Australian Stock Report - Market Pulse

Morning market update - 23 February, 2015

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Publish date: Mon, 23 Feb 2015, 11:42 AM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

The Australian market looks set to open higher later this morning after Wall Street gained on Friday night amid news eurozone ministers have agreed to extend Greece’s bailout by four months.

The March share price index futures contract is up 14 points, at 5859.

There is no major local economic news slated for release today.

In equities news, Boart Longyear, oOh! Media and Caltex Australia are expected to post full year results while Beach Energy, BlueScope Steel, Lend Lease, Godfreys, Brambles and nib Holdings are slated to release half year results.

Key numbers:

 

  • SPI futures up 14pts at 5859 on Saturday morning
  • AUD at 78.39 US cents, 93.35 Japanese yen, 68.80 Euro cents and 50.89 British pence
  • On Wall St, S&P 500 +0.6%, Dow +0.9%, Nasdaq +0.6%
  • In Europe, Stoxx 50 +0.1%, FTSE +0.4%, CAC flat, DAX +0.4%
  • Spot gold down $US4.52 or 0.4% to $US1202.32 an ounce
  • Iron ore is at $US63.44 per tonne
  • Brent oil down 11 US cents or 0.2% to $US60.10 per barrel

 

What’s on today:

US existing home sales.

Earnings from Beach Energy, BlueScope Steel, GPT Group, Lend Lease, Spark Infrastructure, UGL.

Stocks to watch:

Drillsearch Energy is rated ‘outperform’ at Credit Suisse with a target price of $1.20.

UBS is ‘neutral’ on Wesfarmers with a 12-month target price of $43 a share. “Wesfarmers is considered a high quality business, operating in attractive industries with strong management, but at around 20x FY15E PE we believe the stock looks fairly fully priced.”

The post Morning market update – 23 February, 2015 appeared first on Market Pulse.

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