The Australian share market is poised for a lackluster trading day, despite gains on Wall Street ahead of US Federal Reserve chairman Ben Bernanke's testimony in Congress.
Figures
The Dow Jones Industrial Average gained 52 points to close at 15,388, the S&P 500 added 3 points to close at 1,669 and the NASDAQ was 6 points higher to close at 3,502.
European markets were also in positive territory: London’s FTSE added 48 points, Paris gained 13 points and Frankfurt jumped 16 points higher.
Asian markets were mixed: Hong Kong’s Hang Seng lost 127 points, Tokyo’s Nikkei added 20 and China’s Shanghai Composite added 5 points.
The Australian share market ended yesterdays’ session in the red, finishing 0.6 per cent lower. The S&P/ASX 200 index closed 29 points down to finish at 5,180.
On the futures market the SPI is 5 points lower.
Currencies
Tthe Australian Dollar at 7:20AM was buying $US98.07 cents, 64.74 Pence Sterling, 100.54 Yen and 75.99 Euro cents.
Economic news
The Westpac/Melbourne Institute will release its Survey of Consumer Sentiment index today.
Company news
Stockland
(ASX:SGP) hopes to raise $400 million through an institutional placement to reduce debt and expand its retail development program, according to media reports. The reports come a week after the group unveiled its strategic direction with a focus on its retail and residential operations. Shares in Stockland closed 1.53 per cent higher yesterday at $3.98.
US private equity firm KKR is to sell its entire 12 per cent stake in Seven West Media Limited
(ASX:SWM). The decision to sell the stake, worth about $265 million, will cut ties between the two parties after an almost seven-year partnership. While the announcement came after the market closed, shares in Seven West Media fell by 3.39 per cent to finish at $2.28 yesterday.
Ex-dividend WHK Group Limited
(ASX:WHG) will pay 3 cents per share fully franked.
Commodities
Gold is down $6.50 to $US1,377.60 an ounce for the June contract on Comex. Silver is down $0.13 to $22.46 for July. Copper is down $0.02 at $3.34 a pound. Oil is down $0.55 at $US96.16 a barrel for June light crude in New York.
