Yesterday’s exuberance has been tempered overnight as a retreat on Wall Street points towards a slower start for the local market.
Comments by the US Federal Reserve led the US dollar sharply lower yesterday, but overnight the trend was reversed and equities have dipped in reply.
The Aussie dollar also retreated on the increasing likelihood of a further rate cut by the RBA.
Wall Street closed mixed yesterday: The Dow Jones Industrial Average lost 0.7 per cent to close at 17,959, the S&P 500 lost 0.5 per cent to close at 2,089 and the NASDAQ is up 0.2 per cent to close at 4,992.
European markets closed mixed: London’s FTSE gained 0.3 per cent, Paris is up 0.07 per cent and Frankfurt is down 0.2 per cent.
Asian markets closed mixed: Tokyo’s Nikkei lost 0.4 per cent, Hong Kong’s Hang Seng is up 1.5 per cent, and China’s Shanghai Composite gained 0.1 per cent.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 108 points up to finish at 5,951. On the futures market the SPI is 14 points down.
The Australian Dollar at 7:20AM was buying $US0.7630 cents, 51.81 Pence Sterling, 92.24 Yen and 71.69 Euro cents.
Dick Smith Holdings Limited (ASX:DSH)
will cut 80 jobs in a restructure that aims to cut costs by between $8 million and $12 million. The electronics retailer says the changes will have a one off cash cost of up to $7.9 million. CEO Nick Abboud says cost efficiencies are not the key driver of the initiatives and that serving customers the way they want is their focus. Shares in Dick Smith closed 2.45 per cent up yesterday at $2.09, just after the news.
APN News and Media Limited (ASX:APN)
has seen two major shareholders sell a stake of around 31 per cent of the company in a block trade at $0.88 per share. The media and outdoor advertising company says this is a defining moment for the company with the sale a strong endorsement of the growth trajectory and potential of the company. It is expected that News Corporation will build its investment in the company to 14.99 per cent, to stay just below the 15 per cent limit that regulates multiple radio station ownership. CEO Michael Miller says there is a significant business transformation underway at APN and the strategic direction won’t be altered as a result of these shareholder changes. Shares in APN closed 0.21 per cent up yesterday at $0.94
Landmark White Limited (ASX:LMW)
1.25c fully franked
Macquarie Atlas Roads Group (ASX:MQA)
Gold is up $17.70 to $US1,169 an ounce for the April contract on Comex.
Silver gained $0.57 to $16.11 for May.
Copper is up $0.09 to $2.66 a pound.
Oil has dropped $0.70 to $US43.96 a barrel for April light crude in New York.