The Australian share market is set to open stronger, thanks to positive offshore leads, especially the US on the back of stronger than expected jobs data.
US economic news
Taking a closer look at that US economic news now: Jobless claims fell by 14,000 to 418,000 last week. Economists had expected a drop to 425,000.
In another report from payroll services ADP, employers in the private sector added 157,000 workers in June, far exceeding expectations.
Figures
On Thursday, the Dow Jones Industrial Average was up 93 points to close at 12,719, the S&P500 rose 14 points to close at 1,353 and the NASDAQ gained 39 points to close at 2,873.
European stocks were higher: London’s FTSE up 52 points, Paris gained 19 and Frankfurt rose 40 points.
To Asian markets and stocks were mixed: Hong Kong’s Hang Seng was up 13, Tokyo’s Nikkei fell 11 points and China’s Shanghai Composite down 16.
The Australian share market closed flat on Thursday: The S&P/ASX 200 Index finished the day at 4,606. On the futures market the SPI is 32 points higher.
Currencies
The Australian Dollar at 7:40AM was buying $1.0774 US cents, 67.49 Pence Sterling, 87.55 Yen and 75.03 Euro cents.
Company news
Yesterday shares in News Corporation (ASX:NWS) ended the day 3.61 per cent lower at $16.55. News International has dramatically closed down the News of the World, Britain’s largest selling Sunday newspaper. It comes in response to allegations that journalists hacked the voicemails of thousands of people including child murder victims and families of Britain’s war dead. This Sunday will be the last edition of the 168 year old paper. In the first half of its 2011 financial year, News Corp posted a net profit of just under $1.5 billion.
On Thursday shares in Lynas Corporation Ltd (ASX:LYC) ended the day 3.16 per cent lower at $1.84. Lynas says it is teaming up with German engineering giant Siemens to establish a joint venture to make magnets. Lynas will provide the raw materials. The partnership is said to secure a long-term and sustainable end-to-end supply chain from mine to magnet end application. Lynas will hold a 45 per cent stake in the joint venture company. Lynas Corporation booked a net loss of $20.5 million in the first half of its 2011 financial year.
Ex-dividends
There is one company ex-dividend today, it is Trafalgar Corporate Group with an unfranked dividend of $0.20, Norfolk Group Ltd and TTA Holdings Ltd are coming up on Monday.
Commodities
Gold is up $1.40 to $US1,530 an ounce for the August contract on Comex, silver is up $0.62 to $36.54 for September and copper is up $0.11 at $4.44 a pound. Oil is up $2.02 at $98.67 a barrel for August light crude in New York.
