Outlook: Aus shares tipped to jump

Market Reports

The Australian share market looks set to jump at the open after Wall Street made gains on solid earnings from Google and Microsoft on Friday.
 
Figures

The Dow Jones Industrial Average added 10 points to close at 14,548, the S&P500 gained 14 points to close at 1,555 and the Nasdaq added 40 points to close at 3,206.
 
European markets were mixed: London’s FTSE added 43 points, Paris gained 53 points and Frankfurt lost 14 points.
Asian markets were up: Hong Kong’s Hang Seng added 501 points, Tokyo’s Nikkei added 96 and China’s Shanghai Composite added 47 points.
 
The Australian share market finished the trading week marginally higher, the S&P/ASX 200 index closed 8 points up to finish at 4,932. But it was down by 80 points on the week. 
 
On the futures market the SPI is 11 points up. 
 
Currencies

The Australian Dollar at 7:20AM was buying $US1.027 cents, 67.51 Pence Sterling, 102.60 Yen and 78.68 Euro cents.
 
Company news
 
Australian Agricultural Company Limited (ASX:AAC) says it will pay for its $85 million abattoir being built near Darwin. The cattle producer says stage one civil works for the project are complete, and that it plans to fund the construction of the abattoir off its own balance sheet. Shares in AaCo closed down 1.69 per cent on Friday at $1.16.
 
Rio Tinto Limited (ASX:RIO) says shareholders have a right to expect the mining giant to do better, in relation to its 2007 takeover of aluminium producer Alcan. Addressing the annual meeting of Rio's London shareholders, chairman Jan du Plessis said in hindsight, the project was badly timed with major structural changes putting the global aluminium industry under pressure. Shareholders were also urged not overlook the good work the company has been doing. Shares in Rio closed 4.32 per cent higher on Friday at $54.32.
 
Ex-dividend

AMCBF FIVE FPO(ASX:AKY) will pay 100 cents fully franked
Australian Masters Yield Fund Number 1 Ltd.(ASX:AYD) will pay 100 cents fully franked
Australian Masters Yield Fund Number 2 Ltd.(ASX:AYH) will pay 105 cents fully franked
 
Commodities

Gold is up $18.40 to $US1,396 an ounce for the June contract on Comex. Silver is down $0.29 to $22.96 for May. Copper is down $0.06 at $3.16 a pound. Oil is up $0.28 at US$88.01 a barrel for May light crude in New York.

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