The Australian share market is set to open stronger this morning, following some good news from Wall Street at the end of the week which experienced its biggest weekly gains in two years.
US economic news
The release of the ISM purchasing managers index for the manufacturing sector for June rose an impressive 1.8 per cent from May. Tonight markets are closed for the Independence Day public holiday.
Figures
On Friday, The Dow Jones Industrial Average was up 168 points to close at 12,583, the S&P500 rose 19 points to close at 1,340 and the NASDAQ gained 43 points to close at 2,816.
European stocks were higher. London’s FTSE up 44 points, Paris gained 25 and Frankfurt rose 43 points.
Asian stocks were mixed. Hong Kong’s Hang Seng was closed for a public holiday, Tokyo’s Nikkei gained 52 points and China’s Shanghai Composite lost 3.
The Australian share market eased on Friday. The S&P/ASX 200 Index lost 17 points to close at 4,591. On the futures market the SPI is 48 points higher.
Currencies
The Australian Dollar at 7:40AM was buying $1.0779 US cents, 67.11 Pence Sterling, 87.08 Yen and 74.15 Euro cents.
Economic news
The Australian Bureau of Statistics (ABS) is set to release retail trade data as well as building approval figures for May today, the TD Securities Melbourne Institute inflation gauge for June will be released, and ANZ will be showing us job advertisement series figures for June.
Company news
Westfield Retail Trust (ASX:WRT) has been tipped to lift its earnings by 2 cents per security, to 18.5 cents this year. Despite the softening outlook for retail sales, a JP Morgan property analyst has told The Australian that higher earnings would come from lower interest payments. Shares in Westfield Retail Trust (ASX:WRT) were down 0.37 per cent on Friday to $2.70.
Karoon Gas Australia Limited (ASX:KAR) has officially let investors know that the federal government has given the miner the nod to drill at its Browse Basin project. The drilling off the coast of WA was delayed because of tighter environmental scrutiny, but environment minister Tony Bourke gave the company the all clear late on Friday. Karoon Gas Australia Limited (ASX:KAR) shares were up 0.96 per cent to $5.28. The company posted a loss of $14.2 million in the second half of 2010.
Ex-dividends
Programmed Maintenance (ASX:PRG) will be going ex-dividend today with a fully franked dividend, of $0.06. Joining it will be Village Roadshow (ASX:VRL) with a fully franked dividend of $0.80.
Commodities
Gold is down $23.70 to $US1,482 an ounce for the August contract on Comex, silver is down $1.13 to $33.70 for September and copper is up $0.02 at $4.30 a pound. Oil is down $0.48 at $94.94 a barrel for August light crude in New York.
