US stocks have provided a positive lead for local shares heading into a short week for the Easter break.
The ASX is expecting a quiet week with little in the way of economic data before the long weekend.
The S&P500 has joined the Dow Jones Industrials in finally turning positive for the year. The Friday advance means the fifth straight week of gains for major indexes there.
Markets
Wall Street closed higher on Friday: The Dow Jones Industrial Average gained 0.7 per cent to close at 17,602, the S&P 500 added 0.4 per cent to close at 2,050 and the NASDAQ advanced 0.4 per cent to close at 4,796.
European markets closed mixed: London’s FTSE shed 0.2 per cent, Paris gained 0.4 per cent and Frankfurt added 0.6 per cent.
Asian markets closed mixed: Tokyo’s Nikkei slipped 1.3 per cent, Hong Kong’s Hang Seng lifted 0.8 per cent, and China’s Shanghai Composite rose 1.7 per cent.
The Australian share market closed higher ahead of the weekend: The S&P/ASX 200 Index closed 15 points up to finish at 5,183 to be 17 points up on the week. On the futures market the SPI is 29 points up.
Currencies
The Australian Dollar at 7:30AM was buying 76.02 US cents, 52.64 Pence Sterling, 84.84 Yen and 67.49 Euro cents.
Company news
Myer Holdings Limited
(ASX:MYR) is reported to be in talks with former David Jones boss Mark McInnes about the possibility of opening more Peter Alexander outlets inside its department stores. McInnes currently heads up Solomon Lew’s Premier Investments. There are also plans to take the pyjama brand overseas in a similar fashion to the successful Smiggle stationary brand. Shares in Myer last traded flat at $1.24.
Incoming Rio Tinto Limited
(ASX:RIO) boss Jean Sebastian-Jacques is unlikely to use his financial nous to aggressively grow the company. The young gun CEO is will instead remain focused on the balance sheet like predecessor Sam Walsh. Shares in Rio Tinto last traded 0.96 per cent higher at $44.15.
Commodities
Gold has slipped $10.70 to US$1,254 an ounce for the April contract on Comex. Silver has shed 22 cents to $15.81 for May. Copper has slipped 1 cent to $2.28 a pound. Oil has dipped 52 cents to US$41.14 a barrel for April light crude in New York.
