Outlook: Aus shares set to open higher

Market Reports

The Australian share market is set to open higher this morning after US and European markets closed stronger overnight.

Figures

Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 103 points to close at 12,909, the S&P500 added 9 points to close at 1,373 and the Nasdaq gained 33 points to close at 2,943.

European markets closed higher: London’s FTSE gained 57 points, Paris gained 58 points and Frankfurt also gained 107 points.

Asian markets closed mixed: Hong Kong’s Hang Seng lost 215 points, Tokyo’s Nikkei lost 28 points and China’s Shanghai Composite added 8 points.

The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 17 points down to finish at 4,124. On the futures market the SPI is 35 points higher.

Currencies

The Australian Dollar at 7:15AM was buying $US1.037 cents, 66.25 Pence Sterling, 81.69 Yen and 84.43 Euro cents.

Economic news

Due out today from National Australia Bank is its business confidence survey for the June quarter.


Company news

Fleetwood Corporation Limited (ASX:FWD) has been assigned to build and manage a new workers accommodation village in South Hedland in Western Australia. The Department Of Housing has selected the recreational accommodation company to construct and install the 293 park home dwellings, with work due to begin in September. Shares in Fleetwood Corporation Limited (ASX:FWD) closed 0.41per cent higher yesterday at $12.36.

Iress Ltd (ASX:IRE) first UK deployment , XPLAN, has gone live with its first UK client, Sesame Bankhall Group. The XPLAN platform provides an electronic advice centre and is designed to help businesses drive process efficiencies. Shares in Iress Ltd (ASX:IRE) closed1.06 per cent lower yesterday at $6.54.

Ex-dividends

Finbar Group is going ex-dividend today with a $0.055 fully franked dividend

Commodities

Gold is up $2 to $US1,572.80 an ounce for the August contract on Comex.
Silver is up $0.04 to $27.14 for September.
Copper is up $0.02 at $3.47 a pound.
Oil is up $0.10 at US$89.97 a barrel for August light crude in New York.