Following positive off shore leads the Australian share market looks set to open higher thanks to gains in the US and European markets.
US economic news
The National Association of Realtors said its index of pending home sales eased 0.5% in February to 96.5 from 97 in January.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 161 points to close at 13,242 the S&P500 gained 19 points to close at 1,417 and the Nasdaq is up 55 points to close at 3,123.
European markets closed up: London’s FTSE is up 48 points, Paris is up 26 and Frankfurt gained 84 points.
Asian markets closed mixed: Hong Kong’s Hang Seng is flat , Tokyo’s Nikkei added 7 and China’s Shanghai Composite added 1 point.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 8 points down to finish at 4,263. On the futures market the SPI is 46 points up.
Currencies
The Australian Dollar at 8:30AM was buying $US1.0538 cents, 66.00 Pence Sterling, 87.31 Yen and 78.89 Euro cents.
Company news
Shares in Select Harvests Limited (ASX:SHV) closed 0.31 per cent up yesterday at $1.62.
Select Harvests announced it is selling off its non-core health and snack food brands; SunSol, Soland and Nu-Vit.
Select Harvests says the decision follows a review of the food business. It will focus on its core retail and ingredient almond products and divest its non-almond focused food brands. In the first half of 2012, Select Harvests reported a net profit of $6 million.
Shares in OZ Minerals Limited (ASX:OZL) closed 0.63 per cent down yesterday at $9.53. Oz Minerals has lost its auction bid for a Romanian copper mine according to the Sydney Morning Herald. Oz minerals was one of four parties involved in the bid. The Romanian press has reported Canada’s Roman Copper Corp has won the auction, with an offer of more than 200 million Euros. In the first half of 2012, Oz Minerals reported a net profit of $274.5 million.
To ex-dividends
Four companies are going ex-dividend today :
AP Eagers Limited (ASX:APE)
ASG Group Limited (ASX:ASZ)
Corporate Travel Management (ASX:CTD)
Lycopodium Limited (ASX:LYL)
Commodities
Gold is up $23.20 to $US1,686 an ounce for the April contract on Comex.
Silver is up $0.478 to $32.75 for May.
Copper is up $0.08 at $3.89 a pound.
Oil is up $0.16 at $107.03 a barrel for April light crude in New York.
