Following mixed leads, the Australian share market looks set to open flat.
US economic news
The latest data on existing home sales have come in lower than expected. According to The National Association of Realtors home sales dropped 0.9 per cent in February to annual rate of 4.59 million.
Figures
Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 46 points to close at 13,125, the S&P500 lost 3 points to close at 1,403 and the Nasdaq gained 1point to close at 3,075.
European markets closed mixed: London’s FTSE is up 0.5 point, Paris lost 3 and Frankfurt gained 16 points.
Asian markets closed mixed: Hong Kong’s Hang Seng lost 32 points, Tokyo’s Nikkei lost 56 and China’s Shanghai Composite added 1 point.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 21 points down to finish at 4,254. On the futures market the SPI is flat.
Currencies
The Australian Dollar at 8:30AM was buying $US1.457cents, 65.91 Pence Sterling, 87.21 Yen and 79.16 Euro cents.
Company news
Shares in Sigma Pharmaceutical Limited (ASX:SIP) closed 5.13 per cent up yesterday at $0.62. The healthcare company’s stock rose to one of yesterday's best performers. That was after Sigma said it had resolved a bargaining dispute with the National Union of Workers (NUW). Sigma is today due to release its full year results. In the first half of the 2012 financial year Sigma Pharmaceuticals posted a net profit of $26.65 million.
Shares in Wesfarmers Limited (ASX:WES) closed 1.11 per cent down yesterday at $28.60. Supermarket giant Wesfarmers has issued $500 million of unsecured medium term rates to the Australian market late yesterday afternoon. The notes were priced at 165 basis points over a seven year period. Settlement of the transaction is expected to occur later this month. The joint managers for the issue are ANZ Banking Group(ASX:ANZ), Commonwealth Bank of Australia(ASX:CBA) and National Australia Bank Limited (ASX:NAB). Wesfarmers reported a net profit of $1.2 billion for the first half of the 2012 financial year.
Ex-dividends
Four companies are going ex-dividend today:
AV Jennings Limited (ASX:AVJ)
SEEK Limited (ASX:SEK)
The Reject Shop Limited (ASX:TRS)
Webjet Limited (ASX:WEB)
Commodities
Gold is up $3.30 to $US1,650 an ounce for the April contract on Comex.
Silver is up $0.39 to $32.23 for May.
Copper is up $0.015 at $3.85 a pound.
Oil is up $1.20 at $107.27 a barrel for April light crude in New York.
