The Australian share market is set for a strong open after Wall Street extended its record gains on Friday.
US Economic news
US investors were buoyed by the latest measure of consumer sentiment, which rose to its highest level in nearly six years. The index jumped to 83.7.
Figures
The Dow Jones Industrial Average gained 121 points to close at 15,354, the S&P 500 added 17 points to close at 1,667 and the NASDAQ lifted by 34 points to close at 3,499.
London’s FTSE gained 35 points, Paris added 22 points and Frankfurt rose by 28 points.
Hong Kong’s Hang Seng added 38 points, Tokyo’s Nikkei gained 101 and China’s Shanghai Composite was 31 points higher.
The Australian share market ended 0.3 per cent higher on Friday, but was down 25 points over the week. The S&P/ASX 200 index added 15 points on Friday, to finish the week of trade at 5,181.
On the futures market the SPI is 19 points higher.
Currencies
The Australian Dollar at 7:20AM was buying $US97.5 cents, 64.22 Pence Sterling, 100.25 Yen and 75.95 Euro cents.
Economic news
The Commonwealth Bank will release its business sales indicator for April.
Company news
Fortescue Metals Group Limited
(ASX:FMG) has been told by a regulator to change the way it charges for access to its Pilbara railway. Western Australia's Economic Regulation Authority has ordered Fortescue to supply a new pricing structure for the railway, after Brockman Resources Limited
(ASX:BRM) applied last week to use the railway to transport its iron ore. Shares in Fortescue rose by 1.74 per cent to close at $3.51 on Friday.
Westpac Banking Corp
(ASX:WBC) has dropped its one-year fixed home loan rate for new customers to 4.79 per cent. Westpac's Bank of Melbourne and St George divisions have also lowered their one-to-five-year fixed rates to below five per cent. The move follows the Reserve Bank's decision earlier this month to slash the cash rate to a record low of 2.75 per cent. Shares in Westpac closed 0.16 per cent lower on Friday at $31.35.
Ex-dividend
DuluxGroup Limited
(ASX:DLX) will pay 8 cents per share fully franked.
Commodities
Gold is down $22.20 to $US1,365 an ounce for the June contract on Comex. Silver is down $0.31 to $22.35 for July. Copper is up $0.04 at $3.32 a pound. Oil is up $0.86 at $US96.02 a barrel for June light crude in New York.
