The Australian share market looks poised for a strong start to the session following positive global leads. Wall Street moved higher amid interest rate speculation, corporate earnings results and data showing pending homes sales dipped last month.
Closer to home the Australian dollar has again slipped under $US0.73 but the price of iron ore has gained 6 per cent to above $US55 per tonne. Also in focus today will be the release of local building approvals data expected to show a 1 per cent rise last month after a 2.4 per cent gain the month before.
Global markets
Wall Street gained ground on Wednesday: The Dow Jones Industrial Average rose 0.7 per cent to close at 17,751, the S&P 500 rose 0.7 per cent to close at 2,109 and the Nasdaq rose 0.4 per cent to close at 5,112.
European markets moved higher on Wednesday: London's FTSE 100 gained 1.2 per cent, France's CAC 40 lifted 0.8 per cent and Germany's DAX added 0.3 per cent.
Asian markets put in a mixed performance on Wednesday: Japan’s Nikkei dipped 0.1 per cent, Hong Kong’s Hang Seng put on 0.5 per cent, and China’s Shanghai Composite climbed 3.4 per cent.
The Australian share market closed 0.7 per cent higher yesterday as concerns about China’s volatile stock market eased. The S&P/ASX 200 index advanced 39.5 points to close at 5,624 on Wednesday. On the futures market the SPI is 33 points higher.
Currencies
The Australian dollar at 7:30am was buying $US0.7294, 46.76 Pence Sterling, 90.42 Yen and 66.43 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Building approvals data for June and Import and export prices for the June quarter
Company news
Shares in Alacer Gold Corp (ASX:AQG, TSX:ASR) continued this week’s rally yesterday amid a fresh round of takeover speculation. The reports come after the gold miner posted its second quarter operating and financial results earlier this week. Alacer shower its profit before income tax had grown to $US22.2 million over the quarter. Shares in Alacer Gold Corp advanced 8.43 per cent to close at $2.83 on Wednesday.
Oil and gas group Senex Energy Limited
(ASX:SXY) has appointed Graham Yerbury as its Chief Financial Officer. Mr Yerbury has worked with Macarthur Coal and coal seam has producer Arrow Energy and most recently as CFO of Cardno Limited
(ASX:CDD). Earlier this week Senex Energy reported annual production increased inline with guidance. Shares in Senex Energy fell 3.92 per cent to close at $0.245 on Wednesday.
Commodities
Gold has dropped $0.60 to $US1,096 an ounce for the August contract on Comex.
Silver has firmed $0.14 to $14.78 for September.
Copper has added $0.01 to $2.41 a pound.
Oil has gained $0.91 to $US48.89 a barrel for September light crude in New York.
