The Australian share market looks to open higher today, having received positive offshore leads. Wall St moved out of the red on Tuesday to finish stronger as investors turned to corporate results, the latest housing data and commodities. The price of gold touched a record high of $US1500. Silver also jumped to a record and copper and oil are higher.
US economic news: The Commerce Department reported that housing starts and building permits rose higher than expected in March. Housings starts increased 7.2% to an annual rate of 549,000. Building permits increased 11.2% to a rate of 594,000.
To the figures: On Tuesday the Dow Jones Industrial Average closed 65 points stronger at 12,267. The S&P500 added 7 points at 1,313 and the NASDAQ gained 10 points to close at 2,745.
European stocks closed higher: London’s FTSE up 27 points, Paris, also up 27 and Frankfurt was up 12.
To Asian markets and stocks closed weaker: Hong Kong’s Hang Seng was down 310, Tokyo Nikkei was down 116 and China’s Shanghai Composite was down 58.
The Australian share market closed lower on Tuesday: The S&P/ASX 200 Index fell 69 points to close at 4,793. While on the futures market the SPI is currently 31 points higher.
Turning to currencies and the Australian Dollar at 7:40AM was buying $1.0525 US cents, 64.5 Pence Sterling, 86.94 Yen and 73.44 Euro cents.
Economic news: Due out today is the Australian Bureau of Statistics International Trade Price Indexes for March, Westpac-Melbourne Institute Leading Indexes of Economic Activity for February and, the Housing Industry Association Trades Report for the March quarter.
Company news: On Tuesday shares in Woodside Petroleum Ltd (ASX:WPL) fell 1.54 per cent to close at $46.05. Woodside Petroleum’s September production deadline for its $14 billion Pluto liquefied natural gas project has again been questioned, after the oil and gas producer yesterday reported a 12 per cent fall in March quarter production, largely blaming tropical cyclone activity for the decline. UBS analyst Gordon Ramsay has told the Australian Financial Review that further delays and cost increases are possible in light of the wet weather conditions. Separately, Woodside’s CEO Don Voelte is expected to today announce his replacement at the company’s annual general meeting. In the 2010 financial year, Woodside Petroleum recorded a net profit of $1.5 billion.
Yesterday shares in ANZ Banking Group (ASX:ANZ) dropped 1.39 per cent to close at $23.40. A Federal Court judge has again scolded ANZ for attempting to delay a $50 million class action, seeking to recover money from penalty fees that were allegedly unlawfully charged by the bank. ANZ has now requested the case is put on hold so that it can calculate its total costs incurred in regards to the exception fees that are in question. Justice Gordon said, "To plead without any factual foundation for the pleadings is reason enough to conclude that the pleading is an abuse of process". In the 2010 financial year, ANZ generated a net profit of $4.5 billion.
Ex-dividends: The only company going ex-dividend today is Trafalgar Corporate with a $0.20 cent unfranked dividend.
Commodities: Gold is up $2.20 to $US1,495 an ounce for the June contract on Comex, silver is up $0.96 to $43.91 for May and copper is up $0.03 at $4.23 a pound. Oil is up $1.03 at $108.15 a barrel for May light crude in New York.
