The Australian share market looks set for a cautious start after Wall Street closed mixed amid earnings results and ahead of President Obama's State of the Union address. Overseas, G7 countries expressed concerns for foreign exchange volatility and Hong Kong and China’s financial markets closed for the Lunar New Year. On the local front a deluge of company earnings are due including results from Commonwealth Bank of Australia
(ASX:CBA), Leighton Holdings Limited
(ASX:LEI) and CSL Limited
(ASX:CSL).
Figures
Wall Street closed mixed on Tuesday: The Dow Jones Industrial Average added 48 points to close at 14,019, the S&P500 added 2 points to close at 1,519 but the Nasdaq lost 6 points to close at 3,187.
European markets gained on Tuesday: London’s FTSE added 61 points, Paris added 36 point and Frankfurt added 27 points.
Across Asian markets: Hong Kong’s Hang Seng and China’s Shanghai Composite were closed for the Lunar New Year while Japan's Nikkei added 216 points.
The Australian share market ended in negative territory on Tuesday: The S&P/ASX 200 Index closed half a point lower on Tuesday to end at 4,959. On the futures market the SPI is 5 points higher.
Currencies
The Australian Dollar at 8:00AM was buying $US1.03 cents, 65.84 Pence Sterling, 96.38 Yen and 76.62 Euro cents.
Economic news due out today The Australian Bureau of Statistics: Lending finance for December
Westpac Banking Corporation
(ASX:WBC)-Melbourne Institute: Survey of Consumer Sentiment
Company news Commonwealth Bank of Australia
(ASX:CBA) is expected to increase its interim profit and dividends when it releases its results today.
Analysts expect Australia’s biggest bank could post a first half cash profit of about $3.7 billion, putting it on track to exceed last year’s full year cash profit of $7.11 billion. CBA’s market cap surpassed the $100 billion market capitalisation barrier earlier this year. Shares in Commonwealth Bank of Australia rose 0.61 per cent yesterday, ending at $65.52.
Dual-listed casino operator SKYCITY Entertainment Group Limited
(ASX:SKC) has reported a 3.5 per cent fall in its first half net profit.
SKYCITY’s chief describes the results as satisfactory - given a challenging environment in Australia, a soft New Zealand consumer environment and a strong comparative period which was boosted by Rugby World Cup visitors into New Zealand the year before. An increased dividend of $NZ0.10 or about $AUD0.0817 per share has been declared. Shares in SKYCITY Entertainment Group rose 0.93 per cent yesterday, ending at $3.27.
Ex-dividends today
ResMed Inc.
(ASX:RMD) with a 1.4 cent unfranked dividend
Ex-dividends this week
GUD Holdings Limited
(ASX:GUD) with a 36 cent fully franked dividend
Milton Corporation Limited
(ASX:MLT) with a 39 cent fully franked dividend
JB Hi-Fi Limited
(ASX:JBH) with a 50 cent fully franked dividend
Commodities
Gold is up $0.50 to $US1,650 an ounce for the April contract on Comex.
Silver is up $0.11 to $31.02 for March.
Copper is up $0.02 at $3.74 a pound.
Oil is up $0.48 at US$97.51 a barrel for March light crude in New York.
