Following a bounce back on Wall street overnight after Friday’s vicious sell-off, the Australian share market looks set to open in positive territory this morning. US Markets were pulled up by Apple and financial stocks, but it wasn’t such a good day for biotechs, following an announcement by US Democratic Presidential Candidate Hillary Clinton that she would stop “price gouging” for specialty drugs.
Global markets
Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.8 per cent to close at 16,510, the S&P 500 gained 0.5 per cent to close at 1,967 and the NASDAQ added 0.4 per cent to close at 4,829.
European markets closed higher: London’s FTSE gained 0.1 per cent, Paris added 1.1 per cent and Frankfurt gained 0.3 per cent.
Asian markets closed mixed: Tokyo’s Nikkei was closed yesterday but last traded at 18,070, Hong Kong’s Hang Seng lost 0.8 per cent, and China’s Shanghai Composite was 1.9 per cent higher.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 104 points down to finish at 5,066. On the futures market the SPI is up 29 points.
Turning to currencies and the Australian Dollar at 7:20AM was buying 71.27 US cents, 45.98 Pence Sterling, 85.96 Yen and 63.71 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is home price data for the June quarter.
Company news Compumedics Limited
(ASX:CMP) has signed a $1 million three-year distribution contract for its sleep diagnostic and monitoring systems with a Shanghai based distributor. The company says the contract locks in at least 10 per cent growth per annum over the contract period. Shares in Compumedics Limited closed 1.88 per cent higher yesterday at 27 cents.
Tasman Resources Limited
(ASX:TAS) is undertaking a non-renounceable pro-rata entitlements offer to raise approximately $1.5 million. The funds will be used for the ongoing funding of Eden Energy while it seeks to commercialise its EdenCrete product, and the balance will be used for general working capital. Shares in Tasman Resources closed 6.25 per cent lower at 4.5 cents.
Ex-dividend Two companies are going ex-dividend today: Collection House Limited
(ASX:CLH) will pay a dividend of 4.7 cents fully franked and IOOF Holdings Limited will pay a 28 cent dividend fully franked.
Commodities
Gold has lost $5.20 to $US1,133 an ounce for the December contract on Comex.
Silver has gained 2 cents to $15.18 for December.
Copper is flat at $2.39 a pound.
Oil has gained $1.70 to $46.72 a barrel for October light crude in New York.
