The Australian share market is set strong start to the session, after the Dow Jones hit an all time record high on Wall Street overnight. China’s forecast growth target of 7.5 helped propel US markets back to pre-GFC strength.
Figures The Dow Jones Industrial Average soared points 126 to close at 14,254, and exceed its previous record. The S&P 500 added 15 points to close at 1,540 and the NASDAQ put on 42 points to close at 3,224
European markets also firmer. London’s FTSE added 86 points, Paris put on 77 points and Frankfurt gained 179 points.
Asian markets also closed firmer. Hong Kong’s Hang Seng added 23 points, Tokyo’s Nikkei added 31 and China’s Shanghai Composite added 53 points.
At yesterday’s close the local share market was in front. The S&P/ASX 200 Index closed 65 points firmer to finish at 5,075. On the futures market the SPI is up 20 points
Currencies At 8:30AM the Australian Dollar was buying $US1.02 cents, 67.78 Pence Sterling, 95.60 Yen and 78.58 Euro cents.
Economic newsThe ABS will today release national accounts including gross domestic product, December quarter 2012.
Company newsFortescue Metals
(ASX:FMG) boss Andrew ‘Twiggy’ Forrest will face the full High Court this morning, as he challenges the Federal Governments mining tax. Mr Forrest argues the Minerals Resource Rent Tax (MRRT) contravenes the constitution, by removing state rights to manage their own assets. FMG last traded 0.69% weaker $4.34.
SKYCITY Entertainment Group Limited
(ASX:SKC) has been short listed to participate in the second phase of a tourism development project on Queensland’s Gold Coast. The Broadwater site is earmarked for a world class casino and hotel. Chief executive Nigel Morrison says SkyCity and partner Brookfield Multiplex partner will now submit a detailed proposal
. SKC shares closed at flat at $3.40.
Ex-dividend today Calliden Group Ltd ( ASX:CIX) Lindsay Australia Limited
(ASX:LAU) Prophecy International Holdings Limited
(ASX:PRO)
CommoditiesGold is up $2.50 at $US1,575 an ounce for the April contract on Comex.
Silver is up $0.11 to $28.60 for May.
Copper is up $0.02c at $3.52 a pound.
Oil is up 70c at US$90.82 a barrel for April light crude in New York.
