Negative leads from overseas markets are expected to result in a weak start for the Australian share market this morning.
Australian stocks ended the week lower on Friday with falls across the board. The S&P/ASX200 Index closed 63 points lower at 4,686. Looking at the futures market the SPI200’s down 7 points.
At 8:40AM the Aussie Dollar is buying 91.5 US cents, 81.3 Yen, 61.57 Euro cents and 55.44 Pence Sterling.
In economics news out today, the Australian Bureau of Statistics will release its new motor vehicles sales data for October.
The Housing Industry Association releases its trades report for the September quarter.
And just one company reporting today and that’s building products supplier James Hardie with the release of its first half results.
In company news about this morning:Goodman Group (ASX:GMG) shares closed lower on Friday, down 2.38% to 62 cents. Fairfax reports that the company’s Chairman Ian Ferrier and a director of the Group could be expelled from the board on November 30 due to investor anger at the Board’s performance over the past 18 months. RiskMetrics has recommended that Goodman shareholders vote against the reappointment of Mr Ferrier and non executive director Jim Sloman at the company's annual meeting next Monday. Since July 2007, Goodman has suffered massive losses and write-downs, debt problems and a share price that has underperformed the listed property trust index by 28%. Goodman Group’s 2008 net profit was $250 million.
Woolworths (ASX:WOW) shares closed lower on Friday, slipping 1.06% to $28. Credit card experts have criticized Woolworths' attempt to make it in the market with its Everyday Money Card, launched a year ago. Based on the most recent figures showing how much money is on the books of the card's banking partner, HSBC, credit card expert Mike Ebstein from MWE Consulting says the card has failed to make an impact with customers. Figures show HSBC's growth in credit on cards rose by 4% last year compared to 7% prior to the global financial crisis. Woolworth’s 2009 net profit was about $1.8 billion.
Checking ex-dividends and two companies reporting today. Berklee with a 12 cent fully franked dividend and Count Financial with a 2 cent fully franked dividend.
We’ll take a look now at overseas markets. US Stocks closed lower on Friday: The Dow Jones Industrial Average dropped 14 points. The S&P500 Index is down 4 and the NASDAQ slipped 11 points.
European markets were lower: London’s FTSE is down 16 points, Paris fell 31 points and Frankfurt lost 39.
Asian markets were lower: Hong Kong’s Hang Seng is down 187 points. Tokyo’s Nikkei lost 52 and the Shanghai Composite fell 12 points.
Looking at metals: Gold advanced $6.60 to US$1,148.50 an ounce for the December contract on Comex. Silver lost 1 cent to US$18.45 and for the March contract, copper is up 3 cents at US$3.14.
The price of oil is down 56 cents to US$76.90 a barrel for December light crude in New York.
