Aussie shares may be in for a positive start this morning, following Wall St closing stronger overnight. Despite disappointing data on consumer confidence, US stocks rose with a mixed read on home prices.
In US economic news: The Consumer Confidence Index fell lower than expected to 48.5 in September, from 53.2 in August. A read of 90 is the level that indicates a stable economy. The Case-Shiller 20-city home price index showed home prices rose 0.6 per cent in July compared to the month before. Compared to July last year, home prices increased 3.2 per cent.
On Tuesday, the Dow Jones Industrial Average closed 46 points higher at 10,858. The S&P 500 Index is up 6 at 1,148 and the NASDAQ is up 10 at 2,380.
European stocks were steady: London’s FTSE up 5 points, Paris is down 4 and Frankfurt down 3.
Asian markets were lower: Hong Kong’s Hang Seng was 231 points down on Tuesday, Tokyo’s Nikkei down 107 points and China’s Shanghai Composite was down 17.
The Australian share market finished lower on Tuesday. The S&P/ASX 200 Index closed 6 lower to 4,670 and on the futures market the SPI200 is up 17 points. Turning to currencies and the Aussie Dollar at 7:50AM was buying 96.75 US cents, 61.23 Pence Sterling, 81.13 Yen and 71.26 Euro cents.
In company news: Shares in Harvey Norman Holdings Ltd (ASX:HVN) closed 1.04% down at $3.82 on Tuesday. Chairman Gerry Harvey has had his pay drop by 30 per cent in fiscal 2010, while his wife and CEO of Harvey Norman, Katie Page, has boosted her full-year earnings. Mr Harvey has had his pay cut to around $738,000 after failing to meet performance earnings targets, while Ms Page saw her salary increase to $1.43 million in the period from just over $947,000 the year before. Harvey Norman Holdings posted a profit of $238 million in the 2010 financial year.
Shares in AMP Ltd (ASX:AMP) closed 1.16% up at $5.23 on Tuesday. AMP’s unit AMP Capital Investors is gearing up to pour $207 million into India. According to Reuters, AMP is planning to expand its current investment in Indian infrastructure, including roads, power, ports, logistics, energy and telecommunications. The wealth manager has advised it already has book of around $US100 million worth of work in the country. AMP recorded a profit of $412 in the first six months of 2010.
To ex-dividends: Seven companies are going ex-dividend today. Among them, Austbrokers Holdings with a 15 cent fully franked dividend, Goodman Fielder with a 5.5 cent 20 per cent franked dividend and MAP Group with a 12.5 cent unfranked dividend.
To commodities: and the price of gold is up US$9.90 to US $1306 an ounce for the September contract on Comex, silver is up US$0.23 to $21.69 and copper is up $0.04 at $3.63 a pound. The price of oil is down $0.34 to US$76.18 a barrel for November light crude in New York.
