Following positive leads, the Australian share market looks set to open higher this morning. US Markets posted a strong rally overnight, with the Australian dollar gaining against the greenback, pushing through US76 cents. Brexit polls have now closed, with the first results due from the referendum at approximately 9am Sydney time.
US economic news
The number of people filing for unemployment benefits fell last week to 259,000, beating market estimates of 270,000. The numbers were the lowest level reported in 8 weeks. Existing home sales were up in May by 1.8 percent to 5.53 million, the highest figure since February 2007 and roughly in line with consensus.
Markets
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 1.3 per cent to close at 18,011, the S&P 500 added 1.3 per cent to close at 2,113 and the NASDAQ climbed 1.6 per cent to close at 4,910.
European markets closed up: London’s FTSE rose 1.2 per cent, Paris added almost 2 per cent and Frankfurt was up 1.9 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 1.1 per cent, Hong Kong’s Hang Seng rose 0.35 per cent, and China’s Shanghai Composite fell 0.5 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 10 points up to finish at 5,281. On the futures market the SPI is 60 points up.
Currencies
The Australian Dollar at 7:20AM was buying $US76.40 cents, 51.00 Pence Sterling, 81.62 Yen and 66.91 Euro cents.
Company news
Rural Funds Group
(ASX:RFF) has announced its property asset values have increased by $82 million as a result of property valuations, capital expenditure and acquisitions. RFF’s almond and macadamia orchards both drove increases in the portfolio, and the results are expected to have a positive impact on the FY16 total comprehensive income.
Shares in Rural Funds Group closed 1.54 per cent lower yesterday at $1.60.
Tabcorp Holdings Limited
(ASX:TAH) has announced it has filed a defence in relation to civil proceedings brought by AUSTRAC against the company last year. The claims bought by AUSTRAC are in relation to Tabcorp’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act. Tabcorp will contest many of the allegations made by AUSTRAC but has indicated it will not contest 5 allegations in AUSTRAC’s claim.
Shares in Tabcorp Holdings closed 0.23 per cent lower yesterday at $4.38.
Ex-dividends
One company is going ex-dividend today: Aberdeen Leaders Limited will pay 2 cents fully franked.
Commodities
Gold has dropped $6.90 to $US1,263 an ounce for the August contract on Comex.
Silver has risen $0.04 to $17.41 for July.
Copper has gained $0.03 to $2.17 a pound for July.
Oil has added $0.71 to $US50.11 a barrel for July light crude in New York.
