The Australian share market is bracing to retreat after Wall Street plunged and ended at session lows. US investors were hit with weak economic data showing an unexpected fall in durable goods orders last month. Across commodity markets the price of oil and gold are higher and iron ore has remained above $US55 per tonne.
Global markets
Wall Street slumped on Wednesday: The Dow Jones Industrial Average dropped 1.6 per cent to close at 17,719, the S&P 500 dropped 1.5 per cent to close at 2,061 and the Nasdaq dropped 2.4 per cent to close at 4,877.
European markets moved lower on Wednesday: London's FTSE 100 dipped 0.4 per cent, France's CAC 40 fell 1.3 per cent and Germany's DAX retreated 1.2 per cent.
Asian markets ended mixed on Wednesday: Japan’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng rose 0.5 per cent, and China’s Shanghai Composite fell 0.8 per cent.
The Australian share market ended almost where it started yesterday: The S&P/ASX 200 index added 4 points to close at 5,973 on Wednesday. On the futures market the SPI is 43 points lower.
Currencies
The Australian dollar at 7:30am was buying $US0.7845, 52.74 Pence Sterling, 93.68 Yen and 71.52 Euro cents.
Company news
MGM Wireless Limited
(ASX:MWR) has announced it will launch its Pinpoint Family Locator app to coincide with the much-anticipated release of the Apple Watch next month. The mobile technology specialist says Pinpont can issue automated alerts when a family member moves from a predetermined location using the iPhone alone or iPhone with the Apple Watch. MGM Wireless believes the app will create a new revenue opportunity through expanding the company’s addressable market. Shares in MGM Wireless rose 2.07 per cent to close at $1.48 on Wednesday following the announcement.
Phosphagenics Limited
(ASX:POH) has inked a license deal to expand its vitamin E phosphate-based animal nutrition products to the UK and Ireland. The drug delivery company has granted Integrated Animal Health a four-year exclusive license to manufacture and sell the products using its proprietary technology. CEO Ross Murdoch says the deal is a tangible outcome of the company’s strategy to actively exploit its technology for near term revenue growth. Shares in Phosphagenics jumped 19.51 per cent to close at $0.049 on Wednesday following the announcement.
Ex-dividends
Australian Leaders Fund Limited
(ASX:ALF) paying a 5 cent fully franked dividend
Lovisa Holdings Limited
(ASX:LOV) paying a 6.67
cent fully franked dividend
Myer Holdings Limited
(ASX:MYR) paying a 7 cent fully franked dividend
Watermark Fund Limited
(ASX:WMK) paying a 2 cent, 70 per cent franked dividend
Commodities
Gold has gained $5.60 to $US1,197 an ounce for the April contract on Comex.
Silver has added $0.02 to $17 for May.
Copper has eased $0.02 to $2.79 a pound.
Oil has lifted $1.70 to $US49.21 a barrel for April light crude in New York.
