Outlook: ASX tipped for steady start

Market Reports

The Australian share market looks set for a steady start to the week after global markets closed mixed at the end of last week. Investors paused from a stimulus induced rally as attention turned to Europe amid speculation Spain could this week request a bailout. While there is little economic news due on the local front, a number of companies will trade ex-dividend today.   

Figures

Wall Street closed mixed at the end of last week: The Dow Jones Industrial Average lost 17 points to close at 13,579, the S&P500 lost 0.11 points to close at 1,460 and the Nasdaq added 4 points to close at 3,180.
 
European markets also finished mixed at the end of last week: London’s FTSE lost 2 points, Paris added 21 points and Frankfurt added 62 points.
 
Asian markets ended higher at the end of last week: Hong Kong’s Hang Seng added 144 points, Tokyo’s Nikkei added 23 and China’s Shanghai Composite added 2 points.
 
The Australian share market rose 0.3 per cent on Friday to post its third straight weekly gain: The S&P/ASX 200 Index rose 11 points on Friday to end the week 18 points stronger at 4,408. On the futures market the SPI is flat.
 
Currencies

The Australian Dollar at 7:20AM was buying $US1.045 cents, 64.38 Pence Sterling, 81.7 Yen and 80.55 Euro cents.
 
Economic news due out today

Housing Industry Australia: New home sales figures

Company news

Eyes will be on Intrepid Mines Limited (ASX:IAU) today after the Indonesian focused gold miner’s stock gained 72 per cent over last week. Intrepid has given no reason for the price spike but responded to a price query earlier in the week, noting it has a priority to develop its troubled Tujuh Bukit gold-silver-copper project without delay. The company also confirmed there has been no exploration activity on site since its joint venture partner suspended operations more than six weeks ago. Shares in Intrepid Mines jumped to the best performer on Friday, advancing 15.73 per cent to end the week at $0.515.

The transport union has reportedly warned Qantas Airways Limited (ASX:QAN) is at risk of being sold within four years if its tie-up with Emirates goes ahead. Qantas announced the tie up with the Middle East airline earlier this month which is still pending approval from the Australia’s competition regulator. Transport Workers' Union chief Tony Sheldon has told the media he has no doubt Qantas’ strategy will result in the absolute demise and breakup of Australia’s largest carrier. Shares in Qantas Airways dropped 0.78 per cent on Friday to end the week at $1.26.

Commodities

Gold is up $6.10 to $US1,778 an ounce for the December contract on Comex.
Silver is down $0.044 to $34.64 for December.
Copper is up $0.02 at $3.79 a pound.
Oil is up $0.47 at $US92.89 a barrel for November light crude in New York.
 
Ex-dividends

Aurora Absolute Return Fund (ASX:ABW)
Australian Education Trust (ASX:AEU)
Aurora Global Infrastructure Income Trust (ASX:AIB)
Aurora Sandringham Dividend Income Trust (ASX:AOD)
Aurora Property Buy-Write Income Trust (ASX:AUP)
Australian Enhanced Income Fund (ASX:AYF)
Australian Social Infrastructure Fund (ASX:AZF)
Brookfield Prime Property Fund (ASX:BPA)
Cabcharge Australia Limited (ASX:CAB)
Capitol Health Limited (ASX:CAJ)
Consolidated Media Holdings Limited (ASX:CMJ)
Crown Limited (ASX:CWN)
Ethane Pipeline Income Fund (ASX:EPX)
Fantastic Holdings Limited (ASX:FAN)
Fletcher Building Limited (ASX:FBU)
Globe International Limited (ASX:GLB)
Hastings Diversified Utilities Fund (ASX:HDF)
Hastings High Yield Fund (ASX:HHY)
Hyperion Flagship Investments Limited (ASX:HIP)
LaserBond Limited (ASX:LBL)
Melbourne IT Limited (ASX:MLB)
MaxiTRANS Industries Limited (ASX:MXI)
Mastermyne Group Limited (ASX:MYE)
Myer Holdings Limited (ASX:MYR)
Newcrest Mining Limited (ASX:NCM)
Nuplex Industries Limited (ASX:NPX)
Peters MacGregor Investments Limited (ASX:PET)
PanAust Limited (ASX:PNA)
Scott Corporation Limited (ASX:SCC)
SKYCITY Entertainment Group Limited-Ord (ASX:SKC)
Seven Group Holdings Limited (ASX:SVW)
Seymour Whyte Limited (ASX:SWL)
Tandou Limited (ASX:TAN)
The Reject Shop Limited (ASX:TRS)


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