The Australian share market is poised for a positive open after global markets started the week higher. Wall Street posted gains with no major market economic or market catalysts and following last week’s jobs report. On the local company front full year results are today expected from Incitec Pivot Limited
(ASX:IPL) while Recall Holdings Limited
(ASX:REC) will hold its annual general meeting.
Global markets
Wall Street finished higher on Monday: The Dow Jones Industrial Average added 0.2 per cent to close at 17,614, the S&P 500 added 0.3 per cent to close at 2,038 and the Nasdaq added 0.4 per cent to close at 4,652.
European markets ended stronger on Monday: London's FTSE 100 gained 0.7 per cent, France's CAC 40 gained 0.8 per cent and Germany's DAX gained 0.7 per cent.
Asian markets closed mixed on Monday: Japan’s Nikkei slipped 0.6 per cent, Hong Kong’s Hang Seng jumped 0.8 per cent, and China’s Shanghai Composite jumped 2.3 per cent.
After gaining over last week the Australian share market started the new week in the red: The S&P/ASX 200 index fell 25 points to close at 5,524 on Monday. On the futures market the SPI is 13 points higher.
Currencies
The Australian dollar at 8:25am was buying $US0.8621, 54.42 Pence Sterling, 98.97 Yen and 69.41 Euro cents.
Economic news due out today
Australian Bureau of Statistics: Residential property prices for September quarter
National Australia Bank Limited
(ASX:NAB): Monthly business survey for October
ANZ Banking Group
(ASX:ANZ)-Roy Morgan: Weekly consumer confidence survey
Company news
Beadell Resources Limited
(ASX:BDR) has started its mining partnership agreement with MACA Limited
(ASX:MLD) which will result in about $40 million being put into Beadell’s bank account. Beadell’s Managing Director Peter Bowler says MACA’s cash injection, combined with unusually high gold sales expected this quarter, will provide balance sheet strength and bolster the company’s cash position. Mr Bowler has flagged an outstanding quarter ahead with high gold grades being processed from Beadell’s open pits. Shares in Beadell Resources rose 9.8 per cent to close at $0.28 following yesterday’s announcement.
GR Engineering Services Limited
(ASX:GNG) has been awarded a $10.3 million contract from Finders Resources
(ASX:FND). Under the contract GR will provide engineering, procurement and construction management services for the Wetar Copper Project expansion in Indonesia. GR expects to start work straight away and work is slated for completion in the second half of the following 2016 financial year. Shares in GR Engineering Services rose 2.78 per cent to close at $0.74 following yesterday’s announcement.
Commodities
Gold has dipped $10 to $US1,160 an ounce for the December contract on Comex.
Silver has slipped $0.04 to $15.67 for December.
Copper has eased $0.02 to $3.02 a pound.
Oil has dropped $1.25 to $US77.40 a barrel for December light crude in New York.
