ASX hits new record high; BHP, Rio, Fortescue soar
Save
Share
ASX could hit 7500 in coming weeks
William McInnes
The momentum in the Australian sharemarket is set to continue, with some investment experts tipping the S&P/ASX 200 Index could clear 7500 in the coming weeks, driven by the banks and iron ore miners.
The benchmark index closed at its highest level on record on Monday driven by a surge in the major iron ore miners amid soaring commodity prices.
âThe ASX/S&P 200 is set to surpass 7,200, likely hitting 7,500 in coming weeks, and could even go to 8,000, as iron ore hits record highs, taking BHP Billiton and Rio Tinto with it, and the CBA likely striking a record $100,â said Russel Chesler, head of investments and capital markets at VanEck Australia
Fundies crave a bolder-thinking budget
Save
Share
Fund managers are frustrated that well-intentioned budget policies such as the flagged $1.7 billion boost for childcare will mostly end up in higher prices and that the windfall of the record $US200 per tonne iron ore price may be squandered rather than invested for growth.
James Brickwood
This burst, coupled with iron ore at a fresh record of $US212.25 a tonne on Friday, fuels a wildly improved budget position for 2020-21 that will fund low- and middle-income-earner tax offsets, an expanded home guarantee scheme and childcare subsidies equivalent to 95 per cent of the daily fee for eligible families.
10:00 AM
Weekly Broker Wrap: Oz Fund managers mixed fortunes; inflation jitters unwarranted; media rides ad recovery; Oz housing continues strengthening
-ASX-listed fund managers trading at a -30% discount to all industrials
-Australian companies have cited a stronger inflation pulse in recent weeks
-Corporates believe rising costs can be mitigated early in cycle without impacting profitability
-Regional houses have stronger growth than capital cities in annual terms at 13.0%
By Mark Story
Oz fund managers: Mixed bag for March quarter
Positive markets and foreign exchange movements in the March quarter may have lifted funds under management for the sector at large, but at the fund manager level there was a mixed bag of flow performance. ASX-listed fund managers including Janus Henderson ((JHG)), Magellan Financial Group ((MFG)), Pendal Group ((PDL)), Perpetual ((PPT)), and Platinum Asset Management ((PTM)) average one-year forward earnings of 15.3x are -3% below the five-ye
This story features PENDAL GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: PDL
For a more comprehensive preview of next week s events, please refer to The Monday Report , published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the FNArena Calendar
.
By Greg Peel
It’s budget week next week, and while the Canberra sieve has been hard at work there may still be some industry pluses or minuses therein to impact the stock market on the Wednesday following Tuesday night’s reveal.
Otherwise, the earnings mini-season continues next week with reports due from Pendal Group ((PDL)), AusNet Services ((AST)), CSR ((CSR)), Pushpay Holdings ((PPH)), GrainCorp ((GNC)), Orica ((ORI)) and Xero ((XRO)).
Morningstar says there was an estimated A$1.5 billion inflow into the sustainable fund market in Australia and New Zealand in the first quarter, the s.