Money: ASX pushes higher on midterm results - PressFrom - Australia
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MoneyASX pushes higher on midterm results

01:30  09 november  2018
01:30  09 november  2018 Source:   msn.com

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Australian shares climbed to a near three-week high , following a strong session on Wall Street on the back of the US midterm results . The benchmark S&P/ ASX 200 Index closed 31.3 points, or 0.5 per cent, higher at 5928.2 after the three major US indices closed more than 2 per cent higher on

Australian shares have pushed higher at the open this morning buoyed by modest gains from the index heavyweights while NAB has fallen 3.6 per Australian shares climbed to a near three-week high on Thursday, following a strong session on Wall Street on the back of the US midterm results .

ASX pushes higher on midterm results© Peter Braig Australian shares traded higher on Thursday following a strong session on Wall Street overnight. Australian shares climbed to a near three-week high on Thursday, following a strong session on Wall Street on the back of the US midterm results.

The benchmark S&P/ASX 200 Index closed 31.3 points, or 0.5 per cent, higher at 5928.2 after the three major US indices closed more than 2 per cent higher on Wednesday.

"Australian markets shrugged off any uncertainty about the US apparently voting itself to a standstill with the House going to the Democrats," said Validus Equities executive director Adam Joseph.

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The benchmark S&P/ ASX 200 index closed 21.7 points, or 0.4 per cent, higher at 5896.9 while the broader All Ordinaries rose 23.3 points, or 0.4 per cent, to 5982. The market fell by as much as 30 points just before midday before rallying later in the session as the results of the US midterms came

Midterm polls now closed in Ohio, North Carolina and West Virginia. Here's what The New York Times has to say about those particular races With the midterms dominating the headlines, traders stayed on the sidelines during the Wall Street session. The ASX is poised to inch lower at the open, writes.

"One thing investors want is an absence of change. The fact there is now oversight of the President is good news. Gridlock is positive for the market because investors like the status quo."

Most of the major banks were among the market leaders on Thursday despite APRA announcing it would increase the total capital requirement for the four major banks by 4 to 5 percentage points of risk-weighted assets within five years.

NAB was the only major bank to fall as it traded ex-dividend, closing the session 3.6 per cent lower at $24.93.

Afterpay Touch shares rose 11.1 per cent to $14.45 after the buy-now-pay-later company announced it had signed up 300,000 US customers in less than six months, signalling a strong start to its operations in the US.

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Australian shares advanced on Wednesday as the US midterm results were declared and landed in The benchmark S&P/ ASX 200 Index closed 21.7 points, or 0.4 per cent, higher at Other countries had been decreasing their purchasing from the country as they prepared for the sanction, pushing

ASX pushes higher on midterm results . 2018-11-08 theage.com.au Australian shares climbed to a near three-week high on Thursday, following a strong session on Wall Street on the back of the US midterm results .

Accounting software provider Xero announced its subscribers had grown by almost 14 per cent in the first half of the year to 1.579 million.

The New Zealand based company also announced revenue in the first half ended September 30 grew 37 per cent to $NZ256.5 million ($239 million). The company's shares closed 1.8 per cent higher at $43.75.

Corporate Travel Management hit back at what it called VGI Partners' "mischievous and misleading claims", citing findings by EY, which was hired last week to assess claims made by the hedge fund. The response gave investors some confidence, as its share rose 14.8 per cent to $22.95.

Treasurer Josh Frydenberg announced on Wednesday night said he intended to block Hong Kong-based CK Group's proposed $13 billion acquisition of east coast gas pipeline owner APA Group. APA's shares fell 9.9 per cent to $8.57 on Thursday.

Despite James Hardie Industries announcing its half-year profit rose 17 per cent supported by strong gains in its key United States market, a softer outlook for the US housing market pushed the company's shares lower. Its shares closed 14.7 per cent lower at $16.90.

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“US midterms rarely move markets but, against the backdrop of continued trade conflict and global tensions, today’s elections The currency and bond markets were similarly becalmed with the dollar just a shade higher against a basket of its main rivals and Treasury yields edging up after a slow start.

