Outlook: ASX to end the year with a fizzle

Market Reports

Following negative leads from the US and Europe , the Australian share market looks set to open relatively flat after yesterdays declines. Gold futures took a rise as the US dollar declined and Greece gets set for early elections. 
 
Markets

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 0.3 per cent to close at 17,983, the S&P 500 lost 0.5 per cent to close at 2,080 and the NASDAQ lost 0.6 per cent to close at 4,777.
 
European markets retreated: London’s FTSE slipped 1.3 per cent, Paris lost 1.7 per cent and Frankfurt dropped 1.2 per cent.
 
Asian markets closed lower: Tokyo’s Nikkei declined 1.6 per cent, Hong Kong’s Hang Seng fell 1.1 per cent, and China’s Shanghai Composite slipped 0.1 per cent.
 
The Australian share market lower yesterday: The S&P/ASX 200 Index closed 57 points down to finish at 5,417. On the futures market the SPI is 1 point lower. 
 
Turning to currencies and the Australian Dollar at 8:20AM was buying 81.85 US cents, 52.6 Pence Sterling, 97.75 Yen and 67.34 Euro cents.
 
Company news
 
Clothing retailer Noni B Limited (ASX:NBL) announced yesterday that it has acquired the Queenspark and Events brands for $675,000. Noni B bought the brands and all their intellectual property from a subsidiary of BD Standard, formerly known as Universal Retail Brands. Noni B will continue to operate the brands online and license the retail stores to a subsidiary of BD. The revised deal allows Noni B to fund the purchase from existing cash reserves. Shares in Noni B Limited (ASX:NBL) see little exchange and last traded on Dec 10 at $0.53. 
 
Axiom Mining Limited (ASX:AVQ) has been awarded $4.8 million in costs from its long running court case with Japanese mining company Sumitomo. In September, the Solomon Islands High Court made a judgement in Axiom’s favour regarding a dispute over a nickel deposit. The award is subject to an appeal lodged by Sumitomo with notification of a hearing date to be issued in January. Sumitomo has been ordered to provide a bank guarantee for the $4.8 million to the court by 16th January, 2015. Shares in Axiom closed 6.67 per cent higher at $0.016. 
 
Commodities

Gold is up $18.50 to $US1,200 an ounce for the February contract on Comex. Silver is up $0.50 to $16.28 for March. Copper is up $0.03 at $2.85 a pound. Oil is up $0.51 at US$54.12 a barrel for February light crude in New York.