Despite weak leads from US markets, the Australian share market looks set to open higher this morning with the futures index picking up 19 points. The Dow reached a low point for the first time in ten days, and the greenback retreated. Technology shares in Microsoft, Amazon and Facebook all closed lower, while financial stocks rose. Ahead of the OPEC meeting where petroleum production cuts are expected to be discussed, US crude oil dropped however production has picked up.
US economic news The Federal Reserve is starting to wind down its more than $4 trillion balance sheet. The reserve announced an unchanged interest rate target range as expected at its meeting yesterday.
MarketsWall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.2 per cent to close at 22,359, the S&P 500 dropped 0.3 per cent to close at 2,501 and the NASDAQ lost 0.5 per cent to close at 6,423.
European markets closed mixed: London’s FTSE was down 0.1 per cent, Paris gained 0.5 per cent and Frankfurt was up 0.3 per cent.
Asian markets closed mixed: Tokyo’s Nikkei added 0.2 per cent, Hong Kong’s Hang Seng was down 0.1 per cent, and China’s Shanghai Composite dropped 0.2 per cent.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 54 points down to finish at 5,655.
On the futures market the SPI is 19 points higher.
Company newsSeven Group Holdings
(ASX:SVW) has raised a $375 million placement in ordinary shares, announced yesterday. The media, energy and industrial services company recently announced the purchase of the remaining 53 per cent share of Coates Hire. Managing Director and CEO Ryan Stokes said he is pleased with the support shown by existing and new institutional investors of the heavily oversubscribed shares. Issuance of the new shares under the offer is expected to increase the free float from 26.4 per cent to 34.6 per cent with the register of a number of new institutional investors. Shares in Seven Group Holdings
(ASX:SVW) last traded 9.84 per cent higher to $12.28.
Ex-dividends3 companies are going ex-dividend today: Centrepoint Alliance
(ASX:CAF) is paying 8.2 cents fully franked, Gale Pacific
(ASX:GAP) is paying 1 cent unfranked, and Ivegroup
(ASX:IGL) is paying 6.4 cents fully franked.
CurrenciesOne Australian Dollar at 7:40AM was buying 79.33 US cents, 58.42 Pence Sterling, 89.22 Yen and 66.46 Euro cents.
CommoditiesGold has lost $22 to US$1,294 an ounce.
Silver has lost US$0.33 cents to US$17.00 an ounce.
Oil has gained US$0.05 cents to US$50.74 a barrel.
