The Australian share market has been given a firmly positive lead after US stocks rallied on affirmative economic data and European stocks pushed into recovery territory.
Miners and energy producers lead the charge in Europe while the London stock exchange surged on merger talks.
US stocks have hit a seven week high after oil prices rose and China freed up more cash in a bid to offset slower economic growth there.
US economic news
The Institute of Supply Management showed a second consecutive monthly rise in its index of national factory activity which was up 1.3 points to 49.5. The Index is now nearing positive growth territory which is a read of 50.
The Commerce Department says that construction spending rose 1.5 per cent in January to its highest level since 2007.
Markets
Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 2.1 per cent to close at 16,865, the S&P 500 added 2.4 per cent to close at 1,978 and the NASDAQ advanced 2.9 per cent to close at 4,690.
European markets closed up: London’s FTSE is up 0.9 per cent, Paris rose 1.2 per cent and Frankfurt gained 2.3 per cent.
Asian markets closed higher: Tokyo’s Nikkei added 0.4 per cent, Hong Kong’s Hang Seng was 1.6 per cent up, and China’s Shanghai Composite lifted 1.7 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 41 points up to finish at 4,922. On the futures market the SPI is pointing 92 points up.
Currencies
The Australian Dollar at 8:30AM was buying 71.78 US cents, 51.47 Pence Sterling, 81.79 Yen and 66.06 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is 4th quarter GDP with analyst tipping a $20 billion shortfall.
Company news
Intueri Education Group Limited
(ASX:IQE) says a New Zealand subsidiary has been ordered to pay reparation of $125,000 and costs of $54,000 in relations to the death of a dive student In April 2014. The company has put in further checks and balances to ensure student safety. Shares in Intueri last traded 8.57 per cent higher at $0.38.
Automotive Holdings Group
(ASX:AHG) says it has completed on the divestment of its Covs business to GPC Asia Pacific. AHG will retain 4 of the stores in Western Australia and rebrand them as Skipper Transport Parts. Shares in AHG last traded 0.99 per cent stronger at $4.10.
Commodities Gold has slipped $2.10 to $1,232 an ounce for the April contract on Comex. Silver has slipped 6 cents to $14.86 for March. Copper has added 1 cent to $2.15 a pound for May. Oil has advanced 32 cents to US$34.07 a barrel for April light crude in New York.
| Name | Code | Date | Amount(cents) | Franking |
| Ambition Group Ltd | AMB | 2/03/16 | 1.0 | 100 |
| ASX Limited | ASX | 2/03/16 | 99.1 | 100 |
| Arowana Internat Ltd | AWN | 2/03/16 | 0.5 | 0 |
| Beacon Lighting Grp | BLX | 2/03/16 | 2.3 | 100 |
| BlueScope Steel Ltd | BSL | 2/03/16 | 3.0 | 100 |
| Carlton Investments | CIN | 2/03/16 | 46.0 | 100 |
| Clime Investment | CIW | 2/03/16 | 3.0 | 100 |
| Energy Action Ltd | EAX | 2/03/16 | 2.8 | 100 |
| Eumundi Group Ltd | EBG | 2/03/16 | 0.2 | 100 |
| Fantastic Holdings | FAN | 2/03/16 | 7.0 | 100 |
| Fortescue Metals Grp | FMG | 2/03/16 | 3.0 | 100 |
| Finbar Group Limited | FRI | 2/03/16 | 3.0 | 100 |
| FSA Group Limited | FSA | 2/03/16 | 3.0 | 100 |
| Medical Developments | MVP | 2/03/16 | 2.0 | 100 |
| Nine Entertainment | NEC | 2/03/16 | 8.0 | 100 |
| NIB Holdings Limited | NHF | 2/03/16 | 5.8 | 100 |
| REA Group | REA | 2/03/16 | 36.0 | 100 |
| SAI Global Limited | SAI | 2/03/16 | 7.5 | 100 |
| Select Harvests | SHV | 2/03/16 | 21.0 | 0 |
| Skycity Ent Grp Ltd | SKC | 2/03/16 | 8.3 | 0 |
| Spark Infrastructure | SKI | 2/03/16 | 6.0 | 0 |
| Servcorp Limited | SRV | 2/03/16 | 11.0 | 50 |
| Vitaco Hldg Ltd | VIT | 2/03/16 | 1.7 | 0 |
