The Australian share market looks set to recover some this week’s falls after positive offshore leads. Investors were encouraged by developments in Greece and US economic news.
Economic news
America’s private sector added jobs last month. Payroll processor ADP has reported 216,000 jobs were added in February, broadly in line with expectations.
Figures
Wall Street advanced on Wednesday: The Dow Jones Industrial Average added 78 points to close at 12,838, the S&P500 added 9 points to close at 1,353 and the Nasdaq added 25 points to close at 2,936.
European markets also closed higher: London’s FTSE added 26 points, Paris added 30 points and Frankfurt added 38 points.
Asian markets finished lower yesterday: Hong Kong’s Hang Seng lost 178 points, Tokyo Nikkei lost 62 and China’s Shanghai Composite lost 16 points.
The Australian share market fell at open, shedding 1.5 per cent by sessions end yesterday: The S&P/ASX 200 Index fell 61 points to finish at 4,144. On the futures market the SPI is 20 points higher.
Currencies
The Australian Dollar at 8:40AM was buying $US1.0585 cents, 67.26 Pence Sterling, 85.85 Yen and 80.51 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Labour force data for February 2012.
Company news
Shares in Commonwealth Bank of Australia (ASX:CBA) closed 1.89 per cent lower on Wednesday at $47.66. Commonwealth Bank has reportedly admitted it may have broken consumer laws with one of its campaigns to offer online banking customers higher credit card limits. The Australian Securities and Investments Commission claimed the campaign was misleading and has acknowledged CBA's quick response to its concerns. In the first half of the 2012 financial year CBA reported a net profit of $3.6 billion.
Shares in OZ Minerals Limited (ASX:OZL) closed 1.78 per cent lower yesterday at $9.92. Oz Minerals has reportedly quashed speculation that it is looking to move in on the 80 per cent of Sandfire Resources NL (ASX:SFR) that it does not already control. According to the Australian Financial Review Oz Minerals has $750 million for mergers and acquisitions and a debt facility of $200 million. In the 2011 financial year, OZ Minerals net profit dropped 53 per cent to $274.5 million.
Ex-dividends
16 companies are going ex-dividend today:
BSA Limited, (ASX:BSA)
Beyond International Limited (ASX:BYI)
Forest Place Group Limited (ASX:FPG)
Macquarie Telecom Group Limited (ASX:MAQ)
Noni B Limited (ASX:NBL)
Oil Search Limited (ASX:OSH)
Seven West Media Limited (ASX:SWM)
Western Areas NL (ASX:WSA)
Commodities
Gold is up $11.80 to $US1,684 an ounce for the April contract on Comex.
Silver is up $0.80 to $33.58 for March.
Copper is up $0.03 at $3.77 a pound.
Oil is up $1.46 at $106.16 a barrel for March light crude in New York.
