Outlook: Aus shares set for steady start

Market Reports

Following losses on Wall Street, the Australian share market looks set for a steady start. The sell-off in the US was widely attributed to comments by the President of the St Louis Federal Reserve Bank suggesting forecasted growth in the US will see interest rates ready to rise at the start of next year. Meanwhile the Aussie dollar is still sitting above the US$0.94 mark and the iron ore price has pushed above US$95.  

Wall Street closed lower yesterday: The Dow Jones Industrial Average lost 21 points to close at 16,846, the S&P 500 lost 2 points to close at 1,957 and the NASDAQ lost just below a point to close at 4,379.
European markets closed mixed: London’s FTSE gained 2 points, Paris lost 21 points and Frankfurt lost 63 points.
Asian markets closed up: Tokyo’s Nikkei added 42 points, Hong Kong’s Hang Seng added 331 points, and China’s Shanghai Composite added 13 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 62 points up to finish at 5,464. On the futures market the SPI is 3 points up. 

The Australian Dollar at 7:20AM was buying $US0.9412 cents, 55.31 Pence Sterling, 95.71 Yen and 69.17 Euro cents.
Company news
Gas drilling at Metgasco Limited’s (ASX:MEL) Rosella well in Northern NSW will remain suspended. The company had made requests to the NSW Office of Coal Seam Gas for the removal of the suspension, rejecting claims it had failed to conduct an appropriate community consultation program. The NSW government will maintain the suspension. Shares in Metgasco closed 2.04 per cent lower yesterday at $0.048
Medical Developments International Limited (ASX:MVP) has received approval for its Penthrox pain relief drug in South Africa. The pharmaceutical company estimates the size of the prescription only analgesic market in South Africa to be about $90 million. The company says the approval opens the regulatory pathway to sell Penthrox in a range of other African countries. Shares in Medical Developments International closed 1.63 per cent up yesterday at $1.25

Gold is down $5.60 to $US1,317 an ounce for the August contract on Comex.
Silver is down $0.008 to $21.11 for July.
Copper is down $0.001 at $3.17 a pound.
Oil is down $0.66 at US$105.84 a barrel for August light crude in New York.

Metcash Limited (ASX:MTS) is paying $0.09 fully franked.