Following steep falls over the month of September the Australian share market looks poised for a positive start to the new week. Wall Street has also booked big losses over the month but rose at the end of last week on the back of an encouraging revision to GDP figures. America’s annual growth rate was upwardly revised to 4.6 per cent in the second quarter from an earlier read of 4.2 per cent.
Closer to home there is no major economic news scheduled for release today but eyes will be on official Chinese manufacturing figures due Wednesday. In the week ahead the European Central Bank (ECB) will meet on Thursday ahead of America’s monthly jobs report due on Friday.
Global markets
Wall Street retreated 1.4 per cent over last week but rose on Friday: The Dow Jones Industrial Average gained 1 per cent to close at 17,113, the S&P 500 gained 0.9 per cent to close at 1,983 and the Nasdaq gained 1 per cent to close at 4,512.
European markets tumbled almost 2 per cent over last week and closed mixed on Friday: London's FTSE 100 firmed 0.2 per cent, France's CAC 40 rose 0.9 per cent and Germany's DAX lost 0.2 per cent.
Asian markets traded and ended last week mixed: Japan’s Nikkei declined 0.9 per cent, Hong Kong’s Hang Seng eased 0.4 per cent, and China’s Shanghai Composite added 0.1 per cent.
The Australian share market sank 2.2 per cent over last week to post its fifth straight weekly loss: The S&P/ASX 200 index dropped 69 points on Friday, extending the weekly decline of 120 points to finish at 5,313. On the futures market the SPI is 9 points higher.
Currencies
The Australian dollar fell $US0.02 over last week and at 7:15am was buying $US0.8759, 53.94 Pence Sterling, 95.77 Yen and 69.08 Euro cents.
Company news
Sydney Airport Limited
(ASX:SYD) was hit with an airport security scare on Saturday forcing an evacuation and major delays for passengers. The security breach was blamed on a man distracted by an iPad who was filmed entering a secure area through an exit passage without clearing security in Terminal 3. About 1,000 people were understood to be impacted, some of whom were travelling to Melbourne for the AFL Grand Final later in the afternoon. The terminal evacuation comes amid rising security precautions following a heightened terror threat level in Australia. Shares in Sydney Airport fell 1.17 per cent on Friday to end the week at $4.22.
Primary Health Care Limited
(ASX:PRY) told the market on Friday evening its Managing Director Dr Edmund Bateman is on sick leave. The medical centre operator says its Finance Director Andrew Duff will take on the role of Acting Managing Director. The company’s directors have stated their support for Mr Duff and best wishes for Mr Bateman as he focuses on his health. Shares in Primary Health Care fell 0.46 per cent on Friday to end the week at $4.37 ahead of the announcement.
Ex-dividends
Carsales.com Limited
(ASX:CRZ) paying a
17.4 cent fully franked dividend
Fantastic Holdings Limited
(ASX:FAN) paying a 3 cent fully franked dividend
Imperial Pacific Limited
(ASX:IPC) paying a 5 cent fully franked dividend
London City Equities Limited
(ASX:LCE) paying a 1 cent fully franked dividend
Lycopodium Limited
(ASX:LYL) paying a 1.5 cent fully franked dividend
McMillan Shakespeare Limited
(ASX:MMS) paying a 31 cent fully franked dividend
Peet Limited
(ASX:PPC) paying a 3.5 cent unfranked dividend
Recall Holdings Limited
(ASX:REC) paying an 8 cent fully franked dividend
Commodities
After lifting slightly over last week the price of gold has declined $6.50 to $US1,215 an ounce for the December contract on Comex.
Silver has lifted $0.10 to $17.54 for December.
Copper has added $0.01 to $3.04 a pound.
Oil has gained $1.01 to $US93.54 a barrel for November light crude in New York.
