On Wall Street the S&P 500 crept to a new high overnight which looks set to help the local market extend yesterday’s gains to open higher. Investors are fairly certain the US Fed won’t raise rates next month and the markets have continued to climb.
The oil price also recovered overnight on news US shale oil production was slowing, which investors hope will ease the glut of crude on the market.
Locally today PanAust will hold their AGM in Brisbane.
Global figures
Wall Street closed up yesterday: The Dow Jones Industrial closed flat at 18,286, the S&P 500 added 0.2 per cent to close at 2,131 and the NASDAQ is up 0.4 per cent to 5,091.
European markets closed up: London’s FTSE gained 0.1 per cent, Paris is up 0.3 per cent and Frankfurt pushed 0.1 per cent higher.
Asian markets are mixed: Tokyo’s Nikkei added 0.03 per cent, Hong Kong’s Hang Seng lost 0.2 per cent, and China’s Shanghai Composite is up 1.9 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 52 points up to finish at 5,662. On the futures market the SPI is 19 points up.
Turning to currencies and the Australian Dollar at 7:20AM was buying $US0.7898 cents, 50.43 Pence Sterling, 95.58 Yen and 71.06 Euro cents.
Company news
Tabcorp Holdings Limited
(ASX:TAH) will see an income tax benefit of almost $129 million after resolving a tax dispute with the ATO. The gambling company paid $597.2 million in license fees to the Victorian government in 1994 and an agreement has now been made to provide a tax deduction of $429.6 million. The amount will be recognised in the 2015 financial year and will be treated as a significant item. Shares in Tabcorp closed 1.52 per cent higher yesterday at $4.69
Life sciences advisory firm iQ3Corp Limited
(ASX:IQ3) has appointed Dr George Syrmalis as Chief Executive Officer. The company says Dr Syrmalis has a depth of skills that will complement the company’s scientific expertise with a thorough knowledge of iQ3’s business and customers. Shares in iQ3 closed 0.88 per cent up yesterday at $0.575
Ex-dividends Whitefield Limited
(ASX:WHF) paying 8.5c, fully franked.
Commodities
Gold has dropped $4.60 to $US1,204 an ounce for the June contract on Comex.
Silver has gained $0.02 to $17.13 for July.
Copper is up $0.02 to $2.85 a pound.
Oil has jumped $1.74 to $US60.72 a barrel for July light crude in New York.
