The Australian share market is tipped for a flat start to the week, following Wall Street’s mixed close on Friday, after the oil price saw some improvement.
Oil prices gained over 0.6 per cent on Friday, but the rise was not enough to get the commodity out of red territory for the week.
Energy stocks lead the charge on the S&P 500, and the index posted its only positive day of trade for the week. The Nasdaq also closed higher on Friday, while the broader Dow Jones lacked direction, closing flat.
For the trading five days last week, health care stocks enjoyed a healthy rally, posting a 3.7 per cent gain.
Across the three major indices for the week, US stocks closed with little change, as the Dow and the S&P etched small gains.
Meantime, gold hit a one-week high on Friday.
US economic news The Commerce Department reported US new home sales hit 610,000 in May beating the 600,000 expected. The gain saw new home sales rise 2.9 per cent in May and to 8.9 per cent year-on-year.
Local economic news On Tuesday we will see the first release of Census 2016 data.
The ABS will also release the demographic statistics for the December quarter. So far, New South Wales, Victoria and the ACT are the leading the way, because of population growth.
On Thursday the ABS will report on the leading indicator for the job market, with job vacancy data for May. Also out the same day is the bodies publication ‘Finance and wealth’ for the March quarter. The journal includes estimates of household debt, financial wealth and foreign ownership of shares.
Also on Thursday, the Housing Industry Association (HIA) will reveal the new home sales figures for April.
And finally for the week, on Friday the ABS will announce the private sector credit data for May, which includes outstanding loans.
Markets Wall Street closed mixed on Friday: The Dow Jones Industrial Average lost 0.01 per cent to close at 21,395, the S&P 500 added 0.2 per cent to close at 2,438 and the NASDAQ advanced 0.5 per cent to close at 6,265.
European markets closed lower: London’s FTSE fell 0.2 per cent, Paris lost 0.3 per cent and Frankfurt fell 0.5 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng lost 0.02 per cent, and China’s Shanghai Composite gained 0.3 per cent.
And back home, the Australian share market closed higher on Friday: At the closing bell, The S&P/ASX 200 Index closed 10 points higher or 0.2 per cent to finish at 5,716. On the futures market the SPI is 3 points up.
Company news Decimal Group Limited
(ASX:DCG) has completed the sale of a commercial property in Herdsman, Perth for $27.5 million. The construction and engineering company says the property was not core to its services. It plans to apply the proceeds to its remaining debt in the group, with the balance added to general working capital. Monies will also be used to fund strategic opportunities which it is currently pursuing. The property was sold to a leading property syndicator, Primewest Funds Limited. Shares in Decimal Group Limited
(ASX:DCG) last traded 1.1 per cent lower to 90 cents.
Currencies The Australian Dollar at 7:20AM was buying 75.67 US cents, 59.41 Pence Sterling, 84.21 Yen and 67.61 Euro cents.
Commodities Gold has gained $7 to $US1,256 an ounce.
Silver has added 13 cents to $US16.71 an ounce.
And Oil has advanced 27 cents to $US43.01 a barrel.
