ASX Ends 1 Percent Higher:

The Australian stock exchange closed more than 1 percent higher and the index is quite near to the 4900 mark. The markets are moving from strength to strength and this is showing that the sentiment is quite positive in these parts of the globe.

Most of the world markets rallied today and the Australian markets have outperformed the rest as they have been doing so since the past few months. One reason why the Australian markets are outperforming the rest is the Australian economy.

The country’s economy is growing faster than expected and that along with some blockbuster results by the Australian companies is helping the markets to move from strength to strength. There has been data coming out of the United States and that data has been good which is another reason for the recent up move in the global indices as well as the Australian indices.

The markets will be waiting for important events and data this week which will decide how the economy is growing. James White, senior analyst at First State Investments in Sydney, said, “The battle between the (Federal Open Market Committee) and the labor report is going to be very interesting.” The labor report is going to be released at the end of this week.

Stocks to watch out for:

Mining companies are in focus after heavy rainfall in some parts of Australia has stopped production of some of these iron ore and mining companies in Australia. This would increase the price of coal and that would be seen as another negative for these companies.

All together, these companies has been facing production problems since the past few months which will have some impact on their profitability and revenues. BHP Billiton is trading flat at 37.17 dollars per share after this news. Rio Tinto, too, is flat and was last trading at around 66 dollars per share.

Beach Energy is also in the news today after the company said that the company will be able to meet its full year production targets but that will only happen in the second half of this financial year, they say. There has been a fall in production in this quarter and most of the analysts felt that the company would not be able to touch its guidance in this fiscal year. The company is trading flat at 1.4 dollars per share.

Insurance Australia group is also in focus today after the company said that the company received around 2,000 claims related to floods and storms in Queensland and New South Wales. But, the company also said that there is no need to fear as the situation is not quite clear and is in early stages. The shares of the company are trading at 4.93 dollars per share.

Sydney Airport group is in the news today after the company is increasing flights, both in and out of Sydney airport. This is to meet the country’s growing demands in the aviation space. The shares of the company are trading at 3.17 dollars per share.

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Category: Finances
Keywords: Dow Jones, United States, ASX, Dollar index, Brent Oil, Gold, Caterpillar, Earnings