The Australian share market’s set for a firmer start to the session following a lift on Wall Street overnight.
US stocks moved higher on the back of an employment report from the Labor Department pointing towards a solid non-farm payroll read early tomorrow morning Australian time.
Hawkish comments from the European Central Bank president, combined with falling oil prices also saw investors piling into Equities.
On Thursday, the Dow Jones Industrial Average, closed 191 points higher to 12,258, S&P500 rose 23 points to close 1,331 and the NASDAQ gained 51 points to close 2,799.
European stocks were higher: London’s FTSE up 90 points, Paris up 26 and Frankfurt 45 ahead..
To Asian markets and stocks were mixed: Hong Kong’s Hang Seng was rose 74, Tokyo Nikkei was up 94 and China’s Shanghai Composite fell 11 points.
The Australian share market finished lower yesterday. The S&P/ASX 200 Index lifted 3 points to close at 4,806 and on the futures market the SPI is up 49 points.
Turning to currencies and the Australian Dollar at 8:35AM was buying $US1.01 and a half cents, 62.38 Pence Sterling, 83.67 Yen and 72.68 Euro cents.
Looking at company news: Shares in Ten Network Holdings Ltd (ASX:TEN) strengthened 2.29 per cent to close at $1.34. There’s now talk that the resignation of James Packer from the board at Ten could be followed by further departures. It’s now understood Mr Packer’s exit was prompted by the surprise hiring of Seven Media Group Executive, James Warburton, to the position of chief executive. Industry sources say he was concerned about his relationship with Seven Group owner Kerry Stokes. It’s also believed Mr Packer preferred to appoint Nine’s David Gyngell to the role. Media watchers are looking closely at the stock for further developments.
Ten Network reported full year earnings of $150 million to August 31, 2010.
Shares in Austar United Communications Ltd (ASX:AUN) rose 8 per cent to close at $1.35. The potential takeover of regional pay television provider Austar United by cable operator Foxtel is now unlikely to proceed quickly say industry sources. Telstra owned Foxtel is currently in talks with United States group Liberty Global, which owns 54 percent of Austar. Any deal though will be complicated by Foxtel's ownership agreement. The ACCC also say it will review any formal proposal.
Austar United reported half year earnings of just over 99 and a half million dollars to December 31, 2010.
To ex-dividends: 11 companies are going ex-dividend today. Among them we have Amalgamated Holdings with a 14 cents fully franked dividend, Lend Lease with a $0.20 cents… 50 per cent franked dividend, QBE with a 66 cents dividend franked at 10 per cent, and Sonic Healthcare with a 24 cents dividend franked at 28 per cent.
To commodities: Gold is down $21.30 to $US1,416 an ounce for the April contract on Comex, silver is down $0.51 to $34.33 for May and copper is down 1 cent at $4.49 a pound. Oil is down 32 cents at $101.91 a barrel for April light crude in New York.
