to $60.36, Telstra Corporation lifted 24 cents (1.24%) to $19.53, Spark New Zealand rose 27 cents (2.25%) to $12.25 and Westpac gained 79 cents (3.26%) to $25.04.
At 7:45 AM (AEDT), the 10-year Treasury note yield was 1.98% and the 5-year yield was 1.49%.
Shares of Yahoo (YHOO) were up over 3% after the firm signalled it was going to fight activist investor Starboard Value's attempts to take over the board of directors by appointing two new members without input from Starboard.
European markets were sharply higher Friday.
The FTSE 100, French CAC 40 and Germany's DAX were up 1.7%, 3.3% and 3.5%, respectively.
Asian shares were also up on the day.
The Shanghai Composite was up 0.2%, the Nikkei 225 was 0.5% higher, while the Hang Seng had gained 1.1%. India's Sensex was up 0.4.
Australian Market Report- Local Markets Are Expected To Open Higher
Friday 11 March – close. Local stocks opened lower this morning, following overnight falls in European share markets. The Australian market bounced back in afternoon trade, with the big banks leading the turnaround. Most sectors performed positively, with only energy and telecommunication services closing in the red. The Australian dollar appreciated against most major currencies but fell against the Canadian dollar.
The All Ordinaries gained 13.90 points to 5,224.80 while the S&P/ASX 200 added 16.30 points to 5,166.40.
In This Issue
Macquarie Atlas Roads Group (MQA)
Macquarie Atlas Roads Group announced a distribution of 9.0 cps for the first half of 2016 with a record date of 18 March 2016 and a payment 31 march 2016. The distribution will comprise a capital return of 8.5 cps and a foreign dividend of 0.5 cps. MQA lifted 9 cents to $4.69.
Tabcorp Holdings (TAH)
Tabcorp Holdings noted that the Company and Victoria Racing Club have announced a new 8 year sponsorship agreement, extending the existing relationship to 2024. The new arrangement, effective 1 August 2016, continues the Company's position as the official wagering partner of the VRC and the Melbourne Cup Carnival. It includes a number of new benefits including support sponsorship of the Emirates Melbourne Cup Tour and naming rights sponsorship of the Group 1 Australian Cup. TAH lost 1 cent to $4.08.
Recent Contacts & Presentations
Troy Resources (TRY), Medusa Mining (MML), Red 5 (RED), OBJ (OBJ), Sino Gas & Energy Holdings (SEH), Ausdrill (ASL), Danakali (DNK), Matrix (MCE), OBJ Limited (OBJ), Tox Free Solutions (TOX), Energia Minerals (EMX), Berkeley Energia (BKY) , Finders Resources (FND), 4DS Memory Ltd (4DS) , Bionomics Ltd (BNO), Resolute Mining (RSG), Avanco Resources (AVB), Rift Valley Resources (RVY), Kilbaran Resources (KNL), Pantoro (PNR)