News: Outlook: ASX set to widen winning streak

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After hitting fresh six-year highs yesterday not seen since June 2008 the Australian share market is set to widen its winning streak today. As US reporting season ramped up overnight the S&P 500 hit yet another record on the back of better than expected earnings and easing geopolitical concerns. Shares in Apple Inc.(NASDAQ:AAPL) rallied almost 3 per cent after a healthy rise in profits and investors also piled into PepsiCo Inc. (NYSE:PEP) and Delta Air Lines Inc.(NYSE:DAL) after earnings impressed. On the local front output results are due from Newcrest Mining Limited (ASX:NCM), OceanaGold Corporation (ASX:OGC) and Atlas Iron Limited (ASX:AGO). 

 

Global markets

 

Wall Street’s major indexes closed mixed on Wednesday: The Dow Jones Industrial Average dipped 0.2 per cent to close at 17,087, the S&P 500 improved 0.2 per cent to close at a record of 1,987 and the Nasdaq lifted 0.4 per cent to close at 4,474.

 

European markets rose on Wednesday: London's FTSE 100 added 0.04 per cent, France's CAC 40 added 0.2 per cent and Germany's DAX added 0.2 per cent.

 

Asian markets closed mixed on Wednesday: Japan’s Nikkei slipped 0.1 per cent, Hong Kong’s Hang Seng gained 0.8 per cent, and China’s Shanghai Composite firmed 0.1 per cent.

 

Better than expected output results from Australia’s largest company BHP Billiton Limited (ASX:BHP) buoyed the local benchmark 0.6 per cent yesterday: The S&P/ASX 200 index rose 33 points on Wednesday to close at 5,577. On the futures market the SPI is 19 points higher. 

 

Currencies 

A stronger than expected rise in core consumer prices pushed the Australian dollar above $US0.94 yesterday. At 7:30am the local currency was buying $US0.9447, 55.47 Pence Sterling, 95.93 Yen and 70.2 Euro cents.

 

Commercial property

 

DEXUS Property Group (ASX:DXS) has sold its 50 per cent stake in 201 Kent Street Sydney to the co-owner for $173 million. The office, industrial and retail property manager acquired the asset as part of its takeover of Commonwealth Property Office Fund (ASX:CPA) in April. DEXUS says all remaining properties from its takeover have been now been integrated and the latest transaction is expected to settle by September. Shares in DEXUS Property Group rose 0.42 per cent to close at $1.19 following yesterday’s announcement. 

 

A Finbar Group Limited (ASX:FRI)-led consortium has been selected as the preferred tenderer to acquire and develop the Civic Triangle Site in South Perth. The West Australian focussed property developer says the tendered purchase price of the land is $27.3 million and development is planned to create a mixed-use, residential and commercial project. Finbar expects to enter into a formal contract with the City of South Perth next month. Shares in Finbar Group closed steady at $1.665 following yesterday’s announcement. 

 

Commodities 

 

Gold has dipped $1.60 to $US1,305 an ounce for the August contract on Comex. 

Silver has slipped $0.05 to $20.95 for September. 

Copper has eased $0.001 to $3.21 a pound. 

Oil has firmed $0.73 to $US103.12 a barrel for August light crude in New York.