After gaining 1.5 per cent over last week, and lifting above 4,400 yesterday, the Australian share market looks set to put the brakes on a recent US-stimulus induced rally. Global markets dipped into the red overnight following a strong run on the back of the US Federal Reserve's latest quantitative easing program.
Figures
Wall Street pulled back from last week’s gains on Monday: The Dow Jones Industrial Average lost 40 points to close at 13,553, the S&P500 lost 5 points to close at 1,461 and the Nasdaq lost 5 points to close at 3,179.
European markets also ended lower on Monday: London’s FTSE lost 22 points, Paris lost 28 points and Frankfurt lost 8 points.
Asian markets closed mixed on Monday: Hong Kong’s Hang Seng added 28 points, Tokyo’s Nikkei added 164 and China’s Shanghai Composite lost 45 points.
The Australian share market started the week 0.3 per cent higher: The S&P/ASX 200 Index gained 13 points on Monday to close at 4,402. On the futures market the SPI is now 1 point lower.
Currencies
The Australian Dollar at 7:20AM was buying $US1.048 cents, 64.49 Pence Sterling, 82.5 Yen and 79.91 Euro cents.
Economic news due out today
Reserve Bank of Australia: September board meeting minutes
Australian Bureau of Statistics: Merchandise imports data for August
Company news Sonic Healthcare Limited
(ASX:SHL) has decided to ditch part of its proposed $100 million acquisition of the Healthscope pathology businesses in New South Wales and the ACT. The pathology and radiology provider says it has agreed with Healthscope to terminate the transaction due to the time elapsed since the transaction was announced in May. Sonic says it is still working with Australia’s competition regulator to gain approval for its planned $47 million purchase of the Healthscope pathology businesses in Queensland and Western Australia. Shares in Sonic Healthcare fell 2.72 per cent yesterday to finish at $12.88.
Shares in Karoon Gas Australia Limited
(ASX:KAR) entered into a trading halt yesterday pending an announcement regarding an operational update. The announcement from the Australian and Peruvian oil and gas explorer is expected before tomorrow. Shares in Karoon Gas Australia last traded at $5.09.
Ex-dividends today Southern Cross Electrical Engineer Limited
(ASX:SXE) with a 2.25 cent fully franked dividend
Toll Holdings Limited
(ASX:TOL) with a 13.5 cent fully franked dividend
Ex-dividends tomorrow LandMark White Limited
(ASX:LMW) with a 2 cent fully franked dividend
Prime Financial Group Limited
(ASX:PFG) with a 0.25 cent fully franked dividend
Commodities
Gold is down $7.20 to $US1,763 an ounce for the December contract on Comex.
Silver is down $0.15 to $34.22 for December.
Copper is down $0.035 at $3.76 a pound.
Oil is down $2.38 at $US96.62 a barrel for October light crude in New York.
