Market Open: Will ASX hit records again? Autumn trade begins

ASX News Market Summary
01 Mar 2024 09:23 (AEDT)

The Australian share market is expected to open up just a little for the first day of Autumn. The index has been edging very close to the record of 7703.8 points set early in February.

All three US markets made gains overnight, with the Nasdaq rising up 0.69 per cent, the S&P 500 by about half a per cent and the Dow Jones also slid into the green.

This followed the release of Personal Consumption Expenditures price index (PCE) data, aligning with expectations and bringing relief there were no unwelcome surprises. The data indicates inflation is heading down – albeit slowly.

US food and energy costs increased by 0.4 per cent for January, marking a 2.8 per cent rise from the same period last year.

Personal income unexpectedly rose 1 per cent, above the anticipated 0.3 per cent, but spending was down.

Final approvals for open ocean salmon farm

Companies to watch as the ASX trade gets underway today include New Zealand King Salmon Investments (ASX:NZK), which has received final Fisheries New Zealand approvals to proceed with its open ocean Cook Strait salmon farming endeavours – which it claims will be a world first.

Syrah Resources (ASX:SYR) has signed a binding offtake agreement for its graphite in Mozambique; and, Wellnex Life (ASX:WNX) has achieved profitability in February, thanks to the acquisition of topical pain relief brand Pain Away.

It’s also increased capital raising from $2 million to $3 million, funded by a strategic investor and priced at an 11 per cent premium.

One Aussie dollar is buying US65 cents.

Bitcoin has slightly dropped after yesterday’s two-year high, but still above $96,200.

Iron ore has been at US$118.50 per tonne, gold has climbed 9 per cent to $2,043.5, crude oil remains steady around US$78.20 and natural gas has been trading at US$1.84.

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