Following positive leads from US markets trading high volumes due the expiration of futures and options contracts the Australian share market could continue last week’s advance.
The Nasdaq fell just short of its all-time high closing ending at its highest level in 15 years. The Dow Jones gained over two per cent on the week with the S&P 500 advancing 2.7 per cent on suggestions there is no hurry to raise US interest rates just yet.
Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 0.9 per cent to close at 18,128, the S&P 500 also added 0.9 per cent to close at 2,108 and the NASDAQ advanced 0.7 per cent to close at 5,026 within coo-ee of its record close of 5,048.
European markets closed up: London’s FTSE rose 0.9 per cent, Paris added 1 per cent and Frankfurt climbed 1.2 per cent.
Asian markets were mixed: Tokyo’s Nikkei added 0.4 per cent, Hong Kong’s Hang Seng slipped 0.4 per cent, and China’s Shanghai Composite closed 0.9 per cent higher.
The Australian share market closed stronger on Friday: The S&P/ASX 200 Index closed 25 points up to finish at 5,976, up 161 for the trading week. On the futures market the SPI is 28 points up.
The Australian Dollar at 7:30AM was buying 77.85US cents, 52.04 Pence Sterling, 93.31 Yen and 71.81 Euro cents.
Due out today from the Commonwealth Bank is the monthly business sales indicator.
Clover Corporation Limited (ASX:CLV)
informed the market late on Friday that earnings for the first six month of the year are expected to be less than half of the same period last year. A combination of material cost increases, product changes and competitor pricing pressures mean that net profit of around $0.5 million to $0.6 million is expected compared to the 2014 result of $1.4 million. The healthcare service provider says Chinese markets are still recovering from the Fonterra milk powder incident. Shares in Clover Corporation tumbled 20.31 per cent to $0.255 ahead of the weekend.
Alexium International Group Limited (ASX:AJX)
says that a $75 million grant from the US Department of Defence to an Institute of Manufacturing Innovation for competition in Revolutionary Fibres and Textiles could result in a $150 million investment in the industry. The public-private partnership should generate a 1:1 cost share from industry as the institution develops an end to end ecosystem for the design and manufacture of fabrics and textiles that are protective, flame resistant or have exceptional strength. Shares in Alexium closed 4.13 per cent lower on Friday at $0.695
Gold has jumped $15.60 to $US1,185 an ounce for the April contract on Comex. Silver advanced 77c to $16.88 for May. Copper rose 10c to $2.76 a pound. Oil added $1.04 to $US46.57 a barrel for April light crude in New York.
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