TMO Market Open: Market set for flat start

ASX News Market Summary
12 Feb 2024 09:59 (AEDT)

The local share market looks to start the week, as it left off last week – more or less flat.

That’s despite strength in most US markets on Friday – when the Nasdaq gained more than one and a half per cent and the S&P 500 just over half a per cent.

Tesla was up more than 2 per cent on the temporary $1000 reduction in price of its Model Y cars in the U.S – following a similar move in Germany.

Closer to home, JB Hi Fi (ASX:JBH) has released its earnings and while they’re down, they’re still above expectations, Beach Energy (ASX:BPT) has pulled back on its fully year guidance, while rail group Aurizon Holdings (ASX:AZJ) has posted a rise in earnings by more than 25 per cent, thanks in part to a boost in coal haulage volumes.

Iron ore is at US$128 a tonne. Crude oil is up nearly a per cent to just below US$77. Gold is down half a per cent to US$2022 and natural gas has slipped more than 3 per cent to US$1.88.

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