Following yesterday’s falls the Australian share market looks to be eyeing modest gains this morning after Wall Street continued its record run. The Dow hit another record closing high while the S&P 500 ended less than 2 points from its all time closing high as better than expected economic figures temporarily offset concerns about Cyprus’ bailout deal.
US economic news
The US Census Bureau has reported durable goods orders increased 5.7 per cent in February.
S&P Case-Shiller’s housing index showed home prices climbed 8.1 per cent in January.
The Conference Board's consumer confidence index reached 59.7 in March, remaining above 50 which indicates optimism.
Figures
Though trade was light amid a shortened Easter trading week, Wall Street rose on Tuesday: The Dow Jones Industrial Average gained 112 points to close at 14,560, the S&P 500 gained 12 points to close at 1,564 and the NASDAQ gained 17 points to close at 3,253.
European markets finished higher on Tuesday: London’s FTSE added 21 points, Paris added 21 points and Frankfurt added 9 points.
Asian markets ended mixed on Tuesday: Hong Kong’s Hang Seng added 60 points, Tokyo’s Nikkei lost 75 and China’s Shanghai Composite lost 29 points.
Spending the day in negative territory the Australian share market lost 0.8 per cent on Tuesday: The S&P/ASX 200 Index dropped 40 points to finish at 4,950. On the futures market the SPI is 9 points higher.
Currencies
The Australian Dollar at 7:30AM was buying $US1.048 cents, 69.19 Pence Sterling, 99.1 Yen and 81.57 Euro cents.
Economic news due out today
Reserve Bank of Australia: Financial Stability Review
Company news Private hospital operator Ramsay Health Care Limited
(ASX:RHC) has inked a deal worth about a $500 million to expand its businesses in Southeast Asia. As part of a joint venture Ramsy will combine three of its Indonesian hospitals with the Malaysian healthcare assets of Malaysian based Sime Darby. Subject to approvals the deal is expected to be finalised mid this year. Shares in Ramsay Health Care gained 1.91 per cent on Tuesday, closing at $31.50 before the announcement was released to the Australian Securities Exchange.
Shares in Cash Converters International Limited
(ASX:CCV) rose 3.4 per cent yesterday after the second-hand goods franchise secured $60 million from Westpac Banking Corporation
(ASX:WBC) to fund growth and boost its personal loan book. Shares in Westpac lost ground yesterday after providing a market update, despite affirming credit quality remains sound and loan defaults have dropped to almost a four year low. The bank’s stock lost 1.06 per cent on Tuesday to close at $30.68.
Ex-dividends today
Supply Network Limited
(ASX:SNL) with a 3.5 cent fully franked dividend
Ex-dividends tomorrow
ARB Corporation Limited
(ASX:ARP) with a 12.5 cent fully franked dividend
Cedar Woods Properties Limited
(ASX:CWP) with an 11 cent fully franked dividend
Funtastic Limited
(ASX:FUN) with a 0.5 cent fully franked dividend
Scott Corporation Limited
(ASX:SCC) with a 1.5 cent fully franked dividend
STW Communications Group Limited
(ASX:SGN) with a 5 cent fully franked dividend
Webster Limited
(ASX:WBA) with a 1 cent fully franked dividend
Commodities
Gold is down $8.80 to $US1,596 an ounce for the April contract on Comex.
Silver is down $0.14 to $28.68 for May.
Copper is down $0.002 at $3.44 a pound.
Oil is up $1.53 at $US96.34 a barrel for May light crude in New York.
