Following weak offshore leads, the Australian share market looks set to open lower on the back of soft US consumer confidence figures and a fall in home prices.
US economic news
The home-price data report was released overnight, with home prices in 20 major cities falling to the lowest level since 2002. According to the Case-Shiller Index, January dropped 3.8 per cent compared to a 4.1 per cent drop in December.
The Conference Board's Consumer Confidence Index for March eased to 70.2 from 71.6 in February.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 44 points to close at 13,198, the S&P500 lost 4 points to close at 1,413 and the Nasdaq lost 2 points to close at 3,120.
European markets closed down: London’s FTSE lost 33 points, Paris lost 32 and Frankfurt lost 0.3 points.
Asian markets closed mixed: Hong Kong’s Hang Seng added 378 points, Tokyo’s Nikkei added 237 and China’s Shanghai Composite lost 3 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 39points up to finish at 4,301. On the futures market the SPI is 21 points down.
Currencies
The Australian Dollar at 8:45AM was buying $US1.0458 cents, 65.58 Pence Sterling, 87.03 Yen and 78.53 Euro cents.
Economic news
Due out today from the Reserve Bank of Australia is the financial stability review.
Company news
Shares in Flinders Mines Limited (ASX:FMS) closed 1.67 per cent down yesterday at $0.30. Flinders Mines has been granted a mining lease for its Pilbara Iron Ore Project. The project is located close to rail infrastructure and is adjacent to world class deposits owned by Rio Tinto and Fortescue Metals Group. Flinders Mines reported a net loss of $2.4 million in the six months to 31 December 2011 .
Shares in Mirvac Group (ASX:MGR) closed 2.47 per cent down yesterday at $1.18. Mirvac has reaffirmed its guidance for its FY12 forecast with an operating profit of $360 to $364 million. Mirvac says its focus is on the office investment sector as well as 1800 residential lots.
Mirvac reported a net profit of $176.6 million in its half year results to 31 December last year.
Ex-dividends
Three companies are going ex-dividend today and they are:
Sigma Pharmaceutical Limited (ASX:SIP)
Webster Limited (ASX:WBA)
WHK Group Limited (ASX:WHG)
Commodities
Gold is down $0.70 to $US1,685 an ounce for the April contract on Comex.
Silver is down $0.13 to $32.62 for May.
Copper is down $0.01 at $3.88 a pound.
Oil is up $0.30 at $107.33 a barrel for April light crude in New York.
