The Australian sharemarket looks set to spend another day in the doldrums. With shares on Wall Street closed, the local session takes its lead from falls on Asian and European markets. Oil continues to extend its price rout, pushing the Australian Dollar to a 2009-low.
Markets
Wall Street was closed yesterday in observance of Martin Luther King Day. The Dow Jones Industrial Average last traded at 15,988, the S&P 500 last traded at 1,880 and the NASDAQ last traded at 4,488.
European markets closed lower: London’s FTSE lost 0.4 per cent, Paris lost 0.5 per cent and Frankfurt 0.25 per cent.
Asian markets closed mixed: Tokyo’s Nikkei lost 1.1 per cent, Hong Kong’s Hang Seng lost 1.45 per cent, and China’s Shanghai Composite gained 0.4 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 34 points down to finish at 4,859. On the futures market the SPI is 34 points down.
Currencies
The Australian Dollar at 7:20AM was buying $US0.6862 cents, 48.17 Pence Sterling, 80.50 Yen and 62.99 Euro cents.
Economic news
Investors will be eyeing China later today. The National Bureau of Statistics is set to release a ream of data including GDP, Industrial Production, Fixed Asset Investment, alongside Retail Sales data and a press conference from the NBS.
Company news
National Australia Bank Limited
(ASX:NAB) has proposed an IPO price range between $1.75 and $2.35 a share as it prepares to float British lender Clydesdale Bank. NAB plans to sell 25 percent of Clydesdale in an IPO and spin off the remaining 75 per cent to its shareholders. Shares in NAB closed 1.18 per cent lower yesterday at $26.69.
STW Communications Group Limited’s
(ASX:SGN) merger with WPP Australia and New Zealand has satisfied the ACCC condition precedent to the merger. The Australian Competition and Consumer Commission has informed WPP that it does not intend to conduct a public review of the proposed merger. The partnership remains subject to shareholder approval. Shares in STW Communications Group closed 5.41 per cent lower yesterday at $0.70.
Ex-dividends
1 company is going ex-dividend today: Countplus Limited will pay a dividend of 2 cents fully franked.
Commodities
Gold has lost $1.80 to $US1,089 an ounce for the February contract on Comex.
Silver has gained $0.04 to $13.94 for March. Copper has gained $0.02 to $1.96 a pound.
Oil has lost $0.41 to $US29.98 a barrel for February light crude in New York.
