Overnight we’ve seen continued unease about China’s intentions on the back of its currency devaluation, US and European markets finished mixed leaving little clear direction for the local bourse.
The oil price also weakened further which is sure to weigh on energy stocks.
The week so far has been dominated by full year results announcements but today the calendar is looking clear.
Global figures
Wall Street finished mixed : The Dow Jones Industrial Average gained 0.03 per cent to close at 17,408, the S&P 500 lost 0.13 per cent to close at 2,083 and the NASDAQ lost 0.21 per cent to close at 5,034.
European markets closed mixed: London’s FTSE lost 0.04 per cent, Paris is up 1.25 per cent and Frankfurt pushed 0.8 per cent higher.
Asian markets closed up: Tokyo’s Nikkei added just below 1 per cent, Hong Kong’s Hang Seng gained 0.43 per cent, and China’s Shanghai Composite is up 1.76 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 6 points up to finish at 5,388. On the futures market the SPI is 7 points down.
Currencies
Australian Dollar at 7:20AM was buying $US0.7362 cents, 47.15 Pence Sterling, 91.58 Yen and 66.03 Euro cents.
Company news
Vision Eye Institute Limited
(ASX:VEI) has backed a takeover bid by Jangho Group at a price of $1.10 per share which represents a significant premium on Vision’s trading price. The eye surgery company says Jangho already holds close to 20 per cent of the company’s shares and the deal will see Jangho acquire all outstanding voting shares. The Vision directors have urged shareholders to reject an inferior all-scrip offer that was earlier made by Pulse Health. Shares in Vision Eye Institute are in a trading halt and last closed at $0.92.
CIMIC Group’s Limited
(ASX:CIM) 50 per cent owned Ventia has signed a major water utility contract worth $200 million with Yarra Valley Water in Melbourne. Ventia will provide civil maintenance and mechanical and electrical maintenance services across its network for the next five years. Shares in CIMIC closed 0.17 per cent lower yesterday at $23.07
Commodities
Gold has lost $8.00 to $US1,116 an ounce for the August contract on Comex.
Silver has given up $0.09 to $15.39 for September.
Copper has lost $0.002 to $2.35 a pound.
Oil has shed $1.03 to $US42.98 a barrel for September light crude in New York.
