The Australian share market is set to open stronger this morning following Wall Street’s positive leads thanks to strong US jobs data. And Australia and New Zealand Banking Group (ASX:ANZ) has reported underlying profit for the first quarter of $1.48 billion, an increase of 4.6 per cent.
US economic news
Initial claims for jobless benefits fell to an almost four year low last week, dropping 13,000 to 348,000.
Figures
Wall Street closed higher on Thursday: The Dow Jones Industrial Average gained 123 points to close at 12,904, the S&P500 gained 15 points to close at 1,358 and the Nasdaq rose 44 points to close at 2,960.
European markets finished mixed yesterday: London’s FTSE fell 7 points, Paris rose 3 points and Frankfurt lost 6.
Asian markets closed lower yesterday: Hong Kong’s Hang Seng fell 88 points, Tokyo’s Nikkei lost 22 points and China’s Shanghai Composite dropped 10.
The Australian share market ended the day lower on Thursday. The S&P/ASX 200 Index fell 72 points to finish at 4,182. On the futures market the SPI is currently 40 points higher.
Currencies
The Australian Dollar at 8:30AM was buying $US1.0761 cents, 68.10 Pence Sterling, 84.88 Yen and 81.91 Euro cents.
Company news
Echo Entertainment Group Limited (ASX:EGP) shares fell 3.06 per cent on Thursday, closing at $3.48. Echo says it welcomes an investigation by the New South Wales Casino, Liquor and Gaming Control Authority. The investigation includes the circumstances surrounding the departure of former Managing Director of The Star, formerly Star City Casino, Sid Vaikunta. Echo says Mr Vaikunta’s employment was ended after his behaviour in a social setting. Echo reported a net profit of $226 million for the financial year to June 30, 2011.
Shares in APN News and Media Limited (ASX:APN) fell 0.65 per cent on Thursday, closing at $0.76. APN says it has entered into a period of exclusivity with Quadrant Private Equity regarding a partnership opportunity for its outdoor business. A final agreement hasn’t yet been reached but the company hopes to provide another update next week. In November last year APN announced it was undertaking a strategic review to expand its outdoor operations, including the possibility of a partnership. APN reported a net loss of $87 million for the half year to June 30, 2011.
Ex-dividends
Five companies are going ex-dividend today, they are Contango MicroCap Limited (ASX:CTN) with a 3.8 cent unfranked dividend, CVC Limited (ASX:CVC) with a 2 cent fully franked dividend, JB Hi-Fi Limited (ASX:JBH) with a 49 cent fully franked dividend, SAI Global Limited (ASX:SAI) with a 6.8 cent fully franked dividend and Slater & Gordon Limited (ASX:SGH) with a 2.5 cent fully franked dividend.
Commodities
Gold is up $0.30 to $US1,728 an ounce for the April contract on Comex. Silver is down $0.04 to $33.37 for March. Copper has fallen $0.01 at $3.80 a pound. Oil is up $0.51 at $102.31 a barrel for March light crude in New York.
