Following negative leads, the Australian sharemarket looks set to open lower. Shares on Wall Street snapped a winning streak as a slide in oil prices prompted a fresh bout of selling, led by materials and financial stocks. Oil prices retreated as Saudi Arabia dashed hopes of curbing oil production.
An increase in home prices in December was matched by gains in home sales in January. Data released by the S&P/Case-Shiller Home Price Index showed a 5.4 percent rise in the 12 months ended in December, up from a 5.2 percent increase in November. Meanwhile the National Association of Realtors showed a 0.4 percent rise in existing home sales to a seasonally adjusted annual rate of 5.47 million.
Markets
Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 1.14 per cent to close at 16,432, the S&P 500 lost 1.25 per cent to close at 1,921 and the NASDAQ lost 1.47 per cent to close at 4,504.
European markets closed lower: London’s FTSE fell 1.3 per cent, Paris lost 1.4 per cent and Frankfurt fell 1.6 per cent.
Asian markets closed lower: Tokyo’s Nikkei fell 0.4 per cent, Hong Kong’s Hang Seng lost 0.3 per cent, and China’s Shanghai Composite fell 0.8 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 22 points down to finish at 4,980. On the futures market the SPI is 31 points down.
Currencies
Turning to currencies and the Australian Dollar at 8:20AM was buying $US0.7211 cents, 51.47 Pence Sterling, 80.84 Yen and 65.48 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is Wage Price Index data, alongside Construction Work Done for the December quarter
Company news
Wesfarmers Limited
(ASX:WES) has reported a 1.2 percent increase in net profit to $1.39 billion for the half-year ended 31 December 2015. Earnings per share rose 2.6 percent to $1.24. Managing Director Richard Goyd said good Christmas seasonal trading in all businesses supported a 9.2 percent increase in EBIT to $176 million. Wesfarmers also unveiled a restructure of its department store businesses, which will see both Kmart and Target come under the guidance of current Kmart Managing Director, Guy Russo. Shares in Wesfarmers closed 0.5 per cent lower yesterday at $43.62.
Saracen Mineral Holdings
(ASX:SAR) has announced interim net profit of $7.9 million for the six months to 31 December 2015, up 106 percent from the previous corresponding period. The company said the result was driven by a 22 percent fall in all-in sustaining costs from the previous corresponding period, alongside a 4 percent increase in production. Shares in Saracen Mineral Holdings closed 4.89 per cent up yesterday at $0.965.
Ex-dividends | Name | Code | Date | Amount(cents) | Franking |
| Bellamy'S Australia | BAL | 24/02/16 | 4.1 | 100 |
| The Citadel Grp | CGL | 24/02/16 | 4.8 | 100 |
| CMI Limited | CMI | 24/02/16 | 3.0 | 100 |
| CVC Limited | CVC | 24/02/16 | 5.0 | 100 |
| Cover-More Grp Ltd | CVO | 24/02/16 | 2.1 | 100 |
| Greencross Limited | GXL | 24/02/16 | 9.0 | 100 |
| Korvest Ltd | KOV | 24/02/16 | 10.0 | 100 |
| Mineral Resources. | MIN | 24/02/16 | 8.5 | 100 |
| Mantra Group Ltd | MTR | 24/02/16 | 5.0 | 100 |
| Rio Tinto Limited | RIO | 24/02/16 | 151.9 | 100 |
| Santos Ltd | STO | 24/02/16 | 5.0 | 100 |
Commodities Gold has gained $16.50 to $US1,227 an ounce for the April contract on Comex.
Silver has gained $0.11 to $15.33 for March.
Copper has fallen $0.02 to $2.10 a pound.
Oil has fallen $1.62 to $US31.77 a barrel for March light crude in New York.
