The Australian share market is expected to open lower today, amid falls in global equities. Oil prices extended their rout on Wall Street, exacerbated by a disappointing spending forecast from oil and gas producer Exxon Mobil.
Markets
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 1.8 per cent to close at 16,154, the S&P 500 lost 1.9 per cent to close at 1,903 and the NASDAQ lost 2.2 per cent to close at 4,517.
European markets closed lower: London’s FTSE lost 2.3 per cent, Paris lost 2.5 per cent and Frankfurt lost 1.8 per cent.
Asian markets closed mixed: Tokyo’s Nikkei lost 0.6 per cent, Hong Kong’s Hang Seng lost 0.8 per cent, and China’s Shanghai Composite gained 2.3 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 50 points down to finish at 4,993. On the futures market the SPI is 69 points down.
Currencies
The Australian Dollar at 8:30AM was buying $US0.7053 cents, 48.69 Pence Sterling, 84.66 Yen and 64.62 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is Building Approvals data for December. The ABS is also set to release international trade in goods and services data for December also.
Company News
National Australia Bank Limited
(ASX:NAB) has announced the final offer price for the IPO of CYBG PLC is £1.80 per CYBG share. The final price implies a CYBG market capitalisation of approximately $3.22 billion. CYBG is expected to commence trading on the ASX on Thursday 4 February. Shares in NAB closed 0.29 per cent up yesterday at $27.91
Unity Pacific Group Limited
(ASX:UPG) has advised the company board will consider expressions of interest in relation to the corporate vehicle and the assets of UPG that will remain after the sale of its Queen Street/Creek Street plot in Brisbane. The company previously held exclusive negotiations with Sentinel Property Group to fund a buyback of all UPG securities not already owned, but was unable to agree to terms. Shares in Unity Pacific Group last traded at $1.
Ex-dividends
3 companies are going ex-dividend today: Alcoa will pay a dividend of 3 cents unfranked. Meanwhile Australian Foundation Investment will pay 10 cents fully franked. While Advanced Share Registry will pay a dividend of 2 cents fully franked.
Commodities
Gold has lost $0.80 to $US1,127 an ounce for the April contract on Comex.
Silver has lost $0.03 to $14.31 for March.
Copper has lost $0.01 to $2.05 a pound.
Oil has lost $1.87 to $US29.75 a barrel for March light crude in New York.
