Following yesterday’s gains, the SPI is pointing to a lower start for the Australian share market after global markets closed mixed.
US economic news
America’s account deficit increased to a three year high in the last three months of 2011. According to the Commerce Department the US account deficit widened 15.3 per cent to $US124.1 billion in the December quarter, coming in more than expected.
Figures
Wall Street closed mixed yesterday: The Dow Jones Industrial Average added 16 points to close at 13,194, the S&P500 lost 2 points to close at 1,394 and the Nasdaq added 1 point to close at 3,041.
European markets also finished mixed: London’s FTSE lost 10 points, Paris added 14 points and Frankfurt added 84 points.
Asian markets also closed mixed yesterday: Hong Kong’s Hang Seng lost 32 points, Tokyo’s Nikkei added 151 and China’s Shanghai Composite lost 65 points.
The Australian share market jumped at open and sustained gains to close almost 1 per cent higher on Wednesday: The S&P/ASX 200 Index gained 40 points to finish at 4,287. On the futures market the SPI is 17 points lower.
Currencies
The Australian Dollar at 8:30AM was buying $US1.0452 cents, 66.69 Pence Sterling, 87.48 Yen and 80.23 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Lending finance data for January and new motor vehicle sales data for February 2012
Reserve Bank of Australia: Bulletin for the March quarter 2012
Company news
Shares in Myer Holdings Limited (ASX:MYR) rose 1.72 per cent on Wednesday, closing at $2.37. Analysts are tipping department store retailer Myer will today reveal a first half profit drop. In the six months to January 29, 2011 Myer reported a net profit of $106 million, which some analysts say could fall by up to 18 per cent this year. Myer warned at the end of last year that the tough retail environment is likely to produce flat sales and a lower net profit. In the 2011 financial year Myer Holdings recorded a net profit of $159.6 million.
Shares in National Australia Bank Limited (ASX:NAB) firmed 0.76 per cent yesterday, finishing at $23.86. National Australia Bank has reportedly walked away from its debt exposure to Nine Entertainment. According to The Australian NAB has quit its $80 million debt exposure in the media company, and is understood to have received about 85 cents on the dollar through the deal. NAB posted a net profit of $5.2 billion in the 2011 financial year.
Ex-dividends
Nine companies are going ex-dividend today:
Ausenco Limited (ASX:AAX)
Ariadne Australia Limited (ASX:ARA)
Cardno Limited (ASX:CDD)
LandMark White Limited (ASX:LMW)
Macmahon Holdings Limited (ASX:MAH)
PMP Limited (ASX:PMP)
Retail Food Group Limited (ASX:RFG)
RHG Limited (ASX:RHG)
Transfield Services Limited (ASX:TSE)
Commodities
Gold is down $51.00 to $US1,643 an ounce for the April contract on Comex.
Silver is down $1.40 to $32.18 for March.
Copper is down $0.05 at $3.85 a pound.
Oil is down $1.28 at $105.43 a barrel for March light crude in New York.
