The Australian share market looks set to open slightly lower this morning despite US stocks posting gains on the back of favourable economic growth data.
US Economic News
The US economy performed marginally better than expected in its second quarter, Gross Domestic Product grew at a 1.7 per cent annual rate, while corporate profits after tax rose 1 percent after sliding 8.6 per cent in the first quarter.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 5 points to close at 13,107, the S&P500 added 1 point to close at 1,410 and the Nasdaq added 4 to close at 3,081 points.
European markets meanwhile closed mixed: London’s FTSE lost 32 points, Paris lost 18 while Frankfurt added 8 points.
Asian markets also closed mixed: Hong Kong’s Hang Seng lost 23 points, Tokyo’s Nikkei added 37 and China’s Shanghai Composite dropped 20 points.
The Australian share market closed flat yesterday: The S&P/ASX 200 Index closed 3 points down to finish at 4,356. On the futures market the SPI is 10 points down.
Currencies
The Australian Dollar at 7:20AM was buying $US1.035 cents, 65.40 Pence Sterling, 81.48 Yen and 82.62 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Private new capital expenditure and expected expenditure for the June quarter as well as the building approvals for July
Company news
Medusa Mining Limited (ASX:MML) has recorded a 55% fall in its net profit of $49.2 million. Managing Director Peter Hepburn Brown says that the balance between production and development made for a challenging financial year in which results were also impacted by two unfavourable weather events. Medusa will pay a final unfranked dividend of 2 cents per share. Shares in Medusa Mining closed 1 per cent up yesterday at $5.05.
Newcrest Mining Limited (ASX:NCM) yesterday released a pre-feasibility study into its Wafi-Golpu project in PNG, revealing production estimates that fell short of earlier Deutsche Bank estimates for the Golpu deposit. Capital expenditure was forecast at the higher end of estimates for the project which is estimated to move into full feasibility before July next year. The Wafi-Golpu project is a partnership between Newcrest and Africa’s Harmony Gold Mining. Shares in Newcrest closed flat yesterday at $26.70.
Commodities
Gold is down $11.20 to $US1,658.50 an ounce for the December contract on Comex. Silver is down $0.17 to $30.70 for September. Copper is down $0.02 at $3.45 a pound. Oil is down $0.73 at US$95.60 a barrel for October light crude in New York.
Ex Dividends
AGL Energy Ltd (ASX:AGK) with a 32 cent dividend 100% franked
APN News and Media Limited (ASX:APN) with a 1.5 cent dividend 33.33% franked
Insurance Australia Group Limited (ASX:IAG) with a 12 cent dividend 100% franked
Infomedia Limited (ASX:IFM) with a $1.37 dividend 100% franked
Medical Developments International Limited (ASX:MVP) with a 3 cent dividend 100% franked
Northern Star Resources Limited (ASX:NST) with a 2.5 cent dividend 100% franked
Redflex Holdings Limited (ASX:RDF) with a 5 cent dividend 100% franked
Spark Infrastructure Group (ASX:SKI) with a 5.25 cent dividend 0% franked
Treasury Group Limited (ASX:TRG) with a 20 cent dividend 100% franked
Tatts Group Limited (ASX:TTS) with a 12 cent cent dividend 100% franked
Wellcom Group Limited (ASX:WLL) with a 10 cent dividend 100% franked
Amalgamated Holdings Limited (ASX:AHD) with a 25 cent dividend 100% franked
Aristocrat Leisure Limited (ASX:ALL) with a 4 cent dividend 0% franked
Colorpak Limited (ASX:CKL) with a $1.75 cent dividend 100% franked
