Outlook: Aus shares set for calmer week

US stocks ended a volatile trading week with gains in a day of relatively calm trade on Friday with signs pointing to a much calmer week ahead for the Australian stock market as well. 

 

Markets

Wall Street closed little changed on Friday: The Dow Jones Industrial Average lost 0.1 per cent to close at 16,643, the S&P 500 was virtually flat at 1,989 and the NASDAQ advanced slightly to end at 4,828.

 

European markets closed mixed: London’s FTSE gained 0.9 per cent, Paris added 0.4 per cent and Frankfurt slipped 0.2 per cent.

 

Asian markets closed also mixed: Tokyo’s Nikkei added just over 3 per cent, Hong Kong’s Hang Seng dipped 1 per cent, and China’s Shanghai Composite rose by nearly 5 per cent.

 

The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 30 points up to finish at 5,264 to be 49 points up on the week. On the futures market the SPI is pointing 12 points higher.  

 

Currencies

The Australian Dollar at 7:20AM was buying 71.57 US cents, 46.47 Pence Sterling, 87.05 Yen and 64.07 Euro cents.

 

Economic news

Due out today is the TD Securities Melbourne Institute Monthly inflation gauge and the HIA new home sales. 

 

Company news
 

Panoramic Resources Limited (ASX:PAN) reported a 16 per cent drop in full year revenue resulting in a net loss of $28.8 million. The company says the rapid drop in the nickel price since Nov 2014 was not anticipated and declined to declare a final dividend. Shares in Panoramic traded 2.7 per cent higher to $0.38 on Friday. 

 

Regional Express Holdings Limited (ASX:REX) says a 13 per cent drop in profit is the third consecutive year of profit decline. The company has seen a 1.9 per cent drop in regional traffic and has deferred a decision on dividend payment until it AGM in November.  Shares in REX closed 4.76 per cent lower to $0.90 ahead of the weekend. 

 

Commodities

Gold has added $10.70 to $US1,133 an ounce for the December contract on Comex. Silver has lifted 13 cents to $14.56 for September. Copper is up 1 cent to $2.33 a pound. Oil has added $2.77 to US$45.33 a barrel for September light crude in New York.