Welcome to Friday Fools. Here are the five things I'm looking at today on the Australian sharemarket.
- The S&P/ ASX 200(Index: ^AXJO) (ASX: XJO) has opened surprisingly lower after Wall Street surged last night.The Dow Jones Industrial Average soared 1.5%, the broader S&P 500 gained 1.3% while the tech-heavy NASDAQ brought up the rear with a gain of 0.9%
The Brent crude oil price was flat overnight, falling 0.8% to US$57.08 per barrel, while iron ore ended seven days of losses, rising 0.6% to US$57.97 per tonne.
The Australian dollar is higher and is currently buying 77.0 US cents.
- TPG Telecom Ltd (ASX: TPM) has announced a takeover offer for iiNet Limited (ASX: IIN) which will see the combined group overtake Optus – owned by Singapore Telecommunications Ltd (CHESS) (ASX: SGT) in broadband subscriber numbers. The new TPG would have 1.7 million customers compared to Optus' 1 million, although Optus still has huge mobile revenues and customer numbers.The only real fly in the ointment is whether the Australian Consumer and Competition Commission (ACCC) will oppose the deal.
- The spot gold price was down slightly overnight to US$1,153 an ounce, but it seems the gleaming metal is headed lower, much lower according to analysts.An improving US economy and rising interest rates erode the appeal of gold as a safe haven, and the commodity price is forecast to tumble to around US$1,100 an ounce – the lowest price since 2010.
For high-cost Australian gold miners, the falling Aussie dollar is their salvation.
- Tweet of the Day
Westpac boss ends 'death by PowerPoint' https://t.co/o5kg8dSD07
Helen McCombie (@helenmccombie) March 12, 2015"The bane of corporate life" – endless meetings with Powerpoint presentations?
- Stock of the Day– brought to you by Matt Brazier – Ramsay Health Care Limited (ASX: RHC). Online betting company has Ramsay as an outside chance to be the first to hit $100 share price. Is it a buy now?
