Which stocks are trending in Australia today?

The market has been on a tear today, with many analysts saying it could continue to rise this week and next.

The rally has been fuelled by an expected rise in crude oil prices and an expectation that the Federal Government will lift a carbon tax.

However, a report from the US investment bank Piper Jaffray today found that while there is “significant upside potential” for the market, “there is still considerable downside risk in the current environment”.

The company said it expects that oil prices will rise to around $100 per barrel in the second half of 2018 and the market could climb up to $120.

It said the Australian economy was on track to expand by 2 per cent this year, with growth forecast to average 3.7 per cent in 2019.

“The Federal Government’s recent fiscal policy moves are expected to support the economy and create a virtuous cycle of economic growth,” the report said.

“Given the positive momentum in the global economy, the Federal Budget is expected to be positive for Australian businesses.”

Piper Jaffrays analyst James Bovard said it was the first time the market had seen such a rally in a year, as investors expected the Government to lift a COAG carbon tax and introduce a lower income tax rate.

He said it would be a “shocking” sign that the rally was now over.

“It’s an interesting outcome that is in direct contrast to what we’ve been hearing for some time now,” he said.”[I’ve been] saying that there’s a strong downside risk for the Australian market.”

Mr Bovarides forecast that the S&P 500 index would gain 5.4 per cent from today’s close, compared to the previous day’s gain of 4.9 per cent.

The S&p 500 rose 1.9 points, or 0.8 per cent, to 2,053.30.

The Dow Jones industrial average gained 27.04 points, OR 16.57 points, to 25,079.50.

The Nasdaq Composite gained 19.57 per cent to 6,637.30, while the Russell 2000 index gained 2.68 points, plus or minus 0.09 per cent or 5.7 points.

Topics:business-economics-and-finance,stocks,stocks-and,market-and.markets,technology,energy,environment,federal-government,australiaFirst posted February 09, 2019 16:38:34Contact Louise RichardsonMore stories from Western Australia


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