The US political jitters have settled somewhat, sending global markets sharply higher. Last night was the best one day session for American shares since December 2011, while the local market is having its best day in three months. The All Ordinaries Index (XAO) is up 1.6 per cent.
Australia's ASX outshines regional indices in the week ending 28 September (Reuters).
The Republicans proposed a temporary six week solution to the debt ceiling together with the reopening of talks on the government shutdown. Although President Obama wasn't too keen on the proposition, it has boosted markets as investors are encouraged that a deal isn't too far off.
Abu Dhabi based airline, Etihad has increased its stake in Virgin Australia (VAH) from 17.4 per cent to 19.9 per cent. This is the maximum holding permitted by the Foreign Investment Review Board. Air New Zealand currently has a 22 per cent stake in VAH while Singapore airlines holds 19.9 per cent of the company.
Energy company, Linc Energy (LNC) is up 5.41 per cent or 6 cents to $1.17. Despite today's gains, the stock is still down 5.6 per cent since announcing its plans to delist from the Australian sharemarket to list on the Singapore Stock Exchange. According to LNC, this would be to '...strengthen Linc Energy's ability to benefit from the burgeoning Asian energy market'.
One of the country's biggest uranium miners, Paladin Energy (PDN) issued its quarterly production report today. PDN said it's on track to reach its full year production targets and continues to work on cost savings at its African mines. PDN is up 2.9 per cent at lunch, however is still down by 91 per cent since the Fukushima Daiichi disaster in Japan in March 2011.
No major economic reports were issued locally or across the region today, however it will be one of the busier sessions in the US on the economic front.
Looking at currencies, the Australian dollar remains strong due partly to disappointing jobs data overnight in the US, the ongoing government shutdown (has entered its tenth day) and the nomination of dovish Federal Reserve candidate Janet Yellen. The Aussie buys US95c, and €70c.
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