The Aussie sharemarket’s expected to open flat today after mixed results from the US and continued concerns about Europe’s economic woes.
Figures
On Friday, The Dow Jones Industrial Average rose 25 points to close at 11,796, the S&P500 lost 0.48 points to close at 1,216 and the Nasdaq lost 15 points to close at 2,573.
European stocks closed lower on Friday: London’s FTSE was down 60 points, Paris was down 13 points and Frankfurt was down 50 points.
To Asian markets, stocks was also lower: Hong Kong’s Hang Seng was down 326 points, Tokyo Nikkei was down 105 and China’s Shanghai Composite was down 46.
At the end of last week, the Australian share market closed lower: The S&P/ASX 200 Index lost 81 points to close at 4,177. On the futures market the SPI is currently one point higher.
Currencies
The Australian Dollar at 8:30am was buying 99.81 US cents, 63.19 Pence Sterling, 76.68 Yen and 73.9 Euro cents.
Government news
There’s no significant economic news out today, but looking at government news, Australia’s big iron ore and coal miners may have to cough up 30 per cent of their super profits if the Federal government passes the mining tax this week. The government’s still locked in last minute negotiations, but leader in the lower house Anthony Albanese says a vote could be expected as soon as Wednesday.
Company news
At the end of last week shares in Qantas Limited (ASX:QAN) closed 1.78 per cent lower at $1.66. The airline’s hoping to reach an agreement with pilots, engineers and baggage handlers by the end of the day. Spokeswoman Olivia Wirth says the company’s been negotiating in good faith. Qantas and the three unions representing those employees were ordered to reach an agreement by today, by the Fair Work Australia commission. Qantas Limited (ASX:QAN) reported a net profit of $249 million for the 2011 financial year.
On Friday shares in Goodman Fielder Limited (ASX:GFF) lost 1.82 per cent to finish at 54 cents. Australia’s biggest baker says its considering plans that could see an end to fresh daily bread. It’s investigating cost-cutting measures to combat competition from supermarket bakeries, who sell loaves for as low as $1. Chief executive Chris Delaney’s told Fairfax newspapers the company’s in urgent need of a new business model, and one option would be baking bread with a longer shelf-life to reduce delivery costs. Goodman Fielder Limited (ASX:GFF) reported a full year net loss of $161 million for the 2011 financial year.
Ex-dividends
There are six companies going ex-dividend today. Australian Masters Corporate Bond Fund No5’s got a fully franked $2.95, CSR’s got a fully franked six cents, DuluxGroup is going ex-dividend with a fully franked eight cents, Newcrest Mining with an unfranked 20 cents, SP AusNet with a 33.33 per cent franked four cents and Whitefield with a fully franked eight cents.
Commodities
Gold is flat at$US1,725 an ounce for the December contract on Comex. Silver is down 41 cents to $32.42. Copper is up two cents at $3.40 a pound. Oil is down 93 cents to $97.55 a barrel for December light crude in New York.
