Following weakness in Europe and lower than expected US durable goods orders for February along with a sell off in US Energy stocks, the Australian share market looks set to open weaker.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 72 points to close at 13,126, the S&P500 lost 7 points to close at 1,406 and the Nasdaq lost 15 points to close at 3,105.
European markets closed down: London’s FTSE lost 61 points, Paris lost 39 and Frankfurt lost 80 points.
Asian markets closed down: Hong Kong’s Hang Seng lost 161 points, Tokyo’s Nikkei lost 73 and China’s Shanghai Composite lost 62 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 42 points up to finish at 4,344. On the futures market the SPI is 18 points down.
Currencies
The Australian Dollar at 8:45AM was buying $US1.039cents, 65.41 Pence Sterling, 86.14 Yen and 78.06 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is Job vacancies for February.
Company news
Shares in Woodside Petroleum Limited (ASX:WPL) closed 1.36 per cent up yesterday at $35.77. Woodside is set to lose another two senior executives bringing the list to 5 who have resigned in the last 10 months, according to The Australian this morning. Executive Vice President of Australia business, Lucio Della Martina and Vice President of projects, Phil Meier are reportedly leaving the company. A spokeswoman for Woodside said last night that Mr Meier "remains under contract" at Woodside. Both executives oversee the Pluto LNG project which has received negative attention recently due to its over spending and deferrals. Woodside generated a net profit of $1.5 billion for its 2011 financial year.
Shares in Rio Tinto Limited (ASX:RIO) closed 0.67 per cent up yesterday at $64.53. Rio Tinto has received a binding offer for its speciatly aluminas business from H.I.G. Rio Tinto says the potential sale is in line with its strategy of selling down non- core assets. Rio’s alumina assets are valued at around $8 billion.
The news follows reports earlier this week that the minerals explorer is reviewing its diamond business.
In the year ending 31 December 2011 Rio Tinto reported full year net earnings of $6.7 billion.
Ex-dividends
Three companies are going ex-dividend today and they are:
ARB Corporation (ASX:ARP)
Cedar Woods Properties (ASX:CWP)
Oroton Group (ASX:ORL)
Commodities
Gold is down $27.00 to $US1,657.90 an ounce for the April contract on Comex.
Silver is down $0.785 to $32.83 for May.
Copper is down $0.09 at $3.79 a pound.
Oil is down $1.92 at $105.41 a barrel for May light crude in New York.
