US markets bounced off early losses to end in positive territory on hopes for a resolution of the Greek drama. Late in the session there were expectations of European creditors coming to a short term deal through July while Greece works on a longer term solution.
However the sell-off in China continues with the Shanghai composite index plumbing new bear market lows, now down nearly 40 per cent in around three weeks.
Markets
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 0.5 per cent to close at 17,777, the S&P 500 added 0.6 per cent to close at 2,081 and the NASDAQ was up 0.1 per cent to close at 4,997.
European markets closed lower: London’s FTSE was down 1.6 per cent, Paris lost 2.3 per cent and Frankfurt shed 2 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 1.3 per cent, Hong Kong’s Hang Seng slipped 1 per cent, and China’s Shanghai Composite retreated 1.3 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 106 points up to finish at 5,581. On the futures market the SPI is 15 points lower.
Currencies
The Australian Dollar at 7:20AM was buying 74.48 US cents, 48.20 Pence Sterling, 91.23 Yen and 67.73 Euro cents.
Company news
Service Stream Limited
(ASX:SSM) says it has renewed its solar PV contract with Origin Energy. The three year contract is worth around $50 million to Service Stream and also provides for two contract extensions of one year each. Shares in Services Stream last traded 5.08 per cent higher at $0.31.
BlackWall Property Trust
(ASX:BWR) has announced an $5 million on-market buy-back over the next 12 months consisting of around 10 per cent of units on issue. Shares in BlackWall Property Trust closed 4.17 per cent lower yesterday at $1.15.
Ex-dividends One company is trading ex-dividend today: DGR Global Limited
(ASX:DGR) will pay 25 cents fulyl- franked.
Commodities
Gold has tumbled $18.70 to $US1,155 an ounce for the August contract on Comex. Silver has slipped 74 cents to $15.01 for September. Copper has shed 8 cents to $2.46 a pound. Oil has added $0.42 to $US52.95 a barrel for August light crude in New York.
