Trading’s opening off the back of new records set here on Thursday, but US markets weren’t so strong overnight with the Dow Jones shedding the most – 0.6 per cent.
They say ‘truth hurts’ and Donald Trump’s new Truth Media and Technology Group stock that soared on debut, Trump media, lost more than 21 per cent as the market discovered it had actually lost nearly A$90 million last year. The Guardian reports auditors were questioning its ability to keep operating! It’s now 40 per cent below its peak at US$48.60 (A$74.87).
Australian futures are suggesting the market here will head down around 0.3 per cent as trade gets underway.
In stocks to watch this morning: Austal (ASX:ASB) has confirmed its received an unsolicited proposal from South Korean shipbuilding company, Hanwha Ocean Co, to acquire Austal in a deal equating to $2.82 a share. Austal doubts the proposal would be accepted by Australian and US authorities, given Austal’s Memorandum of Understanding to become a ship building partner with the Government. Austal last closed at $2.20.
Meanwhile, Fin Resources (ASX:FIN) has announced it’s starting its maiden drilling at its White Bear lithium project in Quebec; and, Dateline Resources (ASX:DTR) has revealed its latest gold result from the Colosseum project in California.
One Aussie dollar is trading at 64.8 US cents.
The iron ore price is going to impact today, it’s down to just over US$100 a tonne at US$102. That’s the lowest it’s been in 10 months.
Brent Crude has gained ground to be at US$87.60, gold is above US$2250 (US$2251.80) and natural gas is up 5 per cent to US$1.84.
Happy trading