The Australian share market looks set to open higher after US markets posted a solid finish overnight as investors welcomed an upbeat start to corporate earnings season.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 62 points to close at 13,391, the S&P500 added 4 points to close at 1,461 and the Nasdaq added 14 points to close at 3,106.
European markets closed up: London’s FTSE gained 45 points, Paris was up by 12 and Frankfurt gained 25 points.
Asian markets closed mixed: Hong Kong’s Hang Seng added 107 points, Tokyo’s Nikkei added 71 and China’s Shanghai Composite lost just below 1 point.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 18 points up to finish at 4,708. On the futures market the SPI is 11 points higher.
Currencies
The Australian Dollar at 8:30AM was buying $US1.051, 65.65 Pence Sterling, 92.32 Yen and 80.53 Euro cents.
Economic news
The Australian Bureau of Statistics will release building approvals figures for November.
Company news Centuria Capital Limited’s
(ASX:CNI) wholly owned subsidiary Centuria Property Fund has entered into a conditional contract to purchase 175 Castlereagh Street in Sydney for $56 million from Stockland
(ASX:SGP). The unlisted property fund is expected to return 9 per cent in its first year. Equity raising for the fund is currently in progress. Shares in Centuria Capital are trading steady at $0.54.
Billabong International Limited’s
(ASX:BBG) chief says it will soon reveal its transformation strategy, in the wake of shares falling 42 per cent last year and amid several executive departures. According to Fairfax Media, the surfwear retailer is looking to update its reporting lines with a possible globally aligned IT system. Billabong granted due diligence last month, for a proposed cash offer of $1.10 per share from a consortium that includes New York based private equity group Sycamore Partners. Shares in Billabong closed 0.58 per cent lower yesterday at $0.86.
Commodities
Gold is down $6.70 to $US1,656 an ounce for the February contract on Comex. Silver is down $0.21 to $30.25 for March. Copper is flat $3.67 a pound. Oil is down $0.05 at US$93.10 a barrel for February light crude in New York.
