Trader’s Edge

Daily Note – Monday, 14 March 2016

Global Markets

*Iress

Australian Companies Traded in the U.S.

*Iress

Market Wrap

The Australian share market enjoyed some afternoon buying on Friday. After a weaker start, where the ASX200 was down 32 points at 11:40am AEST, buying kicked into gear after lunch. At the close the ASX200 recorded a 16.32 point (+0.32%) gain, to 5166.39. On this occasion it was banking and energy stocks which led the charge higher.

Asian shares were also higher, shrugging off global losses logged after the European Central Bank suggested it was running out of room to cut interest rates even if other stimulus options remained.

Japan’s Nikkei 225 index began lower, and strengthened in afternoon trading, closing up 0.51%. The Hang Seng (+1.08%), Shanghai Composite Index (+0.20%) and Straits Times Index (+0.70%) all recorded gains ahead of the weekend.

Markets went on a wild ride after ECB chief Mario Draghi suggested there were limits to negative rate policy. Banking stocks helped lift Britain’s benchmark FTSE100 index to a gain of 1.71% on Friday, reversing most of Thursday’s losses that occurred after Draghi’s comments.

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Other European indices posted solid gains to round out the trading week. France’s CAC40 advanced 3.27%, while the German DAX30 closed 3.51% higher.

US stocks closed near yearly highs with steadying oil prices helping to stimulate buying across equity markets, while providing a little stability for financial markets in general.

The Dow Jones Industrial Average climbed 218,18 points (+1.28%), the broad-based S&P500 rose 1.64%, and the tech-rich Nasdaq Composite Index surged 1.85%.

The Australian market looks set to begin the week higher after the Dow and S&P500 both recorded their highest close since January 4. March share price index futures contracts are 42 points higher at 5222.

Globally it is a quiet day on the economic announcement front, while closer to home the Reserve Bank of Australia is due to release credit and debit card lending figures for January.

*Iress – 14.3.16

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Companies in the Press

 Avita Medical: Avita Medical has struck a deal with China's largest healthcare group to distribute its "spray on skin" products for the treatment of burns, other wounds and skin defects.

 BHP Billiton / Fortescue Metals / : The price of iron is hanging on above the $US57 mark despite falling 83 US cents to $US57.09.

: The competition watchdog has been granted leave to appeal the Federal Court's decision to overturn a ruling against Flight Centre.

: Macquarie Bank has had additional conditions imposed on the licence that allows it to provide financial services after the corporate watchdog found it had mishandled clients' money.

 Myer: Solid sales growth at Myer over the Christmas period is not expected to reverse the department chain's long run of sliding profit.

/ Santos: Oil prices have surged, with WTI crude up 1.17 per cent, or 66 US cents, at $US38.50,  while Brent crude is up 0.85 per cent, or 34 US cents, at $40.39.

 Sedgman / Cimic: CIMIC is set to complete its $243 million takeover of Sedgman after taking its holding in the mining services group past 90 per cent.

 Tabcorp: Tabcorp has extended its sponsorship of the Victoria Racing Club and the Melbourne Cup carnival for another eight years. (AAP)

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By the Numbers

*Data Source – Iress. *Trend based on simple moving average crossover (50,200). I.e. Upward trend = 50 period MA > 200 period MA

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Economic Calendar

*www.fxstreet.com

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