The Australian market is set to open lower today after weak leads from the US on the back of a drop in oil prices that saw the end of a three-day rally on Wall Street.
In US economic news, the Energy Department has forecasted that US gasoline prices are expected to break the all-time record high of $4.11 a gallon next month.
To the figures, on Wednesday, the Dow Jones Industrial Average was down 130 points to close at 12,630, the S&P500 lost 15 points to close at 1,342 and the NASDAQ lost 27 points to close at 2,845.
European stocks had a mixed close, London’s FTSE was down 43 points, Paris up 6 and Frankfurt was down 6 points.
To Asian markets and stocks were also higher; while Hong Kong’s Hang Seng was down 44, Tokyo Nikkei was up 46 and China’s Shanghai Composite was down 7.
The Australian share market finished higher on Wednesday. The S&P/ASX 200 Index rose 54 points to close at 4,780. While on the futures market the SPI is currently down 56 points.
Turning to currencies and the Australian Dollar at 7:25AM was buying US$1.0704, 65.46 Pence Sterling, 86.82 Yen and 75.36 Euro cents.
In economic news; the Australian Bureau of Statistics (ABS) is scheduled to release April’s labour force data today.
In company news; shares in Leighton (ASX:LEI) rose 2.04 per cent to close at $23.04 yesterday. It has been confirmed today that financial woes mean fewer than half of the retail investor shares available from the company have been sold. The share is part of a $757 million equity issue, intended to help the company rebound from its recent warning that it would absorb a full-year loss of $427 million for fiscal 2011. In the six months to December 31, 2010, Leighton Holdings recorded a net profit of $218 million.
On Wednesday shares in Myer Ltd (ASX:MYR) rose 0.32 per cent to close at $3.18. The company has blamed discount department stores and floods for yesterday’s reported drop in third quarter sales figures by two per cent to $657 million. Myer’s chief executive, Bernie Brookes, says the company will strengthen its fashion and cosmetics arm, and leave whitegoods and music to other retailers. Myer reported a net profit of $106.7 million for the six months to January 29, 2011.
Now to ex-dividends: Anz will be going ex-dividend today with a fully franked dividend of $0.64, CI Resources with a fully-franked dividend of $0.01 and Koon Holdings with an unfranked dividend of point 64 cents.
And to commodities: Gold is down $15.50 to $US1,501 an ounce for the June contract on Comex, silver is down $2.97 to $35.52 for July and copper is down $0.13 at $3.91 a pound. Oil is down $5.67 at $98.21 a barrel for June light crude in New York.
