The Australian share market looks set for a soft start as attention remains fixed on developments in Greece as the nation attempts to restructure its debt. US and European markets closed little changed amid cautious optimism a default may be averted. At home reporting season continues with a series of financial reports including Telstra Corporation Limited’s (ASX:TLS) first half results and Rio Tinto Limited’s (ASX:RIO) full year results.
Figures
Wall Street closed slightly higher on Wednesday: The Dow Jones Industrial Average added 6 points to close at 12,884, the S&P500 added 3 points to close at 1,350 and the Nasdaq added 12 points to close at 2,916.
European markets finished slightly lower yesterday: London’s FTSE lost 14 points, Paris lost 2 points and Frankfurt lost 5 points.
Asian markets finished higher on Wednesday: Hong Kong’s Hang Seng added 319 points, Tokyo Nikkei added 98 and China’s Shanghai Composite added 56 points.
The Australian share market gained momentum yesterday, ending just off the session’s highs on Wednesday: The S&P/ASX 200 Index added 17 points to finish at 4,291. On the futures market the SPI is 2 points higher.
Currencies
The Australian Dollar at 8:30AM was buying $US1.0793 cents, 68.27 Pence Sterling, 83.16 Yen and 81.45 Euro cents.
Economic news due out today
National Australia Bank Limited (ASX:NAB): Business survey for the December quarter 2011
Company news
Shares in Alcoa (ASX:AAI) dropped 7.81 per cent on Wednesday, closing at $10.50. That was on the same day the company launched a review of its aluminium smelter in Victoria, claiming the current situation makes it difficult for the smelter to be globally competitive in the foreseeable future. The company says it has started the review of the future viability of its Point Henry aluminium smelter in Geelong in the face of continuing difficult global economic conditions for the smelting industry. Alcoa attributes the smelters unprofitability to a combination of factors, including metal prices, input costs and exchange rates.
Shares in Suncorp Group Limited (ASX:SUN) gained 3.55 per cent yesterday to finish at $8.47. Insurer and regional bank Suncorp Group has become the latest financial organisation to relocate Australian jobs overseas. The Finance Sector Union says, “Suncorp's offshoring program appears to be gaining pace with the company announcing another 65 jobs will head to India in 2012”. A Suncorp spokesperson has told the Australian Financial Review the company expects, “The net number of roles impacted will likely be around 40.” Suncorp’s net profit dropped 42 per cent to $457 million in fiscal 2011.
Ex-dividends
Four companies are going ex-dividend today: Milton Corporation Limited (ASX:MLT), Navitas Limited (ASX:NVT), Westfield Group (ASX:WDC) and Westfield Retail Trust (ASX:WRT). Coming up tomorrow: Alesco Corporation Limited (ASX:ALS) and Advanced Share Registry Limited (ASX:ASW).
Commodities
Gold is down $17.10 to $US1,731 an ounce for the February contract on Comex.
Silver is down $0.49 to $33.70 for March.
Copper is up $0.0335 at $3.91 a pound.
Oil is up $0.30 at $98.71 a barrel for March light crude in New York.