ASX advances on US midterm results . The benchmark S&P/ ASX 200 Index closed 31.3 points, or 0.5 per cent, higher at 5928.2 after the three major US indices closed more than 2 per cent higher on Wednesday.

Domino's Pizza investors were unconvinced by a trading update released late on Wednesday, as its shares fell 10.7 per cent to $49.72.

The company remained unchanged in its guidance for 10 per cent to 20 per cent earnings growth in 2019 even though same-store sales growth has slowed, new stores have fallen short of market expectations and other margin pressures.

Stock watch

Carnarvon Petroleum

RBC Capital Markets initiated coverage on Carnarvon Petroleum with an 'outperform' recommendation and a target price at a 129.7 per cent premium to its Friday close price of 37¢. The offshore oil explorer has two significant development projects and analyst Ben Wilson said the significance of the Dorado oil discovery will only increase over time with appraisal drilling and a follow-on exploration program. He noted the company's cash balance of $50 million at the end of September, saying the explorer has ample resources to cover the two-well-firm DOrado appraisal program in 2019. "Carnarvon represents a rare investment opportunity in an ASX context being a pure-play conventional oi explorer...and a strong inventory of exploration prospects," Mr Wilson noted. RBC gave the company a target price of 85¢.

Heavyweights lift ASX back to two-week high

Heavyweights lift ASX back to two-week high Australian shares rallied to a two-week high on Tuesday, with heavyweight sectors lifting the market in thin trading on Melbourne Cup day.

Get real-time 2018 Massachusetts election results & live maps by county. POLITICO's coverage of the 2018 midterm races for Senate, House, Governors & Key Ballot Measures. Massachusetts Election Results 2018. Results last updated Nov. 7, 1:51 p.m.

Australian shares ended another muted day of trading higher on Thursday, extending their two-month high amid some strong quarterly results from South32, Woodside Petroleum and Whitehaven Coal. The S&P/ ASX 200 Index climbed 14.9 points, or 0.3 per cent, to 5850.1 points

What moved the market

Volatility

The VIX volatility index relaxed following the US midterm elections as did another of other volatility measures after the result came in largely in-line with expectations. The VIX index dropped below the front-month futures on Wednesday, while the Cboe Volatility Index fell by as much as 16 percent to the lowest level in almost a month. Global markets appeared to be buoyed by the decrease in volatility. Wall Street was strong on Wednesday with all three benchmark indices lifting. The Dow Jones Industrial Average and S&P 500 jumped 2.1 per cent, while the Nasdaq Composite climbed 2.6 per cent.

Brent crude

Brent crude prices were largely stable on Thursday as reports emerged that OPEC was considering production curbs as a necessary way of preventing a return of global oversupply. While this news pushed the price of oil higher, a soaring US crude output pushed prices below $US72 a barrel for the first time in two-and-a-half months. Crude output hit a record 11.6 million barrels per day last week, according to Energy Information Administration data released on Wednesday. Output of US crude oil has increased by 22.2 per cent year-to-date and made the country the world's biggest producer of oil.

New Zealand dollar

The Reserve Bank of New Zealand kept its interest rate unchanged at 1.75 per cent on Thursday, but did turn slightly more hawkish as it lifted its inflation forecasts slightly. It raised its 2021 inflation forecast from 2 per cent in August to 2.2 per cent and mentioned there were upside risks to inflation. It still signalled that rates wouldn't rise until late 2020 while no longer saying the next move would be up or down.. The New Zealand dollar, which has risen more than 5 per cent for the month so far, was slightly volatile following the announcement but didn't more materially either way.

Gold miners

The decrease in volatility hurt gold miners on the market on Thursday. The local gold miners delivered a strong performance during October as the market fell into a correction but have been slightly weaker on the back of the market rebound. The decrease in volatility indexes across the globe eased safe haven demand and investors exited the local gold stocks. Saracen Mineral Holdings fell 3.9 per cent to $2.46, St Barbara closed 4.2 per cent lower at $4.12, Regis Resources slid 3 per cent to $4.23 and Northern Star Resources dropped 3.5 per cent to $8.47. Bigger players Newcrest Mining and Evolution Mining fell 1 per cent to $20.81 and 1.9 per cent to $3.06, respectively.

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