November 29, 2016 / 9:45 PM / 8 months ago

Australia shares to open marginally up; NZ flat

2 Min Read

Nov 30 (Reuters) - Australian shares are set to rise
slightly on Wednesday, tracking a positive lead from Wall
Street, while miners and energy stocks are expected to come
under pressure from sliding base metals and oil prices. 
    Wall Street edged higher on Tuesday, led by health stocks,
as better-than-expected U.S. economic growth figures boosted
sentiment. 
    Overnight, oil prices tumbled nearly 4 percent on doubts
over whether OPEC will agree to cut production, while the rally
in steel and iron ore prices was stemmed by Chinese exchanges
stepping in to tame speculative trade.  
    Lead and zinc fell more than 6 percent on Tuesday from the
previous day's multi-year peaks on selling on the view that a
post-U.S. election rally had become overstretched. Copper CMCU3
closed down 3 percent. 
    Local share price index futures rose 0.1 percent,
or 5 points, to 5,467, a 9.5-point premium to the underlying
S&P/ASX 200 index close. The benchmark closed 0.13
percent lower on Tuesday.
    New Zealand's benchmark S&P/NZX 50 index was flat in
early trade.
    
For a summary of overnight action across global markets, double
click on 
       
For a digest of the day's business stories in Australian 
newspapers, double click on 

 (Reporting by Geo Tharappel in Bengaluru; Editing by Hugh
Lawson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below