Local shares are poised to rise again today with investors around the world growing in confidence that Hillary Clinton will win today's presidential election.
Here's a quick recap:
- FTSE 100 (UK): up 0.53%
- DAX (Germany): up 0.24%
- CAC 40 (France): up 0.35%
- Dow Jones (USA): up 0.4%
- NASDAQ (USA): up 0.53%
Gold stocks will be a focus for the day, given that gold prices often rise or fall on the premise of fear. Companies such as EVOLUTION FPO (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could come under pressure early in today's session and their situation would likely worsen if Clinton wins.
Outside of the gold miners, however, most shares on the market would be expected to perform strongly if the votes favour Clinton.
Westpac Banking Corp (ASX: WBC) and its major peers, for instance, could rise if Clinton wins, given the market's concerns for the global economy if Trump were to win. The same could be said for businesses such as BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO).
Meanwhile, Mayne Pharma Group Ltd (ASX: MYX) will receive some attention. Its shares have been on a rollercoaster ride lately, but have risen 6.6% and 6.5% in the past two sessions.
Investors could also take another look at out-of-home advertising duo oOh!Media Ltd (ASX: OML) and APN Outdoor Group Ltd (ASX: APO) after their shares soared on Tuesday.
A number of blue-chip businesses will hold their annual general meetings today which will receive plenty of attention.
Commonwealth Bank of Australia (ASX: CBA) and Fortescue Metals Group Limited (ASX: FMG) will hold their meetings in Perth. Medibank Private Ltd (ASX: MPL) and Computershare Limited (ASX: CPU) will meet in Melbourne. And Virtus Health Ltd (ASX: VRT) and Flight Centre Travel Group Ltd (ASX: FLT) will hold theirs in Sydney and Brisbane, respectively.
