The Australian share market looks to be eyeing a positive start to the last week of the financial year after Wall Street rebounded and European leaders agreed on a €130 billion economic stimulus plan for the eurozone. With no major local economic news due today investors will be monitoring developments in Europe ahead of an EU summit starting on Thursday.
Figures
Wall Street lost ground over last week but recovered on Friday: On its last trading day of the week the Dow Jones Industrial Average added 67 points to close at 12,641, the S&P500 added 10 points to close at 1,335 and the Nasdaq added 33 points to close at 2,892.
European markets retreated on Friday: London’s FTSE lost 53, Paris lost 23 and Frankfurt lost 80.
Asian markets also closed lower at the end of last week: Hong Kong’s Hang Seng lost 270, Tokyo’s Nikkei lost 26 and China’s Shanghai Composite lost 32 points.
The Australian share market erased its weekly gains on Friday. The S&P/ASX 200 index dropped 39 points on Friday to finish the week 0.2 per cent lower at 4,048. On the futures market the SPI is now 13 points higher.
Currencies
The Australian Dollar at 7:20AM was buying $US1.005 cents, 64.54 Pence Sterling, 80.87 Yen and 80.07 Euro cents.
Company news
Shares in Sundance Resources Limited (ASX:SDL) finished as the top 200’s best performer after a full day of announcements from the West Africa focused iron ore developer. The company’s stock took a hit earlier in the session following news it has received copies of court process on behalf of the families of the late board members who died two years ago in a plane crash. Stock recovered as Sundance advised the afternoon Australia’s Foreign Investment Review Board has given its suitor, Hanlong Mining, the green light for its proposed acquisition of Sundance. Shares in Sundance Resources finished the week 7.46 per cent stronger at $0.36.
Friday’s worst performing stock was Aquarius Platinum Limited (ASX:AQP) after earlier in the week announcing it will shut its second mine in two weeks. The dual-listed platinum producer has been under pressure over the past months as its key commodity suffers from lower demand. Aquarius said last week it has placed its Everest mine on care and maintenance pending better prices and improved industrial relations in South Africa. Shares in Aquarius Platinum dropped 14.61 per cent on Friday to end the week at $0.76.
Commodities
Gold is up $7.40 to $US1,573 an ounce for the August contract on Comex.
Silver is down $0.18 to $26.66 for July.
Copper is up $0.02 at $3.31 a pound.
il is up $2.19 at $81.06 a barrel for August light crude in New York.
