After a strong rally by Wall Street in late afternoon trade, the Australian share market looks set to open higher this morning.
While commodity prices were dealt another blow after the devaluation of the Yuan by China; Oil prices have edged up from six year lows following a decline in US oil inventories. This could mean a good day for the energy space.
Global markets
Wall Street closed mixed yesterday: The Dow Jones Industrial Average finished flat to close at 17,403, the S&P 500 added 0.1 per cent to close at 2,086 and the NASDAQ gained 0.2 per cent to close at 5,044.
European markets closed lower: London’s FTSE lost 1.4 per cent, Paris lost 3.4 per cent and Frankfurt retreated 3.3 per cent.
Asian markets closed weaker: Tokyo’s Nikkei lost 1.6 per cent, Hong Kong’s Hang Seng slipped 2.4 per cent, and China’s Shanghai Composite retreated 1.06 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 91 points down to finish at 5,382. On the futures market the SPI is up 23 points.
Currencies
The Australian Dollar at 7:20AM was buying 73.85 US cents, 47.31 Pence Sterling, 91.74 Yen and 66.2 Euro cents.
Economic News
Due out today from the Australian Bureau of Statistics is the average weekly earnings figures. This data shows wages in dollar terms as opposed to measuring growth in wages.
Company News Telstra Corporation
(ASX:TLS) will unveil its annual results today, with expectations the telco giant will release a figure somewhere around last year’s $4.3 billion. Market analysts are also expecting Telstra to keep its final dividend flat at 15 cents per share.
Shares in Telstra closed down 1.11 per cent at $6.24.
REA Group
(ASX:REA) has posted net profit for the year to June of $210.2 million. The company responsible for realestate.com reported a 40 per cent rise in annual profits thanks to a hot property market and record low interest rates.
Shares in REA Group closed down 3.81 per cent yesterday at $41.20
Ex-dividends
Ansell Limited
(ASX:ANN) will pay 31.29 cents unfranked, Milton Corporation
(ASX:MLT) will pay 10.3 cents fully franked, Scentre Group
(ASX:SCG) will pay 10.45 cents unfranked and Westfield Corporation
(ASX:WFD) will pay 12.55 cents unfranked.
Commodities
Gold has gained $17.30 to $US1,125 an ounce for the December contract on Comex.
Silver has gained 22 cents to $15.51 for September.
Copper has gained 2 cents to $2.35 a pound.
Oil has gained 16 cents to $44.03 a barrel for September light crude in New York.
