Following weak offshore leads, the Australian share market looks set to open lower. US and European markets dipped overnight after disappointing earnings from the US and continued concerns about Europe's debt crisis.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 83 points to close at 13,033, the S&P500 lost 6 points to close at 1,385 and the Nasdaq lost 11 points to close at 3,031.
European markets closed down: London’s FTSE lost 22 points, Paris lost 52 and Frankfurt lost 69 points.
Asian markets closed up : Hong Kong’s Hang Seng added 218 points, Tokyo’s Nikkei added 203 and China’s Shanghai Composite added 46 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 60 points up to finish at 4,349. On the futures market the SPI is 6 points down.
Currencies
The Australian Dollar at 7:15AM was buying $US1.036 cents, 64.65 Pence Sterling, 84.2 Yen and 78.95 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is international merchandise imports for March
Company news
Shares in Codan Limited (ASX:CDA) closed 7.01 per cent up yesterday at $1.45. Codan Limited (ASX:CDA) has upgraded its underlying net profit guidance from $20 million to about $26 million for the full financial year. The radio and satellite communications company says its improved performance is due to an increase in the sales of gold detectors in Africa. Earlier this year, Codan acquired Perth based communication technology company Minetec Pty Ltd for about $10 million. Codan has confirmed the business is on track to deliver the forecast $1 million of earnings before interest and tax for the full financial year. In the first half of the2012 financial year, Codan reported a net profit of $9.9 million.
Shares in Rio Tinto Limited (ASX:RIO) closed 2.78 per cent up yesterday at $66.50. Rio Tinto has agreed to provide a comprehensive funding package that will underpin the development of the $US6 billion construction of the Oyu Tolgoi copper and gold mine in Mongolia, a joint venture with Ivanhoe Mines. Separately, Rio Tinto, which currently owns 51 per cent of Ivanhoe, will replace a number of the directors on the Ivanhoe Board with Rio Tinto-nominated directors and also nominate a new management team.
Rio Tinto reported a full year net profit of $6.7 billion in fiscal 2011.
Ex-dividends
Two companies are going ex-dividend today and they are:
Hyperion Flagship Investments Limited (ASX:HIP) and WHITEHAVEN COAL LIMITED (ASX:WHC). Tomorrow there will be UXC Limited (ASX:UXC).
Commodities
Gold is down $11.50 to $US1,639.60 an ounce for the June contract on Comex. Silver is down $0.187cents to $31.49 for May. Copper is down $0.016 cents at $3.63 a pound. Oil is down $1.53 at $102.67 a barrel for May light crude in New York.
