The Australian share market is tipped to move moderately higher, after a mixed day of trade on Wall Street following disappointing economic data out of Japan.
Japan economic news
Japanese stocks tumbled as the market digested slower GDP growth figures. Second-quarter came in at a 2.6 per cent annual pace, down from 3.8 per cent in the first quarter.
Figures
Wall Street was subdued: The Dow Jones Industrial Average lost 6 points to close at 15,420, the S&P 500 dropped 2 points to close at 1,689 and the NASDAQ added 10 points to close at 3,670.
European markets followed suit: London’s FTSE lost 9 points, Paris dipped by 5 points and Frankfurt lifted 21 points.
Asian markets made wild swings: Tokyo’s Nikkei was down by 96 points, Hong Kong’s Hang Seng added 464 points, and China’s Shanghai Composite gained 49 points.
The Australian share market closed 1.1 per cent stronger yesterday, as mining stocks rallied and the materials sector gain 2.9 per cent. The S&P/ASX 200 index closed 54 points up to finish at 5,109. On the futures market the SPI is 9 points higher.
Currencies
The Australian dollar is being weighed down by strength in the greenback amid expectations that the US Federal Reserve will begin tapering its economic stimulus program soon. At 7:20AM the Aussie was buying $US91.52 cents, 59.19 Pence Sterling, 88.67 Yen and 68.81 Euro cents.
Economic news
NAB will release its business confidence survey for July today
Company news
Stockland
(ASX:SGP) will today reveal its full-year results for fiscal 2013. The $8.8 billion diversified property group has already offered guidance of a 25 per cent earnings per share fall and analysts are tipping the focus to be on improving commentary about the residential property market. Shares in Stockland lifted 0.79 per cent yesterday to close at $3.81.
Bradken Limited
(ASX:BKN) will also unveil its full year results today. In June, the mining equipment company advised the market that net profit would come in at about $92 million. Shares in Bradken were up 3.76 per cent yesterday, closing at $5.24.
Ex-dividend
AMCIL Limited
(ASX:AMH) will pay 8 cents per share fully franked
Advanced Share Registry Limited
(ASX:ASW) will pay 2 cents per share fully franked
Brickworks Limited
(ASX:BKW) will pay 3.4 cents per share fully franked
Iress Limited
(ASX:IRE) will pay 13.5 cents per share partially franked
Commodities
Gold is up $22 to $US1,334 an ounce for the December contract on Comex. Silver is up $0.93 to $21.34 for September. Copper is flat at $3.30 a pound. Oil is up $0.14 at US$106.11 a barrel for September light crude in New York.
