The Australian share market looks set for a steady start to the day after Wall St finished higher and commodities were mixed. US stocks recovered from early losses despite weaker economic data, the lingering debt crisis in Europe and after China’s central bank hiked rates for the third time this year.
Figures
On Wednesday, the Dow Jones Industrial Average rose 56 points to close at 12,626, the S&P500 added 1 point to close at 1,339 and the NASDAQ gained 8 points to close at 2,834.
European stocks closed lower: London’s FTSE down 21 points, Paris down 17 and Frankfurt was down 8 points.
To Asian markets and stocks mixed: Hong Kong’s Hang Seng was down 230, Tokyo Nikkei was up 110 and China’s Shanghai Composite fell 6 points.
The Australian share market added 0.15 per cent on Wednesday: The S&P/ASX200 Index closed 7 up points at 4,605. On the futures market the SPI is 8 points lower.
Currencies
The Australian Dollar at 7:40AM was buying $1.07 US cents, 66.87 Pence Sterling, 86.62 Yen and 74.74 Euro cents.
Economic news
Due out today is the Australian Bureau of Statistics labour force data for June and the Australian Industry Group/Housing Industry Association performance of construction index for June.
Company news
Shares in Australian Agricultural Company Ltd (ASX:AAC) slipped 0.35 per cent on Wednesday to finish at $1.43, on the same day the Federal Government lifted its ban on exporting live cattle to Indonesia. As a result of the ban Australia's largest live cattle exporter last month cut its full year EBITA guidance to between $50 million and $60 million and confirmed yesterday this forecast has not changed. CEO David Farley has called on the Federal Government to inject $25 million into a scheme to aid farmers in the case of a market crisis such as the export ban. Australian Agricultural Company Ltd reported a profit of $904,000 in the six months to 31 December 2010.
Shares in News Corporation (ASX:NWS) firmed 0.94 per cent yesterday to close at $17.17. Rupert Murdoch’s News Corp has hit the headlines, for allegedly making headlines illegally. The media company’s British publication News of the World is currently under investigation concerning claims the newspaper conducted phone-hacking and made payments to police to generate stories. Mr Murdoch has labelled the allegations deplorable and unacceptable and instructed staff to fully cooperate in all investigations. News Corp posted a net profit of just under $1.5 billion in the first half of its 2011 financial year.
Ex-dividends
The only company going ex-dividend today is Abacus Property Group with an $0.08 unfranked dividend. Coming up tomorrow is Trafalgar Corporate.
Commodities
Gold is up $16.50 to $US1,529 an ounce for the August contract on Comex, silver is up $0.51 to $35.92 for September and copper is down $0.01 at $4.34 a pound. Oil is down $0.24 at $96.65 a barrel for August light crude in New York.
