Weak leads from Europe look to weigh on the Australian share market this morning. Wall Street was closed for a public holiday on Monday. European risk appetite was dampened by banking pressures in Spain, offsetting optimism about Greece’s political situation.
Figures
Wall Street paused yesterday for the Memorial Day public holiday. Recapping Friday’s close, the Dow Jones Industrial Average finished at 12,455, the S&P500 finished at 1,318 and the Nasdaq finished at 2,838.
European markets started the week mixed: London’s FTSE added 5 points, Paris lost 5 points and Frankfurt lost 17 points.
Asian markets finished higher on Monday: Hong Kong’s Hang Seng added 88 points, Tokyo’s Nikkei added 13 and China’s Shanghai Composite added 28 points.
The Australian share market started the week on a positive note, advancing 1 per cent. On Monday the S&P/ASX 200 index gained 39 points to finish at 4,068. On the futures market the SPI is now 15 points lower.
Currencies
The Australian Dollar at 7:20AM was buying 98.58 US cents, 62.87 Pence Sterling, 78.34 Yen and 78.61 Euro cents.
Economic news due out today
Housing Industry Association: New home sales figures for April
Company news
Mining billionaire Gina Rinehart has reportedly increased her stake in Fairfax Media Limited (ASX:FXJ). Australia’s richest woman and Fairfax’s largest shareholder is understood to have emailed Fairfax Media and confirmed her interest has now grown from 12.59 per cent to more than 13 per cent. Shares in Fairfax Media rose 3.2 per cent yesterday, closing at $0.645.
National Australia Bank Limited’s (ASX:NAB) British arm is back in the spotlight with news its European chairman Malcolm Williamson will depart next month. The bank says its chief Cameron Clyne will now oversee the restructure of the British division and take on the role of NAB Group Europe and Clydesdale Bank following Sir Williamson’s retirement on June 7, 2012. Shares in National Australia Bank rose 1.5 per cent yesterday, closing at $23.65.
Ex-dividends today
AngloGold Ashanti Limited (ASX:AGG)
Ex-dividends this week
National Australia Bank Limited (ASX:NAB)
Newhaven Hotels Limited (ASX:NHH)
Commodities
Gold is up $4.10 to $US1,573 an ounce for the June contract on Comex.
Silver is down $0.01 to $28.38 for July.
Copper is up $0.02 at $3.47 a pound.
Oil is down $0.06 at $91.15 a barrel for June light crude in New York.
