The Australian share market looks to lift this morning and extend the weekly gain after the Dow Jones Industrial Average continued its record run on Wall Street overnight. US investors were encouraged by better than expected initial jobless claims figures while European stocks locked in gains after the European Central Bank and the Bank of England opted to keep rates steady.
Figures
Wall Street firmed on Thursday: The Dow Jones Industrial Average added 33 points to close at 14,330, the S&P 500 added 2 points to close at 1,544 and the NASDAQ added 10 points to close at 3,232.
European markets also gained on Thursday: London’s FTSE added 12 points, Paris added 20 points and Frankfurt added 20 points.
Asian markets closed mixed on Thursday: Hong Kong’s Hang Seng lost 6 points, Tokyo’s Nikkei added 36 and China’s Shanghai Composite lost 23 points.
The Australian share market paused from 54 month high yesterday, ending almost where it started: The S&P/ASX 200 Index pulled back 8 points to close at 5,109. On the futures market the SPI is pointed 22 points higher.
Currencies
The Australian Dollar at 7:50AM was buying $US1.02 cents, 68.44 Pence Sterling, 97.44 Yen and 78.39 Euro cents.
Company news Goodman Group
(ASX:GMG) has inked a $440 million co-ownership deal which will see the property funds manager take a 25 per cent interest in a Hong Kong port terminal.
The Goodman Hong Kong Logistics Fund has formed a co-ownership arrangement with one of the world's biggest terminal operators named DP World to take a stake in the world’s largest logistics facility, ATL Logistics Centre Hong Kong, and an ownership interest in CSX World Terminals Hong Kong. Goodman Group says the acquisition will further consolidate its position as a leading player in the greater China market. Shares in Goodman Group gained 2.07 per cent on Thursday, closing at $4.93.
Southern Cross Media Group Limited
(ASX:SXL) has announced the sale of two Queensland radio stations for almost $18 million.
The regional television and radio owner says the sale was made as a result of the company holding more than the permitted number of commercial FM radio licenses and the sale is expected to be completed within weeks. The news comes just one week after Southern Cross responded to media speculation surrounding a possible $4 billion merger with Nine Network, and advised it’s reviewing a number of strategic options. Shares in Southern Cross Media Group fell 2.37 per cent on Thursday, closing at $1.65.
Commodities
Gold is up $0.20 to $US1,575 an ounce for the April contract on Comex.
Silver is up $0.01 to $28.81 for March.
Copper is up $0.03 at $3.52 a pound.
Oil is up $1.13 at $US91.56 a barrel for April light crude in New York.
Ex-dividends
Australian Ethical Investment Limited
(ASX:AEF) Cash Converters International Limited
(ASX:CCV)
