Outlook: Aus shares set to follow weak global leads

Market Reports

The local sharemarket is expected to open lower amid losses across global markets. European shares hit a 16 month low on concerns over global growth and the outlook for banks. Shares on Wall Street managed to pare back some losses, following a late rally in energy stocks.
 
Markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 1.1 per cent to close at 16,027, the S&P 500 lost 1.4 per cent to close at 1,853 and the NASDAQ lost 1.8 per cent to close at 4,284.
 
European markets closed lower: London’s FTSE fell 2.7 per cent, Paris lost 3.2 per cent and Frankfurt lost 3.3 per cent.
 
Asian markets closed up: Tokyo’s Nikkei added 1.1 per cent, Hong Kong’s Hang Seng and China’s Shanghai Composite were closed.
 
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 1 point down to finish at 4,975. On the futures market the SPI is 64 points down. 

Currencies
 
Tthe Australian Dollar at 8:40AM was buying $US0.7093 cents, 49.16 Pence Sterling, 82.14 Yen and 63.37 Euro cents.
 
Economic news

Due out today from the National Australia Bank is the lender’s business survey for January. 
 
Company news 
 
Nick Scali Limited (ASX:NCK) reported a record net profit after tax of $14.1 million for the half year to 31 December 2015, an increase of 41 percent on the previous corresponding period. The furniture retailer said profit growth was driven by a 32 percent increase in sales revenue to $102.5 million for the half year. Shares in Nick Scali closed 0.73 per cent up yesterday at $4.12.  
 
Praemium Limited (ASX:PPS) reported a 35 percent increase in revenue and other income of $14.7 million in the half year ending 31 December 2015. The investment tool provider recorded EBITDA of $1.85 million, a 93 percent increase on H1 FY15. Shares in Praemium closed 2.82 per cent up yesterday at $0.37.  

Ex-dividends

2 companies are going ex-dividend today: ResMed will pay 3.04 cents unfranked. Meanwhile TABCORP Holdings will pay a dividend of 12 cents fully franked. 

Commodities

Gold has gained $33.60 to $US1,191 an ounce for the February contract on Comex.
Silver has gained $0.57 to $15.35 for March. Copper has lost $0.01 to $2.09 a pound.
Oil has lost $0.72 to $US30.17 a barrel for March light crude in New York.