The Australian share market is poised for positive start to the last day of October after European markets rose while US markets stayed shut for a second straight day as Hurricane Sandy hit the US Northeast. Locally attention will be on a series of company Annual General Meeting's (AGM) and National Australia Bank Limited
(ASX:NAB) will deliver its annual profit result.
Figures
US stock markets were forced to close for a second straight day on Tuesday. Recapping Wall Street’s last close on Friday: The Dow Jones Industrial Average last traded at 13,107, the S&P500 last traded at 1,412 and the Nasdaq last traded at 2,988.
European markets rose on Tuesday: London’s FTSE added 55 points, Paris added 51 points and Frankfurt added 81 points.
Asian markets closed mixed on Tuesday: Hong Kong’s Hang Seng lost 82 points, Tokyo’s Nikkei lost 87 and China’s Shanghai Composite added 3 points.
The Australian share market finished a weak day of trade 0.2 per cent higher yesterday: The S&P/ASX 200 Index added 9 points on Tuesday to end at 4,486. On the futures market the SPI is now 23 points higher.
Currencies
The Australian Dollar at 8:00AM was buying $US1.036 cents, 64.53 Pence Sterling, 82.54 Yen and 80 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Building approvals figures for September
Reserve Bank of Australia: Financial aggregates for September
Company news Crown Limited
(ASX:CWN) has improved its first quarter revenues and side-stepped a second strike on executive pay. The casino group says gaming revenue at its Australian casinos grew 8 per cent in the first 17 weeks of the new financial year and non-gaming revenue rose 5.9 per cent. After last year rejecting the company’s remuneration report 93 per cent of shareholders yesterday voted to back the revised policies yesterday. Shares in Crown dipped 0.53 per cent yesterday, closing at $9.38.
Supermarket giant Woolworths Limited
(ASX:WOW) is reportedly preparing to roll out its national hardware chain, Masters overseas. According to Fairfax Media Woolies has created a New Zealand subsidiary for the home improvement business after just launching the business in Australia.
The report claims 15 of the Masters stores operating in the 2012 financial year generated sales of more than $160 million. Shares in Woolworths firmed 0.41 per cent yesterday, closing at $29.26.
Commodities
The price of gold is up $3.40 to $US1,712 an ounce for the December contract on Comex.
Silver is up $0.07 to $31.82 for December.
Copper is up $0.01 at $3.51 a pound.
Oil is up $0.14 at $US85.68 a barrel for December light crude in New York.
