The Australian share market looks set to open higher after US stocks rose on the back of data pointing towards an improved US labour market.
FiguresWall Street closed higher yesterday: The Dow Jones Industrial Average gained 81 points to close at 13,575, the S&P500 added 10 points to close at 1,461and the Nasdaq went up by 14 points to close at 3,149.
European markets closed mixed: London’s FTSE added 2 points, Paris lost 5 and Frankfurt dropped 17 points.
Asian markets closed higher overall: Hong Kong’s Hang Seng added 20 points, Tokyo’s Nikkei added 78 and China’s Shanghai Composite was closed for a public holiday.
The Australian share market closed higher: The S&P/ASX 200 Index closed 14 points up to finish at 4,452. On the futures market the SPI is 11 points up.
CurrenciesThe Australian Dollar at 7:30AM was buying $US1.024 cents, 63.27 Pence Sterling, 80.4 Yen and 78.69 Euro cents.
Economic newsDue out today from the Australian Industry Group and Housing Industry Association is the performance of construction index (PCI) for September
Company news Billabong International Limited
(ASX:BBG) has responded to speculation that suitor TPG is considering withdrawing its $694 million bid. After the market closed yesterday the surfwear retailer said TPG and its advisors had expressed concerns over some issues but discussions are continuing. Billabong emphasised there was no guarantee of a transaction between the companies after TPG had reportedly considered withdrawing its $1.45 per share offer. Shares in Billabong last traded 18.25 per cent lower yesterday at $1.07.
Retail Food Group Limited
(ASX:RFG) has announced plans to raise capital to fund its purchase of a pizza franchise. The owner of Brumbie’s bakery and Michel’s Patisserie engaged Petra Capital to place 13.6 million shares with a floor price of $2.80 via book build, with an aim to raise $38 million. CEO Tony Alford says that proceeds from capital raisings would go towards funding the acquisition of Crust Gourmet Pizza Bars for $41 million. Shares in Retail Food Group last traded 1.35 per cent higher at $3.00.
Ex-dividendsNoni B Limited
(ASX:NBL) with a 3.5 cent fully franked dividend.
CommoditiesGold is up $16.70 to $US1,796 an ounce for the December contract on Comex. Silver is also higher, up $0.41 to $35.10 for December. Copper is steady at $3.79 a pound. Oil is $3.57 higher at US$91.71 a barrel for November light crude in New York.
