The local sharemarket is poised to open higher following broadly positive leads from Wall Street and an overnight rally in oil prices. Investors on Wall Street shrugged off a record surge in crude oil and gas inventories, instead focusing on comments from the Russian foreign minister, reiterating a willingness to meet should a consensus be struck between OPEC and non-OPEC members. Locally Macquarie Group releases its third quarter results today, with Tabcorp also in focus as the betting giant provides insight into its first half performance.
Markets
Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained 1.13 per cent to close at 16,337, the S&P 500 added 0.5 per cent to close at 1,913 and the NASDAQ lost 0.3 per cent to close at 4,504.
European markets closed lower: London’s FTSE lost 1.4 per cent, Paris lost 1.3 per cent and Frankfurt lost 1.5 per cent.
Asian markets closed weaker: Tokyo’s Nikkei lost 3.2 per cent, Hong Kong’s Hang Seng fell 2.3 per cent, and China’s Shanghai Composite lost 0.4 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 117 points down to finish at 4,877. On the futures market the SPI is 32 points up.
Currencies
The Australian Dollar at 8:20AM was buying $US0.7177 cents, 49.17 Pence Sterling, 84.58 Yen and 64.67 Euro cents.
Economic news
Due out today from National Australia Bank is the lender’s business survey for the December quarter.
Company news
Fonterra Co-operative Group Limited
(ASX:FSF) has formalized a joint venture with Chinese infant food manufacturer Beingmate Baby and Child Food Company Limited. The joint venture sees Beingmate take a 51 percent stake in Fonterra’s Darnum plant, with Fonterra retaining a 49 percent stake and control of operations at the plant. Shares in Fonterra closed 1.64 per cent up yesterday at $5.57.
Cue Energy Resources Limited
(ASX:CUE) has discovered oil at its Naga Selatan-2 well. The well has safely reached total depth at a depth of 1170 ft, and is currently being suspended to allow for future production testing. Shares in Cue closed 27.08 per cent up yesterday at $0.061.
Ex-dividends
1 company is going ex-dividend today. BKI Investment will pay a dividend of 3.6 cents fully-franked.
Commodities
Gold has gained $15.90 to $US1,143 an ounce for the April contract on Comex.
Silver has gained $0.41 to $14.70 for March.
Copper has gained $0.04 to $2.10 a pound.
Oil has gained $2.74 to $US32.62 a barrel for March light crude in New York.
