The Australian share market is expected to open weaker today following losses on Wall St at the end of last week. A decline in commodities may also pressure resource companies. Trading volumes are expected to be low today, with the Labour Day public holiday in NSW, the ACT and South Australia.
The Australian share market closed lower on Friday. The S&P/ASX 200 Index dropped 99 points at 4,602.
Checking currencies at 8:35 AM the Aussie Dollar is buying 86.63 US cents, 77.47 Yen, 59.36 Euro cents and 54.39 Pence Sterling.
In company news about this morning: Shares in alternative energy company Ceramic Fuel Cells Ltd (ASX:CFU) fell 8.47 per cent to $0.27. The company has opened its factory in Germany that will start producing its BlueGen solid oxide fuel cell units. According to a report in the Sydney Morning Herald the company is aiming to sell the units for Australian homes early next year pending final safety approvals. The company also announced that a leading Australian energy utility has agreed to install a BlueGen gas-to-electricity generator in a showcase sustainability home. Ceramic Fuel Cells has posted net losses in the last five years.
Shares in uranium explorer and developer Toro Energy Ltd (ASX:TOE) dropped 2.7 per cent to $0.18. CEO Greg Hall believes that despite a downturn in uranium prices the company’s Wiluna uranium project in Western Australia is still economically viable. The DowJones Newswires reports Mr Hall saying that he believes the downturn in uranium prices is coming to an end and that he may seek long-term price contracts to support the Wiluna uranium projects target to go-ahead in 2011. Looking back at the company’s results Toro Energy is yet to post a profit.
To the ex-dividend scoreboard: And whole there are no companies going ex-dividend today coming up tomorrow we have David Jones.
To the international scoreboard: U.S. markets closed lower on Friday. The Dow Jones industrial lost 22 points. The S&P500 Index dropped 5 points and the NASDAQ fell 9 points.
European markets were also weaker: London’s FTSE down 59 points, Paris dropped 71 points and Frankfurt lost 87 points.
Asian markets were lower: Hong Kong’s Hang Seng fell 580. Tokyo’s Nikkei was down 247 points and China’s SSE Composite was closed.
Looking at Metals: the price of Gold is up $3.60 to US$1004.30 an ounce for the December contract on Comex. Silver fell 21 cents to US$16.23 and copper is down 6 cents to US$2.68.
