The Australian share market looks to firm at open after the US Federal Reserve’s latest meeting minutes and ahead of a flood of local earnings reports. The SPI is suggesting a positive start after Wall Street was encouraged by speculation US interest rates will remain low for some time.
While there is no major local economic news scheduled for release traders will get HSBC’s flash China Manufacturing PMI and local earnings reports. Companies reporting today include AMP Limited
(ASX:AMP), Asciano Limited
(ASX:AIO), ASX Limited
(ASX:ASX), iiNet Limited
(ASX:IIN), Sydney Airport Holdings Limited
(ASX:SYD), Tatts Group Limited
(ASX:TTS), Treasury Wine Estates Limited
(ASX:TWE) and Origin Energy Limited
(ASX:ORG).
Global markets
Wall Street finished mixed on Wednesday: The Dow Jones Industrial Average added 0.4 per cent to close at 16,979, the S&P 500 added 0.3 per cent to close at 1,987 but the Nasdaq lost 0.02 per cent to close at 4,526.
European markets snapped a two-day rally on Wednesday: London's FTSE 100 fell 0.4 per cent, France's CAC 40 lost 0.3 per cent and Germany's DAX dropped 0.2 per cent.
Asian markets posted a soft finish to Wednesday’s session: Japan’s Nikkei firmed 0.03 per cent, Hong Kong’s Hang Seng gained 0.2 per cent, and China’s Shanghai Composite lost 0.2 per cent.
As the earnings results rolled in yesterday the Australian share market rose onto positive territory by close: The S&P/ASX 200 index ended 11 points stronger at 5,635 on Wednesday. On the futures market the SPI is 19 points higher.
Currencies
The Australian dollar at 7:30am was buying $US0.9287, 55.98 Pence Sterling, 96.32 Yen and 70.06 Euro cents.
Company news
Sirtex Medical Limited
(ASX:SRX) has reported a rise in its annual net profit on the back of a record revenue result. The biotechnology and medical device company’s net profit jumped 30.6 per cent to $23.9 million in the full 2014 financial year. CEO Gilman Wong has described the result as solid and says the business continues to go from strength to strength. Mr Wong believes the current growth rate is sustainable and a positive result from clinical studies should see an acceleration or step change in growth. Shares in Sirtex Medical slipped 0.2 per cent to close at $20.00 following the results announcement.
Southern Cross Media Group Limited
(ASX:SXL) has swung to an annual net loss and flagged board changes and the departure of its Chairman. The media company flipped from a profit last year to a loss of $296 million in the full 2014 financial year due to write-downs on its regional assets. Excluding significant items Southern Cross’ net profit dipped 7 per cent to almost $80 million. Chairman Max Moore-Wilton has announced his intention to step down this financial year once a successor has been appointed. Shares in Southern Cross Media Group gained 3.95 per cent to close at $1.185 following the results announcement.
Ex-dividends
CVC Limited
(ASX:CVC) paying a 3 cent fully franked dividend
Platinum Capital Limited
(ASX:PMC) paying a 5 cent fully franked dividend
Commodities
Gold has dipped $1.50 to $US1,295 an ounce for the December contract on Comex.
Silver has firmed $0.09 to $19.50 for September.
Copper has gained $0.09 to $3.18 a pound.
Oil has risen $1.59 to $US96.07 a barrel for September light crude in New York.
