Tuesday , December 1 2020

ASX pushes higher in midterm results



Stock Watch

Carnarvon Petroleum

RBC Capital Markets secured a uma outperform; recommendation in Carnarvon Petroleum and a $ 129.7 per cent closing price of $ 37 per day. Offshore oil explorer said two important development projects and analyst Ben Wilson, Dorado, said the importance of oil exploration would only increase over time with the valuation drilling and the next exploration program. At the end of September, the company pointed out the company's $ 50 million cash balance, which the explorer said had two resources to cover two good firm DOrado valuation programs in 2019. "Carnarvon represents a rare investment opportunity in the ASX context." Wilson will steal the conventional OI explorer and an inventory of powerful exploration prospects. RBC gave the company a target price of 85 targets.

What moves the market

volatility

The VIX volatility index loosened after the US midterm elections, and after the result was largely in line with expectations, another volatility measure came out. While the VIX index fell below the forward-month futures on Wednesday, the Cboe Volatility Index declined by 16 percent to almost the lowest level in a month. Global markets have been floored with a decrease in volatility. Wall Street was strong on Wednesday, with the removal of three indicator indices. The Dow Jones Industrial Average and S & P 500 rose 2.1 percent, while the Nasdaq Composite gained 2.6 percent.

Brent pulp

Brent crude oil prices were largely stable on Thursday, as it turned out that OPEC is considering production borders as a necessary way to prevent the return of global supply. This news raises the price of oil, while a rising US crude oil production pushed under a barrel $ 72 for the first time in two and a half months. Crude oil production reached a record high of 11.6 million barrels last week, according to the Energy Information Administration data released on Wednesday. US crude oil production increased by 22.2 percent year-on-year and made the country the world's largest oil producer.

New Zealand Dollar

The New Zealand Central Bank kept the interest rate steady at 1.75 percent on Thursday, but slightly upturned while pulling inflation forecasts up slightly. 2021 increased its inflation forecast from 2 percent in August to 2.2 percent in August and said that there are upside risks to inflation. He points out that the rates will not increase until the end of 2020, but the next move will not increase or fall. So far, the New Zealand dollar, which rose more than 5 percent per month, slightly fluctuated. The announcement, however, did not do more in material terms.

Gold Miners

The decline in volatility has damaged the gold miners on the market on Thursday. Local gold miners showed a strong performance during October, as the market entered a correction process, with a slight decline due to the recovery in the market. The decline in volatility indices across the world has reduced the need for safe ports and investors have come out of local gold stocks. Saracen Mineral Holdings fell 3.9 percent to $ 2.46. St Barbara declined by 4.2 percent to $ 4.12. Regis Resources fell by 3% to $ 4.23, and Northern Star Resources fell 3.5% to $ 8.47. Bigger players Newcrest Mining and Evolution Mining were 20.81 percent and 1.9 percent to 3.06 dollars, down 1 percent, respectively.

William was a UTS journalism graduate and worked for The Sydney Morning Herald. Now it covers markets in AFR and looks closely at public offerings.


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