With lacklustre leads from Wall Street and with jitters coming from Europe the local market looks set for a slow start.
While a further recovery in oil prices supported energy stocks overnight and should help buoy the local market.
The strong jobs data announced yesterday has continued to support the local currency with the Aussie dollar pushing above $US0.78 overnight.
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.04 per cent to close at 18,106, the S&P 500 lost 0.08 per cent to close at 2,105 and the NASDAQ lost 0.06 per cent to close at 5,008.
European markets closed lower: London’s FTSE lost 0.5 per cent, Paris is down 0.6 per cent and Frankfurt lost 1.9 per cent.
Asian markets closed up: Tokyo’s Nikkei added almost 0.1 per cent, Hong Kong’s Hang Seng is up 0.4 per cent, and China’s Shanghai Composite gained 2.7 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 39 points up to finish at 5,947. On the futures market the SPI is 6 points down.
Turning to currencies and the Australian Dollar at 7:20AM was buying $US0.78 cents, 52.25 Pence Sterling, 92.86 Yen and 72.49 Euro cents.
Company news
Tower Limited (ASX,NZX:TWR) is close to completing the bulk of claims for the Canterbury earthquake by the end of the year as well as boosting its reinsurance cover. The New Zealand based insurer says its accessed an extra $50 million in additional cover as a risk management measure in case of cost blowouts or time delays. The company says it is also planning a share buyback of up to $34 million to commence following its half year results announcement in May. Shares in Tower are flat at $2.24.
Domino's Pizza Enterprises Limited
(ASX:DMP) has appointed Ms Lynda O’Grady to its board as a non-executive director. The company says it was an extensive process to find a replacement for Barry Alty who retired from the board in October last year. Ms O’Grady has IT and telecommunications experience with roles at Telstra and the publishing division of PBL and is also a fellow at the Australian Institute of Company Directors. Shares in Domino’s closed 0.89 per cent up yesterday at $36.41
Ex-dividends New Hope Corporation
(ASX:NHC) is paying 4c fully franked.
Commodities
Gold has lost $3.30 to $US1,198 an ounce for the June contract on Comex.
Silver has gained $0.01 to $16.28 for May.
Copper is up $0.06 to $2.77 a pound.
Oil has pushed $0.32 higher to $US56.71 a barrel for May light crude in New York.
