Saturday, 26 Sep 2020

Oil Holds Steady Ahead Of EIA Data

National Bank of Canada Q3 adjusted earnings of C$1.66 per share

Below are the earnings highlights for National Bank of Canada (NA.TO):

-Earnings: C$589 million in Q3 vs. C$591 million in the same period last year.
-EPS: C$1.66 in Q3 vs. C$1.66 in the same period last year.
-Excluding items, National Bank of Canada reported adjusted earnings of C$602 million or C$1.66 per share for the period.
-Revenue: C$1.97 billion in Q3 vs. C$1.95 billion in the same period last year.

Sensex surges 230 points on fag-end buying

NSE Nifty advanced 77.35 points or 0.67% to finish at 11,549.60

Rising for the fourth consecutive session, BSE benchmark Sensex surged 230 points on Wednesday following gains in Reliance Industries, Infosys and Kotak Bank amid persistent foreign fund inflows.

After touching a high of 39,111.55 during the day, the BSE Sensex ended 230.04 points or 0.59% higher at 39,073.92.

The NSE Nifty advanced 77.35 points or 0.67% to finish at 11,549.60.

IndusInd Bank was the top gainer in the Sensex pack, rallying around 6%, followed by Reliance Industries, Axis Bank, Kotak Bank, Bajaj Auto and HCL Tech.

On the other hand, Bharti Airtel, UltraTech Cement, Maruti and Asian Paints were among the laggards.

Traders said a rally in index majors Reliance Industries and Infosys lifted benchmarks at the fag-end of the session.

Largely positive cues from the global markets and persistent foreign fund inflows too buoyed market sentiment, they added.

Foreign institutional investors bought equities worth a net ₹1,481.20 crore on Tuesday, exchange data showed.

Bourses in Hong Kong and Seoul ended with gains, while Shanghai and Tokyo closed lower.

In Europe, stock exchanges in Paris and Frankfurt were trading on a positive note in early deals, while London witnessed losses.

Global oil benchmark Brent crude was trading 0.13% higher at $46.23 per barrel.

Gold Prices Mixed As Traders Await Powell’s Speech

Gold prices traded mixed on Wednesday and the dollar rose slightly as traders looked ahead to Thursday’s Jackson Hole meeting, during which Fed Chair Jerome Powell is expected to give details on the Federal Reserve’s framework review.

Markets expect Powell to talk about ‘average inflation’ targeting rather than the long-standing 2 percent target.

Spot gold slid half a percent to $1,919.28 per ounce, while U.S. gold futures were up 0.1 percent at $1,924.85.

Amid easing U.S.-China trade tensions and hopes of a coronavirus treatment, investors’ appetite for safe-haven gold has eased slightly.

The mid- to- long-term prospect for gold, however, remains bullish amid growing concerns about the economic outlook and signs that stimulus measures will continue.

A survey from the Conference Board showed overnight that U.S. consumer confidence unexpectedly fell in August to hit a six-year low.

Germany’s coalition parties last night agreed to extend economic measures at a cost of up to 10 billion euros, including prolonging a short-time work program for an extra year to cushion the effects of the coronavirus crisis.

The French government will present its 100 billion euro stimulus plan on September 3, Prime Minister Jean Castex told France Inter radio today and added the new package marks “continuity” with emergency measures already in place.

Daktronics Q1 Profit Slightly Rises; Net Sales Down 20.3%

Daktronics, Inc. (DAKT) reported first quarter earnings per share of $0.17 compared to $0.16, a year ago. First quarter net sales were $143.6 million compared to $180.3 million, previous year. Orders were $122.2 million, compared to $187.5 million. The company noted that the the three months ended August 1, 2020 contains operating results for 13 weeks while the three months ended August 3, 2019 contained operating results for 14 weeks.

First quarter net sales decreased in all business units. The company said the change in sales primarily relates to fluctuations in the timing of order bookings, and related conversion to sales.

Reece Kurtenbach, CEO said: “During the first quarter of fiscal 2021, our customers reduced their spend on audio-visual systems as they worked through the economic and business implications of COVID-19. We took corresponding action to reduce our operating expenses to align with expected order and sales declines.”

Oil Holds Steady Ahead Of EIA Data

Oil prices held largely steady on Wednesday after settling at five-month highs in the previous session as energy companies cut production at U.S. Gulf Coast oil refineries and U.S. and Chinese officials reaffirmed their commitment to a Phase 1 trade deal.

Both Benchmark Brent crude and U.S. West Texas Intermediate crude futures were up about 0.1 percent at $46.33 a barrel and $43.39, respectively.

With Tropical Storm Laura expected to strengthen into a major Hurricane, Texas and Louisiana are sending resources in and evacuating residents out of the storm’s path.

Marco weakened to a tropical depression after making landfall, while Laura is headed to the U.S. mainland.

According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), approximately 84.3 percent of the current oil production and 60.9 percent of the natural gas production in the Gulf of Mexico were shut-in.

Oil prices also remain supported by industry data showing a drop in U.S. crude inventories.

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.524 million barrels for the week ending August 21, while analysts had predicted an inventory draw of 3.694-million barrels.

The U.S. government’s Energy Information Administration report will be out later today.

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