Outlook: ASX set to open slightly higher

Market Reports

by Lelde Smitts

Following mixed leads the Australian share market looks set for a slightly higher start today. Investors will have their eyes on the local jobs report this morning as well as a series of results amid reporting season.


Wall Street closed mixed yesterday: The Dow Jones Industrial Average gained 7 points to close at 13, 176, the S&P500 added 1 point to close at 1,402 and the Nasdaq lost 5 points to close at 3,011.

European markets also closed mixed: London’s FTSE gained 5 points, Paris lost 15 points and Frankfurt lost 2 points.

Asian markets were mixed as well: Hong Kong’s Hang Seng fell 7 points, Tokyo’s Nikkei added 78 and China’s Shanghai Composite added 3 points.

The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 21 points up to finish at 4,313. On the futures market the SPI is 7 points up.


The Australian Dollar at 7:15AM was buying $US1.057 cents, 67.55 Pence Sterling, 82.98 Yen and 85.56 Euro cents.

Economic news due out today

The Australian Bureau of Statistics: Labour force figures for July

Company news

Telstra Corporation Limited (ASX:TLS) is due to release its full year results today, after posting a $1.5 billion profit in the first half of the year. According to The Australian the telco is set to reap $3 billion in payments for the National Broadband Network over the next three years as part of the government’s $37.4 billion fibre network project. Shares in Telstra closed 2.46 per cent lower yesterday at $3.97.

Coffey International Limited (ASX: COF) has posted a net loss of $34.2 million for the year, roughly half of the $69.8 million loss posted a year prior. CEO John Douglas says that shareholders will be forced to wait a while longer before dividends are restarted as the geosciences company focuses on cutting debt. Shares in Coffey closed 8.45 per cent up yesterday at $0.385. 


AMCIL Limited (ASX:AMH): 2.5 cent  fully franked dividend
Norton Gold Fields Limited (ASX:NGF): 2 cent unfranked dividend


Gold is down $1.20 to $US1,615 an ounce for the December contract on Comex.
Silver has fallen $0.095 to $27.98 for September.
Copper is also down $0.02 at $3.42 a pound.
Oil has lost $0.32 at US$93.35 a barrel for September light crude in New York.