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IG Market Prices

IG Market Prices

On Wall St, US stocks posted a late-session rally to string together the first three-session gain since April as a drop in initial jobless claims and stronger-than-expected retail sales boosted confidence and sentiment across the board.

The Dow Jones Industrial Average was the top performer, adding 1.2% while the S&P 500 and NASDAQ managed gains of 0.9% and 0.7%.

In Australia, the ASX 200 is called to open 0.8% firmer at 4393 following another night of strong offshore leads. All sectors in the US finished in positive territory, up between 0.5% and 1.6%.

The materials sector is likely to add the most points today after it topped the gainers in US trade. It rose 1.6% despite mixed base metal leads from the London Metals Exchange. In normal London trade, Rio added 0.8% while BHP Billiton rose 24%. However, BHP’s ADR is calling the locally listed stock to open modestly lower, down 0.2% at $38.07.

Energy names should add significant points too after the US sector gained 1.4% on the back of a rising oil price. Crude Oil futures rose another 1.8% since 4.30pm yesterday after the latest set of inventory reports showed a bigger-than-expected decline in crude oil stockpiles.

Elsewhere, the local market should also see gains from the financial, industrial and consumer discretionary sectors after they were stronger between 0.8% and 1.3%.

In summary, it looks like being another strong open for the Australian market. However, the big question will be whether or not we can hold onto our gains as the session develops or will profit takers move in to take some money off of the table. It is the first up week for some time.

ENDS


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