Rise and Shine: What you need to know before the ASX opens
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But first, here’s what you need to know before markets open.
The NAB’s monthly business survey is out this morning (11:30am eastern time). The index has been decline for most of this year, but Westpac’s economics team think the latest reading could rise sharply now there’s some political clarity following last month’s federal election.
That will be followed by Westpac’s monthly consumer confidence survey tomorrow, along with speeches by RBA assistant governors Chris Kent and Lucy Ellis.
And the big data event this week is the May employment report, scheduled for Thursday (11:30am AEST).
The RBA has highlighted labour market moves as the central cog in the current outlook for interest rates, and the unemployment rate has ticked higher above 5 per cent in the last two months. The median forecast is for monthly jobs growth of 15,000 with the unemployment rate to hold at 5.1 per cent.
Globally, Wednesday will be busy with Chinese inflation data for May in Asian trade, followed by US inflation figures on Wednesday night along with a speech by ECB President Mario Draghi.
The following companies are scheduled to come out of a trading halt or voluntary suspension during today’s session:
TNG (ASX: TNG) – capital raising
Benetic Biopharma (ASX: BLT) – contract update
My Fiziq (ASX: MYQ) – commercial partnership
Emerge Gaming (ASX: EM1) – partnership announcement.
Gold: $US1,328.19 ($1,907.94) -0.94%
Silver: $US14.68 -1.96%
Oil (Brent): $US62.47 -1.49%
Oil (WTI): $US53.37 -1.06%
Coal: $US76.75 +2.33%
Iron ore 62pc fe: $US97.78 +0.02%
AUD/USD: $US0.6960 -0.01%
Oh and if you haven’t already, jump on the group page and join in the survey we’re running on the most commonly used share trading platforms.
These were the five most-discussed stocks on trading gossip forum HotCopper at close yesterday:
— HotCopper (@HotCopper) June 10, 2019
Junior explorer Predictive Discovery (ASX: PDI) led the market all week, after a big gold find at its Ferkessedougou North project in Cote D’Ivoire.
The company said it had struck an intercept 100m wide and at least 210m long, with one 9-metre intersection returning mineralisation of 10.31 grams per tonne.
Here are the best performing ASX stocks for the week ended June 7:
The search for gold giveth, and it also taketh away.
While Predictive Discovery rose by as much as 200 per cent last week, it was a different story for Dacian Gold (ASX:DCN).
The company announced its second production downgrade in three months at its Mount Morgan operation in three months. The company’s stock price fell more than 70 per cent following the negative updated, which it blamed on poor contractor performance and low gold grades.
Here are the worst performing ASX stocks for the week ended June 7: