5 things you need to know about the Australian sharemarket today

ASX opens slightly higher following flat markets on Wall Street overnight

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Welcome to Tuesday. Here are the five things I'm looking at today on the Australian sharemarket.

  1. The S&P/ ASX 200 (Index: ^AXJO) (ASX: XJO) has opened up 0.2%, with the big miners and banks all in positive territory.Wall Street was virtually unchanged overnight, with both the Dow Jones and wider S&P 500 both closing flat. The tech-heavy NASDAQ fell 0.4%.
  2. Just when you thought everything was going swimmingly for Virgin Australia Holdings Ltd (ASX: VAH) and Qantas Airways Limited (ASX: QAN), Singapore-based low-cost carrier Scoot is expected to boost flights to existing Australian destinations, including the potential launch of flights to Melbourne next year.Scoot is owned by Singapore Airlines – which is a close partner, and also part owner of Virgin Australia. Qantas has already pulled out of the Perth-Singapore route, but Jetstar and Scoot both fly that route. Scoot will use wide body 777 or 787s on the route, offering passengers more seating room than Jetstar.Singapore-based Jetstar Asia made a loss of $40 million last financial year, reflecting the intense competition in the region among low-cost carriers. This latest move by Scoot is unlikely to help Qantas much.
  3. The institutional offer for shares in Medibank Private has opened today, closing on Thursday, with investors encouraged to make bids between the offer prices of $1.55 and $2.00. But with overwhelming retail and broker demand, it's hard to see many institutions offering to buy shares for $1.55. In the grey market, IG Markets have Medibank shares trading at $2.15, suggesting that if institutions want any piece of Medibank, only bids at the higher end will likely be successful.
  4. Tweet of the Day

    Oil prices have dropped 30% since June, and OPEC appears likely to initiate a cut in output, to stabilise prices and perhaps drive the price back up to US$100 a barrel.

  5. Stock of the Day – brought to you by Regan Pearson – is actually 3 Australian oil and gas companies. With the oil price smashed, smaller oil producers have seen their share prices tank. A number of them could be under the watchful eyes of the big players. Find out which ones here.
Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »