The Australian share market is set for a weak start to the day of trade as it looks for direction with markets in the US and the UK closed for holidays.
Figures
European markets moved higher: Paris gained 38 points and Frankfurt added 78 points.
Asian markets were mixed: Hong Kong’s Hang Seng added 67 points, Tokyo’s Nikkei lost 470 after the nation’s top central banker said interest rates may increase as the economy improves and China’s Shanghai Composite gained 5 points.
The Australian share market ended yesterday’s session in negative territory for the fifth consecutive trading day, closing 0.5 per cent down as retail and materials stocks posted some solid losses.
The S&P/ASX 200 index closed 24 points down to finish at 4,960.
On the futures market the SPI is 13 points down.
Currencies
The Australian Dollar is slightly lower after a quiet night of trade with US and UK markets shut. At 7:20AM the Aussie was buying $US96.35 cents, 63.77 Pence Sterling, 97.34 Yen and 74.5 Euro cents.
Company news
OZ Minerals Limited
(ASX:OZL) which will today hold its Annual General Meeting in Melbourne and Suncorp Group Limited
(ASX:SUN) which will hold its investor day.
GPT Group
(ASX:GPT) has ended its proposed $3 billion bid for Australand Property Group. GPT's directors said that after due diligence and talks, it had become apparent that a deal at a price that GPT was willing to pay was not possible. Shares in GPT rose 1.67 per cent yesterday to close at $3.96.
Ten Network Holdings Limited
(ASX:TEN) Chief executive Hamish McLennan has unveiled a new strategy to challenge rivals Nine and Seven, according to media reports.Ten is reportedly set to be eyeing event programming to directly challenge its competitors and has also shifted its target demographic from 8- to 49-year-olds to people aged 25 to 54. Shares in Ten dropped 1.89 per cent yesterday to close at $0.26.
Ex-dividend
E&A Limited
(ASX:EAL) will pay 2.5 cents fully franked
Orica Limited
(ASX:ORI) will pay 39 cents partially franked
Commodities
Gold is up $6.70 to $US1,393 an ounce for the June contract on Comex. Silver is up $0.12 to $22.62 for July. Copper is up $0.01 at $3.30 a pound. Oil is down $0.57 at $US93.65 a barrel for July light crude in New York.
