The Australian share market looks set for a slight lift at the open after US stocks were boosted by positive reports on housing and consumer confidence.
US economic news
The monthly Case-Shiller index showed that city house prices rose a seasonally adjusted 1.2 per cent in the biggest markets, pointing to a housing market recovery.
Consumer confidence data rose to 68.1 points from a revised 61.9 in March.
Figures
The Dow Jones Industrial Average gained 21 points to close at 14,840, the S&P 500 added 4 points to close at 1,598 and the NASDAQ gained 22 points to close at 3,329.
European markets were mixed amid news of record unemployment levels across the eurozone: London’s FTSE lost 28 points, Paris lost 12 points but Frankfurt added 40 points.
Asian markets were also mixed: Hong Kong’s Hang Seng gained 156 points, Tokyo’s Nikkei lost 23 and China’s Shanghai Composite was down by 21 points.
The Australian share market rallied yesterday to close 1.3 per cent up on the back of robust gains from ANZ. The S&P/ASX 200 index closed 65 points up to finish at 5,191.
On the futures market the SPI is 4 points up.
Turning to currencies and the Australian Dollar at 7:20AM was buying $US1.037 cents, 66.78 Pence Sterling, 101.05 Yen and 78.81 Euro cents.
Economic news
The Australian Industry Group will today release its performance of manufacturing index for April, the RBA will deliver its index of commodity prices for April and the Housing Industry Association will release new home sales data for March.
Company news
Leighton Holdings’ Limited
(ASX:LEI) subsidiary John Holland has won a $110 million construction contract for the Department of Defence in Darwin. John Holland will provide 11 new buildings at Robertson Barracks, including associated pavements and an access road. Shares in Leighton closed 0.35 per cent down yesterday at $19.99.
Australia and New Zealand Banking Group
(ASX:ANZ) may consider a dual listing in Asia to support its dividend payout, according to media reports. Chief executive Mike Smith says the bank would consider the dual listing in Asia if it ran out of franking credits for local investors. The news came after Mr Smith unveiled a 10 per cent rise in cash profit in the first half, to a record $3.8 billion. ANZ shares soared 5.78 per cent on the news to an all-time high of $31.84.
Commodities
Gold is up $4.70 to $US1,472 an ounce for the June contract on Comex. Silver is up $0.02 to $24.14 for May. Copper is down $0.04 at $3.19 a pound. Oil is up $0.46 at $US93.46 a barrel for June light crude in New York.
