Despite weak leads from US markets digesting weaker-than-expected jobs reports, The SPI is pointing to the Australian sharemarket edging higher on open ahead of the Easter long weekend. However more sharp falls in the iron ore price could limit gains.
US economic news
The ADP National Employment Report shows that private employers across the States added 189,000 jobs in March, well below analyst expectations of 225,000.
Markets
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.4 per cent to close at 17,698 the S&P 500 shed 0.4 per cent to close at 2,060 and the NASDAQ also slipped by 0.4 per cent to close at 4,880.
European markets closed higher: London’s FTSE added 0.5 per cent, Paris gained 0.6 per cent and Frankfurt advanced 0.3 per cent.
Asian markets closed mixed: Tokyo’s Nikkei slipped 0.9 per cent, Hong Kong’s Hang rose 0.7 per cent, and China’s Shanghai Composite firmed 1.7 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 31 points down to finish at 5,861. On the futures market the SPI is 23 points up.
Currencies
The Australian Dollar at 7:30AM was buying 76.01 US cents, 51.29 Pence Sterling, 91 Yen and 70.67 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is international trade for February, job vacancies for February and the TD Securities Melbourne Institute inflation gauge for March.
Company news
Central Petroleum Limited
(ASX:CTP) is trying to hose down reports that its subsidiary Merlin Energy would be involved in the construction of the new North East Gas Interconnector in the Northern Territory. Media reports have Merlin Energy Australia on a final shortlist but Central Managing Director Richard Cottee says the two companies are not connected and Central only ever intends to be a supplier of gas transported through the pipeline. Shares in Central Petroleum closed 3.7 per cent lower at $0.13.
Charter Hall Group
(ASX:CHC) says it has purchased the Pacific Square Shopping Centre in Maroubra for $137 million. Charter Hall has created a new retail partnership to RP6 to secure the centre with $250 million equity commitments to play with. The acquisition will complete late April and takes the Charter Hall retail property portfolio to a value of $3.4 billion. Shares in Charter Hall last traded 0.2 per cent lower at $5.09.
Ex dividends 2 companies are going ex-dividend today: Melbourne IT Limited
(ASX:MLB) will pay 4 cents with 80 per cent franking and Oroton Group
(ASX:ORL) will pay 4.5 cents fully franked
Commodities
Gold has gained $25 to $US1,208 an ounce for the April contract on Comex. Silver has added $0.46 to $17.06 for May. Copper is up 1 cent to $2.75 a pound. Oil has added $2.49 to $US50.09 a barrel for May light crude in New York.
