The Australian stock market has opened stronger led by financial shares, as Wall Street rebounded after investors reassessed the potential effects of the fraud case against Goldman Sachs. The benchmark S&P/ASX200 index and the broader All Ordinaries index both were up 0.5 per cent in early trade.
Overnight US stocks broadly declined after new figures from the Federal Reserve showed that consumer credit dropped unexpectedly in February. The sharp plunge in consumer credit was an indication that households are still in a cautious frame of mind despite U.S. economic recovery. Asian markets opened lower this morning following the drops in Wall Street. But Wednesday most Asian stocks gained, helped by stronger oil prices and upbeat corporate earnings. Hong Kong's Hang Seng surged 1.8 per cent, while China's Shanghai Composite fell 0.3 per cent as real estate shares were hurt by fears of further measures to cool the property market. Japan's Nikkei 225 posted a 0.1 per cent rise and South Korea's Kospi Composite finished nearly unchanged.
ABN Newswire stocks to watch today include: Brickworks Limited (ASX:BKW), Bandanna Energy Limited (ASX:BND) and Fufeng Group Limited (HKG:0546).
Brickworks Limited (ASX:BKW) posted a normal net profit after tax (NPAT) of A$57 million for the half year ended 31 January 2010, up 12.1% from A$50.8 million on the previous corresponding period. Brickworks' half year headline NPAT (including non-regular items) was A$88.2 million, down 65.5% from the previous corresponding period.
Wall Street's rallies overnight provided a positive lead to Asian markets on Wednesday. Dow and S&P 500 Tuesday surged to 18-month highs led by blue-chip industrial stocks. Nasdaq was also buoyed by signs of improved semiconductor market. Asian markets closed mixed on Tuesday. Energy shares in the region rose after the price of crude oil rebounded above US$81 a barrel on the New York Mercantile Exchange. Japan's Nikkei 225 fell nearly 0.5 per cent due to stronger yen against euro. China's Shanghai Composite lost 0.7 per cent. But South Korea's Kospi gained 0.6 per cent. Hong Kong's Hang Seng Index advanced 0.3 per cent.
ABN Newswire stocks to watch today include: iSOFT Group Limited (ASX:ISF), AuDAX Resources Limited (ASX:ADX) (PINK:ADXRF), Clean Global Energy Limited (ASX:CGV) and Brickworks Limited (ASX:BKW).
Brickworks Limited (ASX:BKW) announce, Australia's leading brick company Austral Bricks(TM), today unveiled Australia's largest tribute to US President, Barack Obama, at Horsley Park on the M7, despite the postponement of his visit.
