The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has risen every day this week and will be looking to make it five in a row today. The Sydney Futures Exchange is pointing to a minor gain at the open, after rising 0.3% on Thursday, bolstered by another strong lift in the iron ore price overnight.
Here's a quick recap:
- FTSE 100 (UK): down 0.44%
- DAX (Germany): down 0.43%
- CAC 40 (France): down 0.59%
- Dow Jones (USA): down 0.09%
- NASDAQ (USA): up 0.3%
The iron ore price gained 3.5% on Thursday, pushing it above US$60 a tonne, according to The Metal Bulletin. That should bode well for miners such as BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG). Fortescue's shares have risen a little over 14% so far this week.
Gold and oil prices, on the other hand, did retreat marginally overnight, which could weigh on miners such as Woodside Petroleum Limited (ASX: WPL) and Newcrest Mining Limited (ASX: NCM).
Meanwhile, lithium miner Galaxy Resources Limited (ASX: GXY) has declared its takeover bid for General Mining Corp Ltd (ASX: GMM) is unconditional, with General Mining Corp's directors unanimously recommending shareholders accept the offer.
Outside the mining sector, investors will turn their attention towards a number of companies which report their earnings today (or yesterday, after the market closed).
CYBG PLC CDI 1:1 (ASX: CYB), or Clydesdale and Yorkshire Banking Group, is one such company. It reported 8% annualised growth in its mortgage book vs 30 September, and 4% growth in loans to small and medium sized businesses compared to the prior period.
Healthcare business ResMed Inc. (CHESS) (ASX: RMD) also announced its fourth quarter results, reporting 14% growth in revenue, or 15% on a constant currency basis.
Yellow Brick Road Holdings Ltd (ASX: YBR) released its quarterly report, as well, reporting a 5% lift in settlements versus the prior corresponding period. Its mortgage book also grew 23%.
Meanwhile, MG Unit Trust, or Murray Goulburn, announced that following a competitive tender process, Woolworths Limited (ASX: WOW) has selected a new supplier to manufacture and package a range of its private label products. It expects annualised revenue loss to be approximately $108 million, compared to $2.87 billion in total revenue in financial year 2015.
Finally, Aconex Ltd (ASX: ACX) confirmed that its fourth quarter operating performance was consistent with expectations. It plans to officially report its results on Tuesday, 23 August.
