Good morning and welcome to the Morning Outlook.
I’m Rachael Jones reporting live from Kalkine TV Sydney studio.
Australian share market is expected to start the week on a muted note. According to the latest SPI
futures, the ASX 200 is likely to open 15 points or 0.2% lower. At the closing bell,
the S&P/ASX 200 was 1.2 per cent or 81 points higher at 7,146. Over the week, it closed almost
1 per cent or 71 points higher, its best performance since the week ending Friday 1
April. The best-performing sector was Information Technology, up 4.6 per cent. The worst-performing
sector was Energy, down 1.6 per cent. The best-performing stock in the S&P/ASX 200 was
Chalice Mining (ASX:CHN), closing 19.1 per cent higher at $6.81. The worst-performing
stock in the S&P/ASX 200 was Nufarm (ASX:NUF), closing 4.1 per cent lower at $5.82.
Incitec Pivot announces intention to separate its two leading businesses, Dyno Nobel and Incitec
Pivot Fertilisers, and build the future of two companies to drive significant shareholder value.
They reported a record first-half profit after tax of $384 million, a $348 million increase from the
$36 million profit recorded in the same period last year. EBIT in its Asia-Pacific fertiliser
business increased to $257 million, from $20 million in the pcp, as the company captured the
value of the upswing in commodity prices. Incitec declared an interim dividend of 10¢ a share.
Resolute Mining wishes to announce that Terry Holohan has now been
formally appointed as Chief Executive Officer and Managing Director, effective from today.
VRX Silica is pleased to announce the start of project capital expenditure
for its Arrowsmith North Silica Sand Project 270km north of Perth, with the purchase of two
major items of capital equipment. VRX Silica Managing Director Bruce Maluish
says their strategy to purchase and refurbish high-quality secondhand major plant equipment
has both pre-empted any lead time issues associated with ongoing global supply
chain disruption and delivered more than $1 million in capital savings.
Now it’s time for a short break – but stay tuned
for more news set to effect the trading day. @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Welcome back to the Morning Outlook report.
On Wall Street, the Dow Jones was flat, the S&P 500 was also flat, and the NASDAQ fell
0.3%. The US stocks have extended their losses, with the Dow Jones Industrial Average
marking its eighth consecutive week of losses since 1932. In addition, S&P 500 and NASDAQ
are on their longest streak of weekly losses since 2001. In Europe, the Stoxx 50 rose 0.4%,
the FTSE surged 1.2%, the DAX gained 0.7%, and the CAC ended 0.2% higher. Oil prices settled
slightly higher on Friday as a planned European Union ban on Russian oil and easing of COVID-19
lockdowns in China countered concerns that slowing economic growth will hurt demand. Brent
futures for July delivery rose 51 cents, or 0.5%, to US$112.55 a barrel. WTI crude for June rose
US$1.02, or 0.9%, to settle at US$113.23 on its on its last day as the front-month. Gold
edged up on Friday, heading for its first week of gains in five on persistent worries over economic
growth and a weekly decline in the dollar. US gold futures settled up 0.1% at US$1,842.10.
Well, that’s all for our Morning Outlook report here on Kalkine TV.
Have a great day trading and stay tuned for more market updates and economic news live
throughout the day. This is Rachael Jones signing off for now.