The Australian share market looks set to open in positive territory today, after Wall Street reached a fresh record on news of slowing inflation in China and a good start to earnings season.
Figures
The Dow Jones Industrial Average gained 60 points to close at 14,674, the S&P 500 added 6 points to close at 1,569 and the NASDAQ gained 16 points to close at 3,238.
European markets closed mostly higher: London’s FTSE added 36 points, Paris added 4 points and Frankfurt lost 25 points.
Asian markets were mixed: Hong Kong’s Hang Seng added 152 points, Tokyo’s Nikkei is down by 24 and China’s Shanghai Composite added 14 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 71 points up to finish at 4,977. On the futures market the SPI is 11 points up.
Currencies
The Australian Dollar at 7:20AM was buying almost $US1.05 cents, 68.51 Pence Sterling, 103.95 Yen and 80.22 Euro cents.
Economic news
Westpac Melbourne Institute will release its consumer sentiment index for April.
Company news
Billabong International Limited
(ASX:BBG) announced it will grant exclusivity to one of its takeover suitors at a takeover price of 60 cents a share, nearly half the price offered earlier this year. After nearly 20 days stuck in a trading halt, Billabong shares will return to trading this morning as the company enters 10 days of exclusive negotiations with a takeover consortium led by its own US executive Paul Naude and private equity company Sycamore Partners. Shares in Billabong last traded at 73 cents.
Rex Minerals Limited
(ASX:RXM) hopes to start work on developing what it describes as Australia's largest unexploited copper project. The gold and copper explorer has asked the South Australian government for approval of its open pit Hillside copper project on the Yorke Peninsula, near Adelaide. The miner estimates the approval process will take six months. Shares in Rex Minerals fell 6.02 per cent at the close to 39 cents.
Ex-dividends Ausdrill Limited
(ASX:ASL): 6.5 cents fully franked
Brickworks Limited
(ASX:BKW):13.5 cents fully franked
TPG Telecom Limited
(ASX:TPM): 3.5 cents fully franked.
Commodities
Gold is up by $14.20 to $US1,587 an ounce for the June contract on Comex. Silver is up $0.74 to $27.88 for May. Copper is up $0.07 at $3.44 a pound. Oil is up $0.84 at $US94.20 a barrel for Maylight crude in New York.
