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The ASX200 is expected to gain around a per cent in the wake of a strong, but short session on US markets leading into independence day.
Records fell yet again as the S&P 500 gained half a per cent and the Nasdaq another 0.8% as economic reports reinforced the case for interest rate cuts sooner rather than later. Against that tide was the Dow Jones index, which slipped a little.
Back home, Santos (ASX:STO) will be in the spotlight today, amid suggestions that Middle Eastern energy giants are considering making acquisition bids.
Bloomberg reports Saudi Aramco and Abu Dhabi National Oil Co are circling as they look to increase gas investments overseas.
In small cap news:
- Boss Energy (ASX:BOE) reports it’s produced more than 57,000 pounds of uranium to the end of June and will make its first shipment to Europe this quarter;
- Fenix Resources (ASX:FEX) will proceed with the Stage 1 plan for its Shine Iron Ore Mine with an estimated capital expenditure of $7.4 million. Production will begin in December; and,
- the board of MMA Offshore (ASX:MRM) recommends shareholders vote in support of acquisition by a subsidiary of Cyan Renewables after a ‘no objection’ letter was received from the Foreign Investment Review Board (FIRBO). Cyan is a Singapore-headquartered offshore wind vessel company. The offer is for $2.60 cash a share.
One Australian dollar is holding firm at US67 cents.
Silver’s up more than 3 per cent, to $30.48. Copper’s added 2.5 per cent to well clear of $4.50 a pound ($4.53).
Gold’s up a per cent to $2356.53 an ounce, Iron Ore has rallied more than 2 per cent to be trading around $110.32 a tonne, Brent Crude’s at $87.10 a barrel, but natural gas is down half a per cent to $2.42 a gigajoule.
