Following positive leads, the Australian share market looks set to open higher today
In the US, stocks approached record highs as a positive mood manifested on both sides of the Atlantic.
The Figures
Wall Street closed up on Friday: The Dow Jones Industrial Average gained 127 points to close at 16,154, the S&P500 rose 9 points to close at 1,839 and the Nasdaq gained 3 points to close at 4,244. European markets closed up: London’s FTSE gained 4 points, Paris rose 27 points and Frankfurt also gained 66 points. Asian markets closed mixed as Tokyo’s Nikkei lost 222 points, Hong Kong’s Hang Seng added 133 points, and China’s Shanghai Composite added 17 points.
The Australian share market closed higher on Friday with the S&P/ASX 200 index closed 48 points up to finish at 5,356, a gain over the week of 190 points.
On the futures market the SPI is 44 points up.
Currencies
The Australian Dollar at 8:20AM was buying $US0.9063 cents, 54.06 Pence Sterling, 92.14 Yen and 66.14 Euro cents.
Economic news
Due out today from the Australian Bureau of Statistics are the new motor vehicle sales for January.
Company news BlueScope Steel Limited
(ASX:BSL) has announced it has purchased New Zealand downstream long-products rolling and marketing operation Pacific Steel. The Australian steel roller has confirmed the deal will include rolling and wire pulling facilities in New Zealand and Fiji and is worth NZ$ 120 million. Shares in BlueScope Steel Limited
(ASX:BSL) closed 1.37 per cent up on Friday at $5.93.
Computer equipment distributor Cellnet Group Limited
(ASX:CLT) has reported a strong increase in revenue for the first half of Fiscal 2014. Cellnets shares were up as much as 20% on Friday in anticipation of the results which the company attributes to the acquisition of several key retail clients. Despite a weak Aussie dollar, the importer booked an after tax profit of $665,000 for the half, slightly up on the same period a year ago. Shares in Cellnet Group Limited
(ASX:CLT) closed 21.05 per cent up on Friday at $0.23.
Commodities
Gold is up $18.50 to $US1,319 an ounce for the April contract on Comex. Silver is up $1.03 to $21.42 for March. Copper is up $0.02 at $3.26 a pound. Oil is down $0.05 at US$100.30 a barrel for March light crude in New York.
