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Highlights
- ASX200 futures indicate a rise, nearing an all-time high.
- Commodity prices strengthen with iron ore, copper, and silver showing gains.
- Star Entertainment Group faces challenges following a significant loss.
The Australian Securities Exchange (ASX) is set for a potentially record-breaking day as the ASX200 futures suggest an increase of 0.34%, bringing the index within approximately 30 points of a new all-time high. This optimism follows a robust performance on Wall Street, where the S&P 500 gained 0.4%, while both the Nasdaq and the Dow Jones saw increases of about 0.6%.
Commodity markets are also showing strength, with iron ore prices climbing above US$100 per tonne on the Singapore exchange. In the metals sector, copper has surged to nearly $4.60 a pound, trading at $4.58, while silver is experiencing its highest levels in over a decade, priced at $32.02. Gold has also reached record levels, maintaining a firm position above US$2,670 per ounce.
However, not all sectors are thriving. Energy prices are struggling, with Brent crude oil declining nearly 3% to around US$71.35 per barrel, and natural gas prices falling about 2.5% to just below $2.75 per gigajoule.
Star Entertainment Group Faces Challenges
Today’s trading will be closely watched, particularly regarding Star Entertainment Group (ASX:SGR). The company is anticipated to face a difficult return to the market after recently announcing a staggering net loss exceeding $1.6 billion. Concerns are growing regarding Star’s cost pressures, significant debt load, and a potential capital raise, alongside asset write-downs at four sites.
In contrast, Forbidden Foods (ASX:FFF) has made headlines with the successful acquisition of Oat Milk Goodness, a company co-founded by Australian cricketer Steve Smith. The deal, valued at A$3.42 million, was completed through an all-scrip transaction with shares priced at 1.2 cents, slightly above yesterday’s closing price of one cent.
In currency news, the Australian dollar has strengthened further, gaining an additional 1% and trading at 68.9 US cents, reflecting positive trends in the broader market.
