Following positive leads, the Australian share market looks set to open higher amid reports that Greece is near a debt deal.
Economic news
Tthe Labor Department reported 362,000 people have filed for unemployment benefits last week – up 8,000 from the week before.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 71 points to close at 12,908, the S&P500 gained 13 points to close at 1,366 and the Nasdaq added 35 points to close at 2,970.
European markets closed up: London’s FTSE added 68 points, Paris gained 86 points and Frankfurt added 163 points.
Asian markets closed up: Hong Kong’s Hang Seng added 273 points, Tokyo's Nikkei added 193 and China’s Shanghai Composite added 25 points.
The Australian share market closed 0.7 per cent higher yesterday: The S&P/ASX 200 Index closed 27 points up to finish at 4,171. On the futures market the SPI is 33 points up.
Currencies
The Australian Dollar at 8:30AM was buying $1and 6.48 US cents, 67.26 Pence Sterling, 86.88 Yen and 80.20 Euro cents.
Economic news due out today
The Australian Bureau of Statistics: International trade in goods and services for January.
Company news
Shares in Intrepid Mines Limited (ASX:IAU) closed 12.29 per cent down yesterday at $1.03, falling to the worst performer of the day. Responding after the market closed, Intrepid noted that it wasn’t aware of any reason for the drop. However it did suggest that changes to regulations for mining permits in Indonesia could have had some impact. In the 2011 financial year, Intrepid mines reported a net loss of $29.5 million
Shares in Woolworths Limited (ASX:WOW) closed 0.28 per cent down yesterday at $25.08. The Australian Competition and Consumer Commission has called for comments concerning Woolworth’s proposed acquisition of 31 hotels. The supermarket giant owns 75 per cent of the Australian Leisure and Hospitality Group. The ACCC is currently seeking more information around competition issues. In the first half of the 2012 financial year, Woolworth’s net profit fell 17 per cent to $975 million.
Commodities
Gold is up $14.80 to $US1,698 an ounce for the April contract on Comex.
Silver is up 25 cents to $33.83 for March.
Copper is up 2 cents at $3.79 a pound.
Oil is up $0.42 at $106.58 a barrel for March light crude in New York.
