After an abrupt end to Wall Street’s record run the Australian share market looks set for a weak start to the session.
US markets stumbled on Friday, after dissapointing consumer sentiment data, put an end to the 10 day winning streak.
Figures
The Dow Jones Industrial Average dropped 25 points to close at 14,514, the S&P500 slipped 3 points to close at 1561 and the Nasdaq
Fell 10 points to close at 3249.
European markets were also weaker: London’s FTSE lost 40 points, Paris shed 28 points and Frankfurt dropped 16 points.
Asian markets closed mixed. Hong Kong’s Hang Seng was down 86 points, Tokyo’s Nikkei added 180 points and China’s Shanghai Composite was up 8 points.
The Australian share market finished firmer on Friday: The S&P/ASX 200 Index ended up 88 points 5,120. On the futures market the SPI is currently down 23 points.
Currencies
The Australian Dollar at 7:25AM was buying $US1.035 cents, 68.55 Pence Sterling, 99.24 Yen and 80.17 Euro cents.
Company news
The Commonwealth Bank
(ASX:CBA) is expected to have its hand forced by regulators, into promising the independence of Aussie Home Loans, if it has any hope of acquiring the company. Commbank wishes to extend its 30 per cent stake in the lender to majority control. On Friday the Commonwealth Bank added 1.89% to close at $70.18.
The Queensland government says it has no immediate plans to sell off a bigger stake in coal transport giant Aurizon
(ASX:AZJ). The declaration follows the sale of 200 million shares in the company – half its holding – at $4.03 per share, or $806 million. State Treasurer Tim Nicholls said the sale proceeds would contribute to paying down Queensland’s debts. On Friday Aurizon shares ended 1% firmer at $4.04 .
Ex-dividends
M2 Telecommunications Group Limited
(ASX:MTU) Woolworths Limited
(ASX:WOW) Commodities
Gold is up $1.90 to $US1592 an ounce for the April contract on Comex.
Silver is down $3.41 to $28.85 for March.
Copper is down $0.01 at $3.52 a pound.
Oil is up $0.42 at US$93.45 a barrel for April light crude in New York.
