Following negative leads out of the US on Friday, the Australian share market looks set to open lower. US tech stocks were some of the worth performers on Friday, with analysts pointing towards disappointing quarterly earnings from a number of high profile companies as affecting investor sentiment towards the sector. Healthcare stocks also fell during the session.
Markets
Wall Street closed lower on Friday: The Dow Jones Industrial Average losing 0.32 per cent to close at 17,774, the S&P 500 lost 0.5 per cent to close at 2,065 and the NASDAQ lost 0.62 per cent to close at 4,775.
European markets closed lower: London’s FTSE was down 1.3 per cent, Paris lost 2.8 per cent and Frankfurt dropped 2.7 per cent.
Asian markets closed lower: Tokyo’s Nikkei was closed on Friday due to a public holiday, Hong Kong’s Hang Seng fell 1.5 per cent, and China’s Shanghai Composite was down 0.3 per cent.
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 27 points up to finish at 5,252. On the futures market the SPI is 8 points down.
Currencies
The Australian Dollar at 7:30AM was buying 76.02 US cents, 52.11 Pence Sterling, 80.81 Yen and 66.33 Euro cents.
Economic news
Due out today is the AIG Manufacturing Index, the TD-Melbourne Institute Inflation Gauge and HIA New Home Sales
Company News
PSC Insurance Group
(ASX:PSI) has announced it will purchase Melbourne based insurance broking business, Hiscock Insurance Brokers for $3.04 million. An initial payment of $2.02 million will be made with subsequent payments by PSC to HIB subject to income generated in the 18 months following the transaction. Shares in PSC Insurance Group closed 2.56 per cent up on Friday at $1.60.
Australian Rural Capital Limited
(ASX:ARC) says it is considering the implications, alongside joint bidder Dakang Australia, of the decision made by the Treasurer on Friday to block the sale of its purchase of dairy company S Kidman & Co. The company has indicated discussions will continue. Shares in Australian Rural Capital closed 33.33 per cent lower on Friday at $0.50.
Commodities
Gold is up $24.10 to $1,291 US dollars an ounce for the June contract on Comex.
Silver is up $0.23 to $17.82 for July.
Copper is up $0.05 to $2.28 a pound.
Oil is down $0.11 to $45.92 US dollars a barrel for June light crude in New York.
