The ASX200 outperformed predictions yesterday and is set to keep moving up today, by more than a quarter of a per cent.
It follows strength in the US: The S&P 500 rose 0.3 per cent to hit record levels for the third straight session, the Nasdaq added 0.4 per cent … only the Dow Jones Industrial Average lost some ground.
Investors are anticipating quarterly reporting by the Magnificent 7 tech-heavy companies.
And Netflix released its quarterly report after the bell, showing subscriptions had increased by more than 13 million to about 260 million. Revenue also exceeded projections, although earnings per share of US$2.11, was ten cents lower than expected.
Back home, stocks to watch this morning include $2.23 billion market cap commercial property real estate investment company BWP Trust (ASX:BWP) which has announced the proposed offmarket takeover of Newmark Property REIT (ASX:NPR). The proposed merger would value Newmark shares at $1.39 which is a 43 per cent premium to the 97 cent closing price yesterday.
And Sigma Healthcare (ASX:SIG) has raised $223 million through a retail entitlement offer with shares priced at 70 cents. It brings its latest capital-raising efforts to $400 million, so it can proceed with the $700 million merger with Chemist Warehouse which was announced late last year.
To commodities, Uranium jumped more than 14.5 per cent to start the week, to be trading around $106 a pound – it’s now up 110 per cent year-on-year.
Iron ore has held firm at US$132.50 a tonne, oil has been down a touch to around US$74.50 a barrel, gold has picked up nearly eight per cent to just below US$2029 and natural gas has been around US$2.48 per million British thermal units.