ASX set to open higher on new Dow record, gold lower, Aussie dollar slips again


Australian shares are set to edge higher at the open after a jump in oil prices and strong overnight trading on Wall Street, where the Dow Jones closed at a record for a second day.

The Aussie dollar, meanwhile, slid by more than a per cent from Wednesday’s close of 71.81 US cents, but showed signs of recovery at 0800 AEST on Thursday to buy 71.09 US cents.

The SPI200 futures contract is up 9 points, or 0.15 per cent, to 6,152.0, pointing to a slight rise for the ASX – which closed higher on Wednesday thanks to gains for material and energy stocks.

The energy sector is again tipped for a strong performance on Thursday after Brent crude rose nearly two per cent to hit a new four-year high.

Local gold miners eked out solid gains on Wednesday, but precious metal prices softened after the Italian government indicated it was open to trimming its budget deficit and debt, easing investors’ fears over stocks and other higher-risk assets.

On Wall Street overnight, the Dow Jones Industrial Average rose another 54.45 points, or 0.2 per cent, to 26,828.39, while the S&P 500 gained 2.08 points, or 0.07 per cent, to 2,925.51 and the Nasdaq Composite added 25.54 points, or 0.32 per cent, to 8,025.09.

In local company news on Thursday, the Bank of Queensland is expected to detail its full-year results, while David Jones will unveil its new luxury shoe floor at its Sydney flagship store.

The Australian Bureau of Statistics will also release international goods and services trade data fro August.

With AAP 

Here’s how you can strike it rich in the share market

The best way to strike it rich in the share market is to buy shares that are not only cheap, but growing quickly.

Combining countless hours of research with over 30 years of hands-on stock market investing experience, The Capital Club’s founder Bruce Jackson has just published his definitive list of 3 Cheap and Good ASX Stocks for 2018.

Best of all, the report is absolutely free, exclusively for readers of The Capital Club.

In this comprehensive free report, you’ll find the name of one ASX gold stock that’s not only profitable, but trading at less than 4 times forecast profits.

You’ll also discover the name of a company one fund manager has called the cheapest stock in the ASX 100, and you’ll read about the three catalysts that could push the share price higher in the next six months.

Finally, the report names one of the cheapest retailers trading on the ASX, a company that just picked up the assets of a distressed competitor on the cheap, paying just 2 times earnings. No wonder one top fund manager thinks its share price could at least double.

With the share prices of each of these 3 companies having the potential to double or more, you’ll want to act now. Simply click here or the button below, enter your email address, and this free report will be instantly sent to you.

See the 3 stocks

Read Next

Here are 6 of the best dividend stocks on the ASX for 2018 and beyond

Here are 10 ASX 200 shares to beat the traditional blue chips over the next 3 years

5 ASX blue chip shares for 2018 and beyond

Top fund manager names this iconic company as “the cheapest stock in the ASX 100”

Contributors to this article may own shares in some of the companies mentioned in this article. The Capital Club has a thorough disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
Lauren Surplice is a keen follower of the stock market, investing in individual companies and funds. She follows the daily stock market news, covering the ASX stocks that are moving the markets. You can contact Lauren at