US stocks tread water as market targets 5,000 for S&P 500
US stocks opened little changed Thursday as strong Disney results bolstered the prospects for the S&P 500 hitting the 5,000 threshold.
Shares of the entertainment giant rocketed up nearly 9 percent as Disney reported better-than-expected profits, disclosed it is buying a stake in Fortnite-maker Epic Games and announced a dividend hike and new share repurchase program.
The Disney results follow good earnings this week from Caterpillar, Chipotle and other companies that have produced a string of records in recent weeks.
About 20 minutes into trading, the Dow Jones Industrial Average was essentially flat at 38,669.55.
The broad-based S&P 500 dipped 0.1 percent to 4,992.42, while the tech-rich Nasdaq Composite Index added 0.1 percent at 15,764.58.
Australia’s Boral climbs to record high
Shares of Boral scaled a record high on Friday as the integrated construction material maker forecast stronger annual earnings after posting a higher half-year interim profit on the back of improved price realisation and volumes.
The Australian company upgraded its forecast for full-year earnings before interest and tax (EBIT) to the range of A$330 million ($214.24 million) to A$350 million, from previous outlook of A$300 million-A$330 million.
Shares of Boral, a building products giant controlled by Australian business tycoon Kerry Stokes, surged as much as 12.8 percent to an all time-high of A$6.1.
The first-half result was positive, driven by a combination of pricing and improved cost control, UBS analyst Lee Power said in a note.
Softbank group lifts Nikkei to 34 years high
Apan’s Nikkei share average hit its highest level in 34 years on Friday, buoyed by sharp gains in SoftBank Group after it returned to a profit and as shares of its chip design unit Arm surged.
The Nikkei jumped as much as 1.15 percent to 37,282,26, its highest since February 1990, before the midday break. The index ended the morning session 0.45 percent higher at 37,029.91.
“There was no reason that the Nikkei wouldn’t rise as shares of heavyweight SoftBank Group rose this much,” said Takehiko Masuzawa, trading head at Phillip Securities Japan.
SoftBank Group surged 10 percent, rising for a second straight session, after the tech investment firm returned to profit for the first time in five quarters.
The stock boosted the Nikkei by 148 points, accounting for the majority of the index’s 167-point gain.
Indian shares open lower dragged by financials
Indian shares opened lower on Friday, dragged by financials and tracking Asian peers, after U.S. economic data added to concerns of a potential delay in the onset of Federal Reserve rate cuts.
The NSE Nifty 50 index was down 0.18 percent at 21,679.05, while the S&P BSE Sensex fell 0.21 percent at 71,278.95, as of 9:21 a.m IST.
Sri Lankan shares end higher on financials and industrials boost
Sri Lankan shares settled higher on Thursday, helped by gains in financial and industrial stocks.
At close, the CSE All-Share index was up 0.18 percent at 10,547.33.
Sri Lanka’s central bank announced fresh measures on Thursday to increase the liquidity of local banks to drive down persistently higher rates.
On the CSE All-Share index, Hayleys and Lion Brewery Ceylon were among the top gainers.
Trading volume on the CSE All-Share index fell to 33.10 million shares from 90.10 million shares in the previous session, according to exchange data
The equity market’s turnover dropped to 1.11 billion Sri Lankan rupees ($3.55 million) from 12.20 billion rupees in the previous session.
Foreign investors were net sellers, offloading stocks worth 217.90 million rupees, while domestic investors were net buyers, purchasing shares worth 1.01 billion rupees, the data showed.
Major gulf markets rise in early trade
Major stock markets in the Gulf were up in early trade on Thursday on higher oil prices while investors awaited the outcome of ceasefire overtures between Israel and Hamas, the Palestinian group that rules Gaza.
US Secretary of State Antony Blinken said he saw room for negotiation after Israeli Prime Minister Benjamin Netanyahu on Wednesday rejected Hamas’ latest offer.
Oil prices, a catalyst for the Gulf’s financial markets, extended gains with Brent rising 0.4 percent to $79.54 a barrel by 0740 GMT.
Hong Kong stocks open lower
Hong Kong shares sank at the open Thursday, dragged by heavy selling in market heavyweight Alibaba after the firm reported worse-than-expected sales in the third quarter.
The Hang Seng Index shed 0.58 percent, or 93.27 points, to 15,988.62.
The Shanghai Composite Index added 0.10 percent, or 2.79 points, to 2,832.49, and the Shenzhen Composite Index on China’s second exchange gained 0.36 percent, or 5.54 points to 1,534.45.
Closing bell: Saudi main index gains 37 points to close at 12,203
Saudi Arabia’s Tadawul All Share Index ended the week in green as it edged up 36.85 points, or 0.30 percent, to close at 12,202.78.
The main index posted a trading value of SR9.34 billion ($2.49 billion) with 110 of the listed stocks advancing and 108 declining.
The MSCI Tadawul Index also rose, up by 0.31 percent to 1,580.96.
However, Saudi Arabia’s parallel market Nomu shed 270.76 points to close at 25,449.73.
The best-performing stock on the main index was Etihad Atheeb Telecommunication Co. whose share price surged by 9.87 percent to SR69.
Other notable performers included Savola Group and National Co. for Learning and Education, with their share prices rising by 6.18 percent and 5.38 percent, respectively.
The worst performer of the day was Middle East Healthcare Co., as its share price dipped by 3.50 percent to SR126.80.
On the announcements front, Saudi Awwal Bank revealed that its net profit surged by 45.09 percent in 2023 to SR7 billion, compared to the previous year.