The Australian share market is eyeing a steady start to the session after global markets closed mixed on Tuesday following a strong rally on Monday. While Wall Street posted a soft end to the session the major indexes remain near record highs and the Dow yet again hit another record overnight. The Nasdaq also finished slightly higher while the S&P 500 snapped a five day winning streak and closed lower after trading in a tight range. Across commodity markets precious metal prices are looking higher with gold up 0.7 per cent and the Australian dollar has continued to climb against the greenback from Tuesday’s close.
Global market
Wall Street closed mixed on Tuesday: The Dow Jones Industrial Average added 3 points to close at 16,946, the S&P 500 lost 0.48 points to close at 1,951 and the Nasdaq added 2 points to close at 4,338.
European markets ended mixed on Tuesday: London's FTSE 100 lost 1 point, France's CAC 40 added 6 points and Germany's DAX added 20 points.
Asian markets finished mixed on Tuesday: Japan’s Nikkei lost 129 points, Hong Kong’s Hang Seng added 198 points and China’s Shanghai Composite added 22 points.
The Australian share market retreated from a strong start to end almost where it started yesterday: The S&P/ASX 200 index closed 6 points higher on Tuesday at 5,470. On the futures market the SPI is pointing 1 point higher.
Currencies
The Australian dollar at 7:20am was buying $US0.9371, 55.96 Pence Sterling, 95.92 Yen and 69.2 Euro cents.
Economic news due out today Westpac Banking Corporation
(ASX:WBC)-Melbourne Institute: Survey of Consumer Sentiment
Company news
BHP Billiton Limited
(ASX:BHP) has put the spotlight on society and community through launching a new section called “society” on its website. The news comes days after a German think tank named the mining giant the world’s 20th biggest carbon polluter on a list of 81 major carbon emitters and called on these companies to pay for climate change loss and damage caused by their products. While BHP didn’t comment on the ranking it says the new society section and community review publication raises awareness of its ongoing commitment to community engagement and support. Shares in BHP Billiton rose 0.11 per cent on Tuesday to close at $36.28.
Abacus Property Group
(ASX:ABP) and its Abacus Diversified Income Fund II have sold a portfolio of 10 industrial assets for $106.75 million. The property investor has not formally named the buyer but media reports name boutique property fund manager Propertylink as the purchaser. Abacus Property Group says three of the properties sold are located in New South Wales and one in Victoria and settlement is expected to occur this month. Shares in Abacus Property Group rose 0.4 per cent on Tuesday to close at $2.50.
Ex-dividends
ALS Limited
(ASX:ALQ) paying a 20 cent 50 per cent franked dividend
Arowana International Limited
(ASX:AWN) paying a 2 cent fully franked dividend
Ironbark Capital Limited
(ASX:IBC) paying a 1 cent fully franked dividend
Ozforex Group Limited
(ASX:OFX) paying a 2.38 cent fully franked dividend
Tower Limited
(ASX:TWR) paying a 5.02 cent unfranked dividend
Commodities
Gold has gained $6.20 to $US1,260.10 an ounce for the August contract on Comex.
Silver has firmed $0.10 to $19.17 for July.
Copper has risen $0.01 to $3.05 a pound.
Oil has slipped $0.06 to $US104.35 a barrel for July light crude in New York.
