Aussie shares are poised to lift at the open, after global markets rose, as investors were reassured by signs a budget deal may be taking shape.
US economic news
The current account deficit has eased in the third quarter, coming in at $107.5 billion, slightly down from $118 billion the previous three months. A drop in oil prices has contributed to the latest reading.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 116 points to close at 13,351, the S&P500 added 16 points to close at 1,447 and the Nasdaq gained 44 points to close at 3,055.
European markets closed up: London’s FTSE added 24 points, Paris gained 11 and Frankfurt was up by 49 points.
Asian markets closed mixed: Hong Kong’s Hang Seng lost 19 points, Tokyo’s Nikkei added 94 and China’s Shanghai Composite added 2 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 22 points up to finish at 4,595. On the futures market the SPI is 29 points higher.
Currencies
The Australian Dollar at 8:25AM was buying $US1.053, 64.85 Pence Sterling, 88.69 Yen and 79.67 Euro cents.
Economic news
Westpac-Melbourne Institute: Leading Indexes of Economic Activity for October.
Company news Shares in Toro Energy Limited’s
(ASX:TOE) slumped almost 9 per cent before close yesterday, after news its approval to build a uranium mine in Wiluna, Western Australia, had been delayed for a second time by the federal government. West Australian Regulators issued their approval in October. Toro will be the first company in the region to mine urnanium should approval be granted. Toro will need to secure a joint venture partner for the project. Shares in Toro Energy closed 4.35 per cent lower yesterday at $0.11.
Explosives and fertiliser maker Incitec Pivot Limited
(ASX:IPL) provided shareholders with an optimistic outlook at its annual meeting yesterday despite a fall in earnings for the 2012 financial year. Incitec’s chief says the company’s Asia Pacific Explosives division would be underpinned by economic growth in China. The company is due to make a decision on building an ammonia nitrate plant in Louisiana in the US by the second quarter of 2013. Shares in Incitec Pivot closed 1.23 per cent lower yesterday at $3.21.
Ex-dividends One company is going ex-dividend today and that is Singapore Telecommunications Limited
(ASX:SGT) with a 5.29 cent unfranked dividend. Tomorrow: G8 Education Limited
(ASX:GEM) and Thorn Group Limited
(ASX:TGA).
Commodities
Gold is down $27.50 to $US1,671 an ounce for the February contract on Comex. Silver is down $0.61 to $31.67 for March. Copper is down $0.02 at $3.65 a pound. Oil is up $0.73 at US$87.93 a barrel for January light crude in New York.
