The Australian share market looks set to open lower following a slide in global markets overnight, on the back of soft manufacturing reports in Europe and China.
Figures
Wall Street closed down yesterday: The Dow Jones Industrial Average lost 102 points to close at 12,927, the S&P500 lost 12 points to close at 1,367 and the Nasdaq lost 30 points to close at 2,970.
European markets closed down: London’s FTSE lost 107 points, Paris lost 90 and Frankfurt lost 227 points.
Asian markets closed down: Hong Kong’s Hang Seng lost 386 points, Tokyo’s Nikkei shed 19 and China’s Shanghai Composite lost 18 points.
The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 14 points down to finish at 4,352. On the futures market the SPI is 21 points down.
Currencies
The Australian Dollar at 7:30AM was buying $US1.0316 cents, 63.98 Pence Sterling, 83.77 Yen and 78.44 Euro cents.
Economic news
Due out today from the The Australian Bureau of Statistics is the Consumer Price Index for the March quarter.
Company news
Shares in Cockatoo Coal Limited (ASX:COK) closed 7.25 per cent down yesterday at $0.32. Cockatoo Coal says its shareholder South Korean company SK Networks has decided not to proceed with its proposed $313 million placement due to uncertainty in global markets. SK Networks currently holds a 5.5 per cent stake in the local coal miner. SK Networks was considering increasing its stake to 40 per cent. Separately, a $150 million loan facility from Keb Australia will provide the company with liquidity and has a maturity date of 28 December this year. In the first half of the 2012 financial year Cockatoo Coal generated a net profit of $3.6 million.
Shares in Brockman Resources Limited (ASX:BRM ) closed 9.80 per cent up yesterday at $2.24. Brockman’s takeover offer from Wah Nam International Australia Pty Ltd. has been extended. Wah Nam which owns over 80 per cent of Brockman has extended its offer to 31 May. The offer to shareholders includes $1.50 per share and 18 Wah Nam International shares for each Brockman share owned. Separately, Brockman announced significant iron ore mineralisation at its Sirius prospect in Western Australia’s Pilbara region. In the first half of the 2012 financial year Brockman reported a net loss of $17.4 million.
Ex-dividends
One company is going ex-dividend today: Steamships Trading Company Limited ( ASX:SST).
Two on Friday: Henderson Group ( ASX:HGG) and Waterco Limited (ASX:WAT).
Commodities
Gold is down $10.20 to $US1,632.60 an ounce for the June contract on Comex.
Silver is down $1.12 to $30.53 for May.
Copper is down $0.072 cents at $3.63 a pound.
Oil is down $0.77 at $103.11 a barrel for May light crude in New York.
