The Australian share market may open lower this morning after Wall St closed weaker overnight; however a rise in oil and metal prices is likely to give resource stocks a boost today.
U.S. stocks closed the session lower on Monday financial stocks leading the declines, with the Dow Jones falling below the 10,000 level for the first time in three months.
Debt woes in Europe continue to cause concern amongst investors and add to worries about the U.S. economy.
A rally in commodities however helped to boost energy and metal stocks and ease losses.
To the scoreboard, the Dow Jones Industrial Average fell 104 points to 9,908 points. The S&P500 Index dropped 9 points to 1,057 and the NASDAQ is down 15 to 2,126.
To other international markets, European stocks rose. London’s FTSE rose 31 points, Paris gained 44, and Frankfurt is up 51 points.
Asian stocks fell on Monday with Hong Kong’s Hang Seng down 114 points, Tokyo’s Nikkei is down 105 and China’s Shanghai Composite lost 4 points.
Aussie stocks closed higher on Monday with the S&P/ASX 200 Index finished 7 points higher at 4,521 and on the futures market the SPI200’s down 31 points.
On to currencies: the Aussie Dollar at 8:45AM was buying 86.48 US cents, 77.25 Yen, 63.35 Euro cents and 55.48 Pence Sterling.
In economic news out today: National Australia Bank is to release its business survey for January.
Reporting earnings today: Alumina is to release its annual results, Cochlear its first half results, David Jones is expected to report its second quarter sales results, Macquarie’s third quarter results are due out and Singtel is also to release its third quarter results.
In company news about this morning: Shares in Boral Ltd (ASX:BLD) fell 0.54% to $5.48 on Monday. The construction materials supplier has appointed Andrew Poulter as CFO replacing Ken Barton, who will step down from the role later this month. CEO Mark Selway says Mr Poulter will start in the position on May 1, following a successful seven-year career with Adelaide Brighton Ltd. Mr Barton is leaving Boral after nine years with the company to take up the role of CFO with gaming and entertainment company Crown Ltd (ASX:CWN). Boral reported a profit of $142 million for the 2009 financial year.
Shares in Trinity Ltd (ASX:TCQ) dropped 4.16% to 11.5 cents on Monday. The property group has sold a Melbourne commercial building to Henkell Brothers Australia for $34 million. Trinity Stapled Trust (TCQ) and Trinity Property Trust jointly own the 383 King St asset, which they jointly acquired in 2006 for $41.2 million. Trinity recorded a loss of $225.74 million for fiscal 2009.
Taking a look at ex-dividends: Going today is Tabcorp with a 30 cent fully franked dividend. Coming up on Thursday Argo Investments, Hills Industries and Milton Corporation are going ex-dividend.
To commodities: Gold rose $13.40 to US$1,066.20 an ounce for the April contract on Comex. For the March contract silver is up 26 cents to US$15.09 and copper is up 6 cents at US$2.91.
The price of oil is up $0.64 to US$71.83 a barrel for March light crude in New York.
