The Australian share market looks set to open stronger this morning, US stocks hovering near two year highs with investors focusing on positive earnings rather than lacklustre economic news.
US economic news: Claims for unemployment benefits last week rose more than expected by 25,000 to a seasonally adjusted 410,000. And core consumer prices rose at their fastest pace in 15 months in January by 0.2 per cent.
On Thursday, the Dow Jones Industrial Average, closed 30 points higher to 12,318, S&P500 gained 4 points to close 1,340 and the NASDAQ up 6 points to close 2,832.
European stocks were mixed: London’s FTSE up 2 points, Paris rose 1 and Frankfurt fell 9 points.
To Asian markets, stocks were higher: Hong Kong’s Hang Seng was up 145 points, Tokyo was up 28 points and China’s Shanghai Composite was up 3.
The Australian share market finished higher on Thursday. The S&P/ASX 200 Index lifted 8 points to close at 4,938 and on the futures market the SPI is up 11 points.
Turning to currencies and the Australian Dollar at 8:30AM was buying $US1.0118, 62.56 Pence Sterling, 84.28 Yen and 74.36 Euro cents.
Company news: On Thursday shares in National Australia Bank (ASX:NAB) rose 0.34 per cent to close at $26.42. The bank has extended its assistance package for flood and cyclone affected areas. The NAB announced an additional $15 million in donations and offered $4 billion in lending to support Queensland businesses. The support is in addition to the $1.25 million already contributed. The National Australia Bank booked a net profit of $4.2 billion for the year ended September 30, 2010.
Yesterday shares in Mineral Resources (ASX:MIN) rose 3.26 per cent to close at $13.29. The miner reported a 121 per cent increase in net profit thanks to a booming iron ore industry. Half year net profit was $60.56 million, underpinned by an increase in iron ore volumes. The mining services and processing company said it was managing the risk of a strong Australian dollar by hedging the currency. Mineral Resources booked a $97.19 million net profit for the 2010 financial year.
Ex-dividends: Two companies are going ex-dividend today and they are Boral with an $0.08 cent fully franked dividend, and SAI Global with a $0.06 cent fully franked dividend.
To commodities: Gold is up $10.00 to $US1,385 an ounce for the April contract on Comex, silver is up $0.94 to $31.57 for March and copper is up $0.01 to $4.48 a pound. Oil is up $1.37 at $86.36 a barrel for March light crude in New York.
