Good morning and welcome to the Morning Outlook.
I’m Rachael Jones reporting live from Kalkine TV Sydney studios.
The Australian shares are expected to fall at open. According to the latest SPI futures,
the ASX 200 is likely to open 3 points lower. At the closing bell, the S&P/ASX 200 was
0.4 per cent or 31 points lower at 7,454. All sectors closed in the red. The sector with the
fewest losses was Materials, down 0.03 per cent. The worst-performing sector was Health Care,
down 1.4 per cent. The best-performing stock in the S&P/ASX 200 was Regis Resources (ASX:RRL),
closing 4.7 per cent higher at $2.21. The worst-performing stock in the S&P/ASX 200 was
Imugene (ASX:IMU), closing 8.7 per cent lower at $0.21.
Flight Centre Travel Group has today completed its acquisition of an additional 47.5%
interest in travel technology business TP Connects. The transaction was announced on
March 14, 2022, when Flight Centre agreed to increase its equity interest from 22.5% to 70%
in the Dubai-based software as a service business. Flight Centre initially invested in the business
back in February 2020 with a view to supercharging the development of TPC’s innovative technology
platform, which aims to shape the future of travel distribution by aggregating content from multiple
sources. The terms of FLT’s investment are currently confidential and are not disclosed.
Key developments for Viva Energy’s Geelong Energy Hub The Viva Energy Group today announced
two significant advances in the development of its Geelong Energy Hub. The Board has approved funding
to upgrade processing capability at Geelong Refinery to produce Ultra-Low Sulphur Gasoline.
This investment will improve the quality of petrol produced at the refinery and help reduce vehicle
emissions. The total cost of the project is expected to be approximately $300 million,
with the Company receiving $125 million under the Federal Government’s Refinery Upgrades Program.
The project will be completed over the next three years, with approximately $50 - 70 million
expected to be spent during 2022. During peak construction the project will employ
up to 300 people, adding to more than 700 people employed at the refinery on an ongoing basis.
Perseus Mining reports further strong results from
exploration drilling at its Yaouré Gold Mine on the Ivory Coast. Perseus will use the results to
upgrade the CMA Underground Inferred Mineral Resource estimate to the Indicated category
and complete a Pre-Feasibility Study for a Yaouré underground mining operation in the June
2022 Quarter. We’re going to take a short break now but we will be back
with everything you need to know to trade today. @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Welcome back. Im Rachael and you are watching the Morning Outlook report. On Wall Street,
the Dow Jones fell 0.26%, the S&P 500 dropped 0.34%, and the NASDAQ tumbled 0.30%. In
Europe, the Stoxx 50 fell 0.2%, the FTSE declined 0.6%, the CAC slipped 0.3%, and the DAX ended
0.5% lower. On the other hand, China’s markets and oil prices gained ground as signs emerged
that some of the COVID-19 restrictions were easing in financial hub Shanghai. China's blue
chip CSI300 Index fell into negative territory mid-session but roared back later to rally almost
2%. Oil prices rebounded and once again went past US$100 mark yesterday as Russian oil
and gas condensate production fell to 2020 lows and OPEC warned it would be impossible
to replace potential supply losses from Russia. WTI crude rose 7.17%
to US$101.05 per barrel. Brent crude was at US$105.12, up 6.74% on the day. Gold prices
gained over 1% on Tuesday as Treasury yields eased after US inflation data largely met expectations,
reducing the likelihood of long-term aggressive policy tightening by US Federal Reserve. Spot gold
was up 0.7% at US$1,967.61 per ounce by 2:39 PM ET (1839 GMT). US gold futures settled up 1.4% at
US$1,976.10. 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.