The Australian share market looks like it may be in for a stronger start this morning following gains on Wall St overnight. A rise in oil prices is likely to boost energy stocks like Woodside Petroleum today and help support the market.
On Tuesday the local share market closed steady with the benchmark S&P/ASX 200 Index flat at 4,051 and on the futures market the SPI200’s up 15 points.
Checking currencies at 8:40 am the Aussie Dollar is buying 81.69 US cents, 76.53 Yen, 57.46 Euro cents and 49.66 British Pence.
In economic news out today: The ABS Consumer Price Index for the June quarter is to be released, as well as the Department of Employment, Education and Workplace Relations skilled job vacancies data.
In company news: Shares in leisure and entertainment company Tabcorp Holdings Ltd (ASX:TAH) fell 0.97 per cent to $7.13 yesterday. The company has launched a new service to help clubs and pubs manage their gaming machines from mid-2012 when the new regulatory regime comes into play. The new regulatory regime brought into play by the Victorian Government means that clubs and pubs will be able to able to buy and operate their own gaming machines rather than have them supplied by Tabcorp or Tatts Group. Managing director of gaming Mohan Jesudason says Tabcorp’s Gaming Solutions business will work with venues to ensure a smooth transition to the new gaming structure. Tabcorp posted a $164 million loss in 2008.
Shares in commercial television broadcaster Seven Network Ltd (ASX:SEV) dropped 1.39 per cent to $5.67 yesterday. According to the Australian Financial Review, figures released by industry group Free TV Australia show that Kerry Stokes Seven captured 38.5 per cent of the TV ad market in capital cities in the six months to June 30, down from 39.1 per cent in the same period last year. The Nine network’s share rose to 33.2 per cent from 31.8 per cent, and the Ten Networks share fell to 28.3 per cent from 29.1 per cent. The paper says that Ten is aiming to return to the 30 per cent revenue share it held between 2003 and 2005. Looking back at the past five years, Seven Network’s profit highlight was in 2007, posting $1.56 billion.
To international markets: Wall Street finished higher on Tuesday. The Dow Jones industrial average rose 68 points. The S&P500 Index is 3 points higher and the NASDAQ added 7 points.
European markets were also higher: London’s FTSE rose 38 points. Paris added 32 points and Frankfurt gained 64 points.
Asian markets mixed: Hong Kong’s Hang Seng is steady. Tokyo’s Nikkei rose 257 and the China’s SSE Composite slid 54 points.
Looking at Metals: Gold lost US$1.90 to US$946.90 an ounce, for the August contract on Comex. For the September contract Silver dropped 15 cents to US$13.48 and copper fell 2 cents to US$2.45.
And finally oil rose US$0.74 to US$64.72 a barrel for August light crude in New York.
