Following weak offshore leads the SPI is pointing to a steady start for the Australian share market ahead of the release of the latest Reserve Bank of Australia's (RBA) board meeting minutes and earnings reports again in the spotlight.
Figures
Wall Street started the week lower: The Dow Jones Industrial Average lost 4 points to close at 13,272, the S&P500 lost 0.03 points to close at 1,418 and the Nasdaq lost 0.38 points to close at 3,076.
European markets slipped on Monday: London’s FTSE dipped 28, Paris dipped 8 and Frankfurt dipped 7 points.
Asian markets closed mixed on Monday: Hong Kong’s Hang Seng lost 12, Tokyo’s Nikkei lifted 9 and China’s Shanghai Composite lost 8 points.
The Australian share market recovered from session lows to end flat on Monday: The S&P/ASX 200 Index lost 6 points to end at 4,364. On the futures market the SPI is 3 points higher.
Currencies
The Australian Dollar at 7:15AM was buying $US1.045 cents, 66.53 Pence Sterling, 82.99 Yen and 84.64 Euro cents.
In economic news due out today
Reserve Bank of Australia: August monthly board meeting minutes
Company news Western Areas NL
(ASX:WSA) has reported a net profit fall in line with expectations and declared a higher than expected final dividend. The nickel miner’s net profit dropped to $40.2 million in fiscal 2012 from $135 million the year before, hit by lower prices for its products amid softening demand from China. Western Areas has lowered its dividend to 6 cents per share, 30 per cent franked. Shares in Western Areas rose 3.55 per cent on Monday to close at $4.38.
McPherson's Limited
(ASX:MCP) has unveiled a 29 per cent fall in its fiscal 2012 net profit from continuing operations but believes it is well positioned to improve its performance over the coming year. The consumer products distributor of labels including Manicare and Lady Jayne says it battled a challenging retail environment through new initiatives and expects a modest increase in revenue and earnings in fiscal 2013. McPherson's has lowered its final dividend to 7 cents per share, fully franked. Shares in McPherson's lifted 1.09 per cent on Monday to close at $1.85.
Ex-dividends Platinum Asset Management Limited
(ASX:PTM) with a 13 cent fully franked dividend
SAI Global Limited
(ASX:SAI) with an 8.2 cent fully franked dividend
STW Communications Group Limited
(ASX:SGN) with a 3.3 cent fully franked dividend
Wesfarmers Limited
(ASX:WES) with a 95 cent fully franked dividend
Commodities
Gold is up $3.60 to $US1,623 an ounce for the December contract on Comex.
Silver is up $0.59 to $28.59 for September.
Copper is down $0.05 at $3.37 a pound.
Oil is down $0.04 at $US95.97 a barrel for September light crude in New York.
