The Australian share market is tipped to open higher today after European and US markets shrugged off the unexpected announcement that the Italian Prime Minister Mario Monti plans to step down after parliament passes a national budget later this month.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 15 points to close at 13,170, the S&P500 added 0.5 point to close at 1,419 and the Nasdaq was up by 9 points to close at 2,987.
European markets closed up: London’s FTSE added 7 points, Paris gained 6 and Frankfurt was up by 13 points.
Asian markets closed up: Hong Kong’s Hang Seng added 86 points, Tokyo’s Nikkei added 6 and China’s Shanghai Composite gained 22 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 6 points up to finish at 4,558. On the futures market the SPI is 10 points higher.
Currencies
The Australian Dollar at 8:15AM was buying $US1.048, 65.27 Pence Sterling, 86.39 Yen and 81.06 Euro cents.
Economic news
Due from National Australia Bank is the monthly business survey for November.
Company news Viterra’s
(ASX:VTA) long term suitor Glencore International has received the final piece of regulatory approval by the Chinese government’s Ministry of Commerce. The deal is expected to be finalised on 17 December. Viterra shareholders voted 99.8 per cent in favour of the transaction in May and will give the Swiss-based commodities trader a huge presence in the grains sector. The company will be de-listed from the ASX and the Totonto stock exchange. Shares in Viterra closed 2.65 per cent up yesterday at $15.60.
Uranium producer Peninsula Energy Limited
(ASX:PEN) has raised $36 million from Blackrock Financial Management and Pala, to be used for development of its Lance project in north east Wyoming in the US. The funding comes through $22 million in secured notes and about $14 million via an equity issue. The company is also seeking $US70 million in industrial development bonds from the Wyoming Business Council. Peninsula Energy is one of the few companies focused on Wyoming’s uranium fields after it was widely abandoned in the 1980’s. Shares in Peninsula Energy closed 8.57 per cent up yesterday at $0.04.
Ex-dividends One company is going ex-dividend today and that is Ironbark Capital Limited
(ASX:IBC) with a 2 cent fully franked dividend. Tomorrow there will be James Hardie Industries
(ASX:JHX) with a 5 cent unfranked dividend.
Commodities
Gold is up $8.90 to $US1,714 an ounce for the February contract on Comex. Silver is up $0.24 to $33.38 for March. Copper is up $0.04 at $3.71 a pound. Oil is down $0.37 at US$85.56 a barrel for January light crude in New York.
