The Australian share market is tipped to open slightly higher today after a relatively subdued lead from Wall Street overnight. With no economic data or company events scheduled for this week, the share market has minimal leads from local activity. On Friday, Australian share closed weaker ahead of the Christmas trading break.
On Tuesday, the Dow Jones Industrial Average, closed 28 points higher to 11,583. S&P500 is up 1 point to 1259 and the NASDAQ lost 4 points to 2663.
European stocks were flat: London’s FTSE was closed, Paris is down 3 and Frankfurt is up 1.
To Asian markets, stocks were lower: Hong Kong’s Hang Seng was down 212 points, Tokyo’s Nikkei was down 63 points and China’s Shanghai Composite down 48 points.
The Australian share market finished lower on Friday. The S&P/ASX 200 Index dropped 22 points to close at 4777 and on the futures market the SPI is down 18 points.
Turning to currencies and the Aussie Dollar at 7:30AM was buying over one US dollar, 65.66 Pence Sterling, 83.2 Yen and 76.95 Euro cents.
Turning to company news: On Friday, shares in Ramsay Healthcare Ltd (ASX:RHC) closed 0.34 per cent lower at $17.63.
According to a report by Fairfax Media, Australia’s largest private hospital operator, Ramsay Healthcare, may be set to announce a large acquisition in France early next year. The company is reportedly considering acquiring at least two hospital groups in France in order to absorb its $600 million of debt capacity. Earlier this year, Ramsay established its presence in France by acquiring a controlling stake in private hospital operator Groupe Proclif.
For the year ended 30 June 2010, Ramsay reported a net profit of $149 million.
Shares in Riversdale Mining Ltd (ASX:RIV) closed 0.78 per cent higher at $16.70. Riversdale’s largest shareholder, India’s Tata Steel, has not yet decided whether it will counter Rio Tinto Ltd’s (ASX:RIO) $US3.9 billion dollar bid for the company. Tata’s managing director Hemant Nerurkar said that the company had no problem with Rio Tinto buying into Riversdale and that the firm was happy to work with any company that assured coal supply. Mr Nerurkar said Tata’s affiliation with Riversdale is not based on financial incentive but is based on securing coal and raw materials for its Indian and European operations. Tata Steel owns 24 per cent in Riversdale.For the year ended 30 June 2010, Riversdale reported a net profit of $1.3 million.
To commodities: Gold is up $22.70 to $1405 US an ounce for the February contract on Comex, silver is up $1.07 at $30.32 for March and copper is up $0.05 to $4.33 a pound.
