The Australian share market looks set for a higher start to the day, after Wall Street snapped a three day losing streak. Tech and energy stock lead the gains that were helped along by minutes from the US Federal Reserve, revealing that the nation’s central bank officials aren’t in a rush to tighten interest rates.
To the figures: On Wednesday, The Dow Jones Industrial Average rose 81 points to close at 12,560, the S&P500 added 12 points to close at 1,341 and the NASDAQ gained 32 points to close at 2, 815.
European stocks closed higher: London’s FTSE up 62 points, Paris up 36 and Frankfurt was up 47 points.
To Asian markets and stocks were higher: Hong Kong’s Hang Seng was up 110, Tokyo Nikkei was up 95 and China’s Shanghai Composite was up 20.
The Australian share market closed slightly higher on Wednesday: The S&P/ASX 200 Index added 10 points to close at 4,694. While on the futures market the SPI is currently 24 points stronger.
Turning to currencies and the Australian Dollar at 7:30AM was buying $1.0632 US cents, 65.74 Pence Sterling, 86.93 Yen and 74.62 Euro cents.
Economic news: Due out today is the Australian Bureau of Statistics average weekly time earnings for the three months to February.
Company news: On Wednesday shares in Leighton Holdings Ltd (ASX:LEI) eased 0.59 per cent to close at $23.40. Leighton Holdings has announced a restructure of its international operations aimed at simplifying the reporting structure of overseas operations into two divisions. Among the changes the construction company says Leighton Asia Ltd, Leighton Welspun India and Leighton Offshore will report to Hamish Tyrwhitt. Also, Leighton Africa and Middle East based Habtoor Leighton Group will report to Laurie Voyer. In the six months to 31 December, 2010, Leighton Holdings posted a net profit of $218 million.
Yesterday shares in Telstra Corporation Ltd (ASX:TLS) added 0.67 per cent to close at $3.02. Australia’s largest telecommunications is expected to finalise its $9 billion deal for the National Broadband Network as early as next week, that is according to The Australian. It is now expected that shareholders will be able to vote on a definitive agreement at Telstra’s annual meeting in October, months after Telstra’s original July deadline. The paper says that the timing and size of payments to Telstra from NBN Co are believed to be at the centre of discussions between both parties, and, a reason for the delay. In the first half of the 2011 financial year Telstra recorded a net profit of $1.2 billion.
Ex-dividends: The only company going ex-dividend today is Aditya Birla Minerals with a $0.09 fully franked dividend.
Commodities: Gold is up $15.80 to $US1,495 an ounce for the June contract on Comex, silver is up $1.61 to $35.10 for July and copper is up $0.11 at $4.10 a pound. Oil is up $3.19 at $100.10 a barrel for June light crude in New York.
