Following positive leads from overseas markets, the Australian share market looks set to open higher today. Wall Street’s strong performance yesterday was buoyed by a rise in Apple’s share price, and gains in energy stocks which were supported by stronger oil prices.
Markets
Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 1.0 per cent to close at 17,711, the S&P 500 gained nearly 1 per cent to close at 2,067 and the NASDAQ gained 1.2 per cent to close at 4,775.
European markets closed mixed: London’s FTSE gained 0.2 per cent, Paris lost 0.2 per cent and Frankfurt was closed due to public holidays.
Asian markets closed higher: Tokyo’s Nikkei added 0.3 per cent, Hong Kong’s Hang Seng gained 0.8 per cent, and China’s Shanghai Composite gained 0.8 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 30 points up to finish at 5,359. On the futures market the SPI is 47 points up.
Currencies
The Australian Dollar at 7:30AM was buying $US0.7289 cents, 50.66 Pence Sterling, 79.50 Yen and 64.42 Euro cents.
Economic news
The Reserve Bank will release its Monetary Policy Meeting minutes later today. The Australian Bureau of Statistics will also release its latest monthly data regarding new motor vehicle sales.
Company news
Pact Group Holdings Ltd
(ASX:PGH) has announced that it plans to expand its existing material handling business to build and operate crate pooling, washing and storage facilities for its customers. The company expects its new crate washing facilities to double its annual capital expenditure in FY17 and deliver profits from FY18.
Shares in Pact Group closed 0.89 per cent up yesterday at $5.66.
CuDeco Limited
(ASX:CDU) has announced that ore feed is scheduled for 30 May, in relation to its Rockland copper project, in northwest Queensland. The company says that it will be two weeks behind planned production due to changes in ramp-up rates, and its first product shipment is expected before late-June.
Shares in CuDeco closed 1.98 per cent down yesterday at $0.495.
Ex-dividends
Two companies are going ex-dividend today: Macquarie Group will pay a dividend of $2.40 cents, 40% franked, and NAB will pay 99 cents fully franked.
Commodities
Gold has gained $1.50 to $US1,274 an ounce for the June contract on Comex.
Silver has gained $0.02 to $17.15 for July.
Copper has gained $0.02 to $2.09 a pound.
Oil has gained $1.52 to $US48.42 a barrel for June light crude in New York.
