Further strength in the US dollar and weakness in the oil price sent US markets lower on Friday ending a volatile week. European stocks managed a late session rally ahead of the weekend continuing their upward momentum on hopes a weaker Euro will help ignite exports for the region. The SPI is pointing to a slightly weak start for the Australian share market after the ASX ended lower for the second consecutive week.
Markets
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.8 per cent to close at 17,749, the S&P 500 lost 0.6 per cent to close at 2,053 and the NASDAQ lost 0.4 per cent to close at 4,872.
European markets closed mixed: London’s FTSE shed 0.3 per cent, Paris added 0.5 per cent and Frankfurt lifted 0.9 per cent.
Asian markets closed higher: Tokyo’s Nikkei rose 1.4 per cent, Hong Kong’s Hang Seng lifted 0.1 per cent, and China’s Shanghai Composite advanced 0.7 per cent.
The Australian share market closed lower on Friday: The S&P/ASX 200 Index lost 36 points on Friday to close at 5,815, down 84 points on the week. On the futures market the SPI is 11 points down.
Currencies
The Australian Dollar at 7:30AM was buying 76.25 US cents, 51.76 Pence Sterling, 92.56 Yen and 72.8 Euro cents.
Economic news
Australian new car sales for February are due out today.
Company news
OZ Minerals Limited
(ASX:OZL) says it will dispose of it 19 per cent stake in Sandfire Resources
(ASX:SFR) for $125 million. The sale price of $4.20 per share is at a 1.75 per cent discount to the last market price ahead of both companies entering a trading halt. Oz Minerals recent announced a strategic review which included relocating to Adelaide and the suspension of the sale of the Carrapateena resource in South Australia. More details on the results of the review are due in April. Shares in Oz Minerals last traded 2.71 per cent higher at $3.79 at ahead of the trading halt.
Catalyst Metals Limited
(ASX:CYL) has announced $4 million in private funding to further develop the Four Eagles Gold project in Victoria. The money comes from Gold Exploration Victoria, a subsidiary of Hancock Prospecting. The buy-in will allow GEV to earn up to 50% of the project and the two companies have agreed to co-operate on an exclusive basis in the region. Shares in Catalyst Metals added 33.33 per cent to $0.28.
Commodities
Gold is up $0.50 to $US1,152 an ounce for the April contract on Comex. Silver slipped $0.02 to $15.49 for May. Copper has lifted 1 cent to $2.66 a pound. Oil has slipped $2.21 to $US44.84 a barrel for April light crude in New York.
Companies Dividend Franking
Breville Group Ltd 14 100
CSL Limited 74.385 0
DWS Ltd 3.75 100
Eumundi Group Ltd 0.2 100
Gr Engineering Ltd 4.5 100
IOOF Holdings Ltd 25 100
Lindsay Australia 1.1 100
Leighton Holdings 15 100
Leighton Holdings 53 100
Qv Equities Limited 0.5 100
Royal Wolf Holdings 4 62.5
Skilled Group Ltd 7.5 100
Supply Network 4 100
UXC Limited 1.7 100
Village Roadshow Ltd 14 100
Companies Dividend Franking
Breville Group Ltd 14 100
CSL Limited 74.385 0
DWS Ltd 3.75 100
Eumundi Group Ltd 0.2 100
Gr Engineering Ltd 4.5 100
IOOF Holdings Ltd 25 100
Lindsay Australia 1.1 100
Leighton Holdings 15 100
Leighton Holdings 53 100
Qv Equities Limited 0.5 100
Royal Wolf Holdings 4 62.5
Skilled Group Ltd 7.5 100
Supply Network 4 100
UXC Limited 1.7 100
Village Roadshow Ltd 14 100
