The Australian share market looks to widen the week’s falls after Wall Street retreated steeply as the session neared close. US stocks lost ground amid very little economic data and light volumes due to America’s Columbus Day holiday. Despite lifting onto positive territory throughout the session sentiment turned bearish as the session closed and ahead of this week’s corporate earnings.
Closer to home the miners could be set for some support after the price of iron ore rose following yesterday’s better than expected Chinese trade data. Making company news Telstra Corporation Limited (ASX:TLS)
and Cochlear Limited (ASX:COH)
are due to hold their annual general meetings.
Wall Street fell into the new week: The Dow Jones Industrial Average dropped 1.4 per cent to close at 16,321, the S&P 500 dropped 1.7 per cent to close at 1,875 and the Nasdaq dropped 1.5 per cent to close at 4,214.
European markets lifted into the new week: London's FTSE 100 rose 0.4 per cent, France's CAC 40 rose 0.1 per cent and Germany's DAX rose 0.3 per cent.
Asian markets ended mixed on Monday: Japan’s Nikkei was closed for a national holiday, Hong Kong’s Hang Seng firmed 0.2 per cent and China’s Shanghai Composite lost 0.4 per cent.
The Australian share market started the week 0.6 per cent in the red: The S&P/ASX 200 index fell 33 points on Monday to close at 5,156. On the futures market the SPI is 28 points lower.
The Australian dollar at 7:20am was buying $US0.8763, 54.48 Pence Sterling, 93.81 Yen and 68.98 Euro cents.
Economic news due out today
National Australia Bank Limited (ASX:NAB)
: Business survey for September
ANZ Banking Group (ASX:ANZ)
-Roy Morgan: Weekly consumer confidence survey
Aquarius Platinum Limited (ASX:AQP)
has informed the market of a fatal accident at its primary operation, the Kroondal Platinum Mine in South Africa. The mining company says a team leader was fatally injured in a fall of ground incident at Kwezi Shaft over the weekend. Aquarius Platinum has suspended operations at Kwezi Shaft to undertake a technical review of the area and informed government and union officials of the incident. Shares in Aquarius Platinum rose 4.29 per cent to close at $0.365 on Monday ahead of the announcement.
Norton Gold Fields Limited (ASX:NGF)
has entered into an additional gold forward sales program with Macquarie Bank for 75,000 ounces of gold for delivery by March 2016. The gold producer says the updated forward sales program is at a flat forward price of $1,425.50. Together with its existing forward sale program Norton Gold Fields says its forward sales program totals about 100,000 ounces at a weighted average price of $1,420 deliverable by March 2016. Shares in Norton Gold Fields closed steady at $0.13 on Monday ahead of the announcement.
Sandon Capital Limited (ASX:SNC)
paying a 2 cent fully franked dividend
Wotif.com Holdings Limited (ASX:WTF)
paying a 24 cent fully franked dividend
Gold has gained $8.30 to $US1,230 an ounce for the December contract on Comex.
Silver has lifted $0.04 to $17.34 for December.
Copper has risen $0.01 to $3.04 a pound.
Oil has lost $0.08 to $US85.74 a barrel for November light crude in New York.