US stocks climbed higher in light trade on Friday providing a positive lead for the local market. General Electric Company took an 11 per cent run adding about 19 points to the Dow after announcing it would sell off some major assets and set about repurchasing stock.
European markets touched record highs for a second trading day with the Stoxx Europe ending the week in record territory after adding 4 per cent over the week. Germany’s DAX also advanced to a record close.
US economic news
US import prices slipped 0.3 per cent in March, retreating 8 consecutive months now and adding to the case for the Federal Reserve to hold back on raising interest rates till later in the year.
Markets
Wall Street closed up: The Dow Jones Industrial Average gained 0.6 per cent to close at 18,058, the S&P 500 added 0.5 per cent to close at 2,102 and the NASDAQ advanced 0.4 per cent to close at 4,996.
European markets closed higher: London’s FTSE rose 1.1 per cent, Paris improved 0.6 per cent and Frankfurt surged 1.7 per cent.
Asian markets closed mixed: Tokyo’s Nikkei slipped 0.2 per cent, Hong Kong’s Hang Seng climbed 1.2 per cent, and China’s Shanghai Composite gained nearly 2 per cent.
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 36 points up to finish at 5,968, advancing 70 points on the week. On the futures market the SPI is 22 points up.
Currencies
The Australian Dollar at 7:30AM was buying 76.72 US cents, 52.46 Pence Sterling, 92.29 Yen and 72.44 Euro cents.
Company news
Elders Limited
(ASX:ELD) have launched a new selling platform dubbed the ‘Ebay’ for livestock. Livestock.com.au offers the ability to buy or sell single lots in a real time online auction. The platform is aimed at producers wanting to sell high-end animals or genetics. Elders also says it premium meat business Elders China has hit profitability for the first time with the wider business in good stead to produce a solid result for the first 6 month of the financial year. Elders last traded 0.4 per cent lower at $2.72.
And Atlas Iron Limited
(ASX:AGO) says that the plunging iron ore price is forcing it to suspend its mining operations and shut down production over the next 14 days. The decision will also have a roll on effect to a number of contractors in the region and the 500 staff employed by Atlas face the chop if the company is unable to recover. Shares in Atlas Iron are currently in a trading halt and last traded at $0.12.
Commodities
Gold has lifted $11 to $US1,205 an ounce for the June contract on Comex. Silver has added 21 cents to $16.38 for May. Copper has firmed 1 cent to $2.73 a pound. Oil has gained $0.85 to $51.64 a barrel for May light crude in New York.
