The Australian share market looks poised to rise this morning after global markets gained overnight. Despite lingering European debt concerns US markets edged higher in light trade ahead of a public holiday. With no major local economic news scheduled for today attention will again remain on a series of annual general meetings.
Figures
Ahead of the Thanksgiving Day public holiday on Thursday, Wall Street rose on Wednesday: The Dow Jones Industrial Average added 48 points to close at 12,837, the S&P500 added 3 points to close at 1,391 and the Nasdaq added 10 points to close at 2,927.
European markets also lifted on Wednesday: London’s FTSE added 4 points, Paris added 15 points and Frankfurt added 12 points.
Asian markets finished higher on Wednesday: Hong Kong’s Hang Seng added 296 points, Tokyo’s Nikkei added 80 and China’s Shanghai Composite added 21 points.
The Australian share mark shed 0.4 per cent on Wednesday: The S&P/ASX 200 Index lost 16 points to close at 4,370. On the futures market the SPI is now 25 points higher.
Currencies
The Australian Dollar at 8:20AM was buying $US1.036 cents, 65.02 Pence Sterling, 85.57 Yen and 80.85 Euro cents.
Company news Alcoa
(ASX:AAI) is reportedly preparing to expand its presence in the energy sector and has already injected almost $200 million to increase its exposure to local energy explorers. According to Fairfax Media Alcoa’s Australian chief Alan Cransberg says the company is a long term player and will continue to look into opportunities and investments. The report states Alcoa has exposure to three ASX-listed energy companies including Empire Energy Group Limited
(ASX:EEG), Buru Energy Limited
(ASX:BRU) and Transerv Energy Limited
(ASX:TSV). Shares in Alcoa last traded at $8.10.
Kingsgate Consolidated Limited
(ASX:KCN) has been hit with its first strike against executive pay with more than 25 per cent of shareholders objecting to the executive remuneration report. The gold mining and exploration company’s Chairman Ross Smyth-Kirk said he was very disappointed with the vote taken at yesterday’s annual general meeting. Mr Smyth-Kirk also conceded it had been a frustrating year but says Kingsgate produced record production and profits and is poised for growth as new projects come on stream. Shares in Kingsgate Consolidated dipped 1.63 per cent on Wednesday to finish at $4.84.
Commodities
Gold is up $4.60 to $US1,728 an ounce for the December contract on Comex.
Silver is up $0.42 to $33.35 for December.
Copper is down $0.02 at $3.51 a pound.
Oil is up $0.63 at $US87.38 a barrel for January light crude in New York.
