Following mixed leads the Australian share market looks set to open slightly higher. On Wall Street, investors stayed on the sidelines ahead of the Federal Reserve interest rate decision this evening.
Figures
Wall Street started its trading week mixed: The Dow Jones Industrial Average gained 38 points to close at 12,960, the S&P500 added 0.22 points to close at 1,371 and the Nasdaq lost 5 points to close at 2,984.
European markets closed up: London’s FTSE gained 5 points, Paris gained 3 points and Frankfurt gained 21 points.
Asian markets closed mixed: Hong Kong’s Hang Seng added 48points, Tokyo’s Nikkei lost 40 and China’s Shanghai Composite lost 5 points.
The Australian share market closed slightly lower yesterday. The S&P/ASX 200 Index closed 15 points down to finish at 4,197. On the futures market the SPI is 12 points up.
Currencies
The Australian Dollar at 8:20AM was buying $US1.0516, 67.25 Pence Sterling, 86.59 Yen and 79.96 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Housing finance data for January 2012
National Australia Bank: Monthly business survey for February 2012
Company news
Shares in Rio Tinto Limited (ASX:RIO) closed 0.61 per cent down yesterday at $63.74. The ownership of the Hope Downs mine in Western Australia has come into the spotlight with the dispute concerning its stakeholders. Rio Tinto owns a 50 per cent stake in Hope Downs with Gina Rinehart’s Hancock Prospecting holding the remaining share. As the Rinehart court battle heats up questions have been raised over the future of Hope Downs which fuels a major portion the Rinehart’s fortune. In the 2011 fiscal year Rio Tinto reported a full year net profit of $6.7 billion.
Shares in Flight Centre Limited (ASX:FLT) increased by 0.23 per cent to $21.43. According to reports secret emails from the managing director reveals the travel agent was putting pressure put on major airlines to shelve fares. Just last week the Australian Competition and Consumer Commission accused Flight Centre of colluding with airlines – claims which they had previously denied. Flight Centre reported a first half net profit of $81.6 million in the last six months of 2011.
Ex-dividends
13 companies going ex-dividend today:
Automotive Holdings
Billabong International
CSG
Homeloans
Magellan Financial Group
Nuplex Industries
Commodities
Gold is down $11.70 to $US1,700 an ounce for the April contract on Comex.
Silver is down $0.80 to $33.41for March.
Copper is down $0.02 at $3.84 a pound.
Oil is down $1.06 at $106.34 a barrel for March light crude in New York.
