The Australian share market is set to lift in early trade after Wall Street rose on strong earnings, recovering from a momentary dramatic fall sparked by a hoax Associated Press tweet suggesting the White House had been attacked.
The Dow Jones Industrial Average gained 152 points to close at 14,720, the S&P 500 added 16 points to close at 1,579 and the NASDAQ was up by 36 points to close at 3,269.
London’s FTSE gained 126 points, Paris added 131 points and Frankfurt gained 180 points.
Hong Kong’s Hang Seng lost 238 points, Tokyo’s Nikkei was down by 39 and China’s Shanghai Composite lost 58 points.
The Australian share market closed 1 per cent higher, fueled by strong gains in the energy sector to push back through the 5,000 barrier. The S&P/ASX 200 index closed 50 points up to finish at 5,016.
On the futures market the SPI is 50 points higher.
The Australian Dollar at 7:20AM was buying $US1.026 cents, 67.34 Pence Sterling, 102.04 Yen and 78.94 Euro cents.
Due out today the Australian Bureau of Statistics will release the all-important inflation figures.
The consumer price index is expected to rise by 0.6 per cent in the first three months of 2013 for an annual rate of 2.7 per cent, according to a survey of economists.
Australand Property Group (ASX:ALZ)
says it is still in talks over a possible takeover of the company but has warned shareholders the outcome remains uncertain. The property group became a potential takeover target in December when GPT Group offered $3 billion for its commercial and industrial divisions. Chairman Oliver Lim told Australand's annual general meeting that prospective buyers were continuing to review the company's financials but declined to provide any more details. Shares in Australand closed 2.86 per cent higher yesterday at $3.60.
Petsec Energy Limited (ASX:PSA)
says it will beat its full year production targets after the company boosted quarterly production by 20 per cent. Production for the March quarter was 950 million cubic feet of gas and 6,758 barrels of oil. That was 20 per cent more than the December quarter and a 77 per cent higher on year. The increase in production was put down to higher production rates from the Marathon gas field in the Gulf of Mexico after the facility was expanded last year. Shares in Petsec closed down 6.45 per cent to $0.145.
Gold is down $12.40 to $US1,409 an ounce for the June contract on Comex. Silver is down $0.51 to $22.82 for May. Copper is down $0.04 at $3.09 a pound. Oil is down $0.01 at $US89.18 a barrel for May light crude in New York.