US markets closed higher on Friday, amid hopes for a pro-austerity party victory in the Greek election on Sunday. It was confirmed early this morning that New Democracy has snatched the lead in Greece, as global investors continue to watch closely on whether it can form a Coalition and stay in the Eurozone. The Australian share market looks set to open higher.
Figures
Wall Street closed up on Friday: The Dow Jones Industrial Average gained 115 points to close at 12,767, the S&P500 added 14 points to close at 1,343 and the Nasdaq was up by 36 points to close at 2,873.
European markets closed up: London’s FTSE gained 12 points, Paris added 55 and Frankfurt was up by 91 points.
Asian markets closed up: Hong Kong’s Hang Seng added 426 points, Tokyo’s Nikkei gained 0.43 points and China’s Shanghai Composite added 11 points.
The Australian share market closed higher on Friday: The S&P/ASX 200 Index closed 15 points up to finish at 4,057. On the futures market the SPI is 25 points higher.
Currencies
The Australian Dollar at 7:15AM was buying $US1.012, 64.4 Pence Sterling, 79.8 Yen and 79.65 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics is new motor vehicle sales for May.
Company news
Echo Entertainment Group Limited’s (ASX:EGP) $454 million equity raising has reportedly been successful with institutional investors, with over 95 per cent subscribing to the one-for five renounceable entitlement offer. According to media reports, Echo will resume trading today and the entitlement offer for retail shareholders will commence early next week. The casino operator says funds raised will be used to reduce its gearing, develop a more suitable capital structure and preserve its financial flexibility. Shares in Echo last traded at $4.49.
Australia and New Zealand Banking Group (ASX:ANZ) will reportedly close a $100 million private equity fund which has gathered more than $62.9 million in losses. According to media reports the fund which was set up in 2006 has provided investors 41 cents in the dollar through distributions. A spokesperson for the banking group said ''Any write-downs for ANZ related to the ANZ Business Equity Fund are not material to the group.' Shares in ANZ closed 0.37 per cent down on Friday at $21.28.
Ex-dividends
Three companies are going ex-dividend today:
Fisher and Paykel Healthcare Corporation Limited (ASX:FPH), Gloucester Coal Limited (ASX:GCL) and Trafalgar Corporate Group (ASX:TGP).
Commodities
Gold is up $8.50 to $US1,628.10 an ounce for the August contract on Comex.
Silver is up $0.33 to $28.74 for July.
Copper is up $0.03 at $3.38 a pound.
Oil is up $0.12 at US$84.03 a barrel for July light crude in New York.
