The Australian share market looks set for a subdued start to the day, as Hurricane Sandy places a freeze on the New York Stock Exchange and the Nasdaq, investors will remain cautious at the prospect of low liquidity.
Figures
Wall Street last traded mixed on Friday : The Dow Jones Industrial Average gained 4 points to close at 13,107, the S&P500 lost 1 point to close at 1,412 and the Nasdaq was up by 2 points to close at 2,988.
European markets closed lower : London’s FTSE lost 12 points, Paris lost 26 and Frankfurt shed 29 points.
Asian markets closed lower: Hong Kong’s Hang Seng lost 35 , Tokyo’s Nikkei was down by 4 and China’s Shanghai Composite lost 7 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 4 points up to finish at 4,477. On the futures market the SPI is 7 points higher.
Currencies
The Australian Dollar at 7:45AM was buying $US1.033, 64.48 Pence Sterling, 82.47 Yen and 80.1 Euro cents.
Economic news
Housing Industry Association - new home sales for September.
Company news
Copper and gold producer PanAust Limited
(ASX:PNA) says it is on track to meet its full year production guidance. The company says higher processing rates and a higher average copper head grade are expected to deliver a strong December quarter performance. Shares in PanAust closed 0.61 per cent up yesterday at $3.30.
Addressing Bendigo and Adelaide Bank Limited’s
(ASX:BEN) annual meeting yesterday, Chairman Robert Johanson warned the financial crisis was far from over and expects it to last for at least another five years, with the regional lender taking a long-term approach to growing its business. Mr Johanson’s comments come after the bank reported a 43 per cent fall in net profit last year and a 4 per cent drop in its cash profit. Shares in Bendigo and Adelaide Bank closed 0.13 per cent lower yesterday at $7.97.
Ex-dividends
Australian Governance Master Index Fund Limited
(ASX:AQF) with a 3 cent fully franked dividend and Asian Masters Fund Limited
(ASX:AUF) with a 1 cent unfranked dividend.
Commodities
Gold is up $1.20 to $US1,710 an ounce for the December contract on Comex. Silver is up $0.06 to $31.80 for December. Copper is up $0.01 at $3.51 a pound. Oil is down $0.74 at US$85.54 a barrel for December light crude in New York.
