Following weak leads the Australian share market looks set to open lower following US and European markets closing in the red on concerns that China’s growth is slowing.
US economic news
The Commerce Department report on construction has come in mixed for February. Construction permits increased 5.1 per cent. Housing starts slipped to 1.1 per cent.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 69 points to close at 13,170 the S&P500 lost 4 points to close at 1,406 and the Nasdaq lost 4 points to close at 3,074.
European markets closed down: London’s FTSE lost 70 points, Paris lost 47 and Frankfurt lost 99 points.
Asian markets closed mixed: Hong Kong’s Hang Seng was down 227 points, Tokyo’s Nikkei added 12 and China’s Shanghai Composite was down 33 points.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 16 points down to finish at 4,275. On the futures market the SPI is 9 points down.
Currencies
The Australian Dollar at 8:30AM was buying $US1.0474 cents, 66.05 Pence Sterling, 87.70 Yen and 79.22 Euro cents.
Company news
Shares in Kathmandu Holdings Limited (ASX:KMD) closed 0.33 per cent down yesterday at $1.49. Kathmandu reported its first half profit fall on lower margins. In the same period its sales rose more than 15 per cent. The outdoor retailer says given difficult market conditions, it does not believe it’s possible to provide specific guidance. In the 2011 financial year Kathmandu Holdings tripled its net profit to $31 million.
Shares in Coca-Cola Amatil Limited (ASX:CCL) closed 0.17 per cent up yesterday at $11.81. Soft drink company Coca-Cola is expected to gain approval to purchase up to $70 million of assets from SABMiller. According to Fairfax Media, Coca-Cola is close to finalising its due diligence on the Fijian brewery, spirits and soft-drinks assets. Coca-Cola Amatil reported a full year net profit of $592 million for the 2011 calendar year.
Ex-dividends
One company is going ex-dividend today:
APN Property Group Ltd (ASX:APD)
Tomorrow:
AV Jennings Limited (ASX:AVJ)
SEEK Limited (ASX:SEK)
Commodities
Gold is down $20.30 to $US1,647 an ounce for the April contract on Comex.
Silver is down $1.12 to $31.83 for May.
Copper is down $0.08 at $3.83 a pound.
Oil is down $2.48 at $105.61 a barrel for April light crude in New York.
