Local stocks should open higher on the back of a strong rally in global markets. US stocks were led sharply upwards by energy and financial shares to book their fourth consecutive week of gains and nearly wiping out all the losses for the year.
Analysts say the upbeat outlook comes after investors digested the ECB announcement of further easing measures.
Markets
Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 1.3 per cent to close at 17,213, the S&P 500 added 1.6 per cent to close at 2,022 and the NASDAQ advanced 1.9 per cent to close at 4,748.
European markets closed up: London’s FTSE gained 1.7 per cent, Paris surged 3.3 per cent and Frankfurt added 3.5 per cent.
Asian markets closed up: Tokyo’s Nikkei added 0.5 per cent, Hong Kong’s Hang Seng rose 1.1 per cent, and China’s Shanghai Composite advanced 0.2 per cent.
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 16 points up to finish at 5,166 to add 76 points over the week. On the futures market the SPI is 42 points up.
Currencies
The Australian Dollar at 7:30AM was buying 75.47 US cents, 52.53 Pence Sterling, 86.03 Yen and 67.75 Euro cents.
Company news
MacMahon Holdings Limited
(ASX:MAH) says it has been selected by Moreton Resources Limited
(ASX:MRV) as its preferred partner for the South Burnett coal project. The two companies will now enter a formal alliance arrangement for the next five years.
Shares in Macmahon Holdings last traded 4.17 per cent higher at $0.125.
Century Australia Investments Limited
(ASX:CYA) says that its board has received a non-binding incomplete proposal from Perennial Investment Management Limited
(ASX:PVM). PVM would like to take more control over the CYA with the intention of undertaking a capital raising of up to $125 million to grow the capital base of the company. CYA will consider the idea. Shares in Century Australia last traded 1.24 per cent stronger at $0.82.
Commodities
Gold lost $21.70 to $US1,251 an ounce for the April contract on Comex. Silver has slipped 4 cents to $15.51 for May. Copper has lifted 2 cents to $2.24 a pound. Oil has added 60 cents to US$40.00 a barrel for April light crude in New York.
