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The SPI is pointing to a steady start for the Australian share market ahead of a busy day for local earnings reports. Wall Street pulled back from record highs yesterday after the release of the US Federal Reserve’s meeting minutes. On the economic front US housing starts and producer prices were shown to have dipped but industrial production rose.
Closer to home the Australia dollar is higher following the Fed’s minutes and traders are gearing up for a big day of financial results. Among the biggest companies to report we can expect to hear from Crown Resorts Limited (ASX:CWN), Origin Energy Limited (ASX:ORG), Super Retail Group Limited (ASX:SUL), Virgin Australia Holdings Limited (ASX:VAH) and Wesfarmers Limited (ASX:WES).
Global markets
Wall Street posted a soft finish to Wednesday’s session: The Dow Jones Industrial Average dipped 0.1 per cent to close at 18,030, the S&P 500 slipped 0.03 per cent to close at 2,099.68 and the Nasdaq lifted 0.1 per cent to close at 4,906.
European markets ended mixed on Wednesday: London's FTSE 100 closed steady, France's CAC 40 jumped almost 1 per cent and Germany's DAX gained 0.6 per cent.
Asian markets were mainly higher on Wednesday: Japan’s Nikkei rose 1.2 per cent, Hong Kong’s Hang Seng added 0.2 per cent, and China’s Shanghai Composite was closed for the start of the Lunar New Year holiday.
The Australian share market climbed beyond 5,900 to session highs yesterday on the back on M&A action: The S&P/ASX 200 index gained 58 points on Wednesday to close at 5,916. On the futures market the SPI is 1 point lower.
Currencies
The Australian dollar at 8:30am was buying $US0.7823, 50.67 Pence Sterling, 92.84 Yen and 68.61 Euro cents.
Economic news due out today
CoreLogic RP Data: Residential Land Report for the September quarter 2014
Reporting season
AMP Limited (ASX:AMP) has boosted its net profit, underlying profit and dividend over the full 2014 financial year. The financial services company’s net profit rose 32 per cent to $884 million and underlying profit lifted 23 per cent to $1.045 billion. A final dividend of 13.5 cents per share has been declared. CEO Craig Meller says the company last year made progress in becoming an increasingly customer-driven organisation that is leaner and more efficient. Shares in AMP rose 1.56 per cent to close at $6.50 yesterday ahead of today’s results.
Fairfax Media Limited (ASX:FXJ) has announced an on-market share buyback and a steep drop in first half profit and revenue. The media company’s net profit sank 86.4 per cent to $26.3 million in the first half of the 2015 financial year. Excluding significant items the company’s profit dipped 0.6 per cent to $86 million. A fully franked interim dividend of 2 cents per share has been declared. The company has also revealed it will buy back up to 121 million of its shares or about 5 per cent of its capital over the coming year. Shares in Fairfax Media closed steady at $0.89 yesterday ahead of today’s results.
Ex-dividends
Computershare Limited (ASX:CPU) paying a 15 cent, 20 per cent franked dividend
CSG Limited (ASX:CSV) paying a 4 cent unfranked dividend
Domino’s Pizza Enterprises Limited (ASX:DMP) paying a 24.6 cent fully franked dividend
Mincor Resources NL (ASX:MCR) paying a 2 cent fully franked dividend
Oncard International Limited (ASX:ONC) paying a 9 cent unfranked dividend
Steadfast Group Limited (ASX:SDF) paying a 2 cent fully franked dividend
Commodities
Gold has risen $2.10 to $US1,211 an ounce for the April contract on Comex.
Silver has firmed $0.04 to $16.41 for March.
Copper has added $0.03 to $2.61 a pound.
Oil has dropped $1.89 to $US52.40 a barrel for March light crude in New York.
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