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Overseas Market Report -U.S. Markets Finish Higher on Positive Economic Data

Tuesday 28 March 2017 | Close

U.S. markets ended higher on Tuesday as investors snapped up tech and consumer discretionary stocks following the release of positive economic data.

Tuesday 28 March 2017 | Close

Foreign Equities Close Change %Change
Dow Jones (US) 20702 151 0.73
S&P 500 2359 17 0.73
NASDAQ 5875 35 0.60
FTSE 100 Index 7343 50 0.68
DAX 30 12149 153 1.28
CAC 40 5046 29 0.57
Nikkei 225 (Japan) 19203 217 1.14
HKSE 24346 152 0.63
SSE Composite Index 3253 -14 -0.43
NZ 50 7065 3 0.04

Tuesday 28 March 2017 | Close

Commodities US$ Close Change %Change
Aluminium /t 1936 15 0.75
Copper /t 5849 113 1.97
Nickel /t 9928 225 2.32
Gold /oz 1250 -7 -0.57
Silver /oz 18.1 0.1 0.47
Oil - West Texas crude /bbl 47.7 -- --
Lead /t 2319 34 1.48
Zinc /t 2804 62 2.27

Tuesday 28 March 2017 | Close

Currency Close Pts Change % Change
$A vs $US 0.7632 0.0005 0.07
$A vs GBP 0.6128 0.0055 0.91
$A vs YEN 84.80 0.31 0.36
$A vs EUR 0.7057 0.0034 0.48
$A vs $NZ 1.0882 0.0060 0.55
$US vs Euro 0.9245 0.0040 0.43
$US vs UK 0.8029 0.0069 0.86
$US vs CHF 0.9918 0.0062 0.63

U.S. markets ended higher on Tuesday as investors snapped up tech and consumer discretionary stocks following the release of positive economic data.

U.S. consumer confidence soared to its highest level in more than 16 years in March, while house prices roared to their highest levels in nearly three years as demand remained brisk, media reports said.

At the close the Dow Jones, the S&P 500, and the Nasdaq were up 0.7%, 0.7%, and 0.6%, respectively.

IHS Markit (INFO) released its first-quarter earnings, which generally align with analysts' full-year outlooks. The firm posted organic revenue growth of 1% against an adjusted EBITDA margin of 38%. Morningstar believes the results leave the firm poised to meet its 2017 forecasts, which call for $3.6 billion in revenue, $1.385 billion in adjusted EBITDA (39% adjusted EBITDA margin), and $2.09 in adjusted diluted EPS.

Red Hat (RHT) released its fourth-quarter results, driven by increased adoption of OpenStack and OpenShift. The company's emerging technology portfolio continues to grow at an accelerated clip, while Red Hat Enterprise Linux, or RHEL, continues to deliver moderate gains.

For Australian ADRs listed on the NYSE, BHP Billiton added 71 cents (1.95%) to $36.53, ResMed gained 28 cents (0.39%) to $71.96, Telstra Corporation rose 17 cents (0.97%) to $17.54, Spark New Zealand slipped 12 cents (-1.04%) to $11.92, and Westpac added 56 cents (2.16%) to $26.52.

At 7:45 AM (AEDT), the 10-year Treasury note yield was 2.42% and the 5-year yield was 1.96%.

European markets closed higher.

The FTSE 100, the French CAC 40, and Germany's DAX gained 0.7%, 0.6%, and 1.3%, respectively.

Asian share markets ended mostly higher.

The Nikkei 225 and Hang Seng added 1.1% and 0.6%, respectively, while the Shanghai Composite declined 0.4%. India's Sensex gained around 0.6%.

Australian Market

Local Markets Expected to Open Higher

Ahead of the local open, SPI futures were 13 points higher at 5,826.

Tuesday 28 March - close. The Australian market moved through the key 5800-point mark. Strong gains from the big four banks contributed to an early morning rally and major miners were among the best performers, despite another overnight fall in iron ore prices. Most sectors posted positive results, with only utilities closing lower. The Australian dollar depreciated against most major currencies.

The All Ordinaries rose 71.20 points to 5,860.40 while the S&P/ASX 200 climbed 74.50 points to 5,821.20.

Southern Cross Media Group (SXL)

Southern Cross Media Group announced that it has reached agreement in principle with WIN Corporation for the sale to WIN of its northern NSW (NNSW) television assets and operations for a price of $55.00m. The price is payable in two instalments: $45.00m on completion and $10.00m on the first anniversary of completion, with the second instalment to be secured by bank guarantee. The proposed sale of its NNSW television assets and operations remains subject to execution of definitive agreements and satisfaction of certain conditions. These conditions include receipt of FIRB approval for WIN's acquisition, and consent from Network Ten for transfer of its NNSW television affiliation agreement. SXL added 2 cents to $1.37.

Tox Free Solutions (TOX)

Tox Free Solutions announced that it has been advised by Chevron Australia that the provision of Waste Management Services to its operations on Barrow Island will cease by the end of the financial year. It believes that it has put forward a proposal to retain the services on Barrow Island while ensuring an adequate return on investment for its shareholders. It can inform shareholders that its estimated contribution from Barrow Island services in financial year 2018 based on its assessment of the waste volumes was expected to be between $1m to $2m in EBITDA. TOX lost 1 cent to $2.37.

Annual General Meetings today (ASX 300)

  • No Annual General Meetings today

Companies trading ex-dividend today (ASX 300)

  • Sg Fleet Group Limited

Companies trading ex-dividend next business day (ASX 300)

  • APN News and Media Limited
  • Arena REIT
  • Aventus Retail Property Fund
  • Cabcharge Australia Limited
  • Centuria Industrial REIT
  • Charter Hall Long Wale REIT
  • Cromwell Property Group
  • Folkestone Education Trust
  • Macquarie Atlas Roads Group
  • McMillan Shakespeare Limited
  • Rural Funds Group
  • Sealink Travel Group Limited
  • Virtus Health Limited

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