News: Outlook: ASX set to continue climb higher

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Positive leads look to support the Australian share market climbing higher this morning. Global markets moved up despite soft economic indicators and ongoing geopolitical concerns. Overnight Eurozone production came in lower than expected and US retail sales were steady. Yesterday China reported weaker than expected industrial output, retail sales and credit growth. 

 

In Australia the focus will remain on earnings results with a series of majors set to report. Australia’s biggest telco Telstra Corporation (ASX:TLS) has been tipped to deliver a full year profit of $4.1 billion and a final dividend of 15.5 cents. Also due to report financials today are Envestra Limited (ASX:ENV), Fairfax Media Limited (ASX:FXJ), Goodman Group (ASX:GMG) and Singapore Telecommunications Limited (ASX:SGT).

 

Global markets

 

Wall Street closed stronger on Wednesday: The Dow Jones Industrial Average gained 0.6 per cent to close at 16,652, the S&P 500 gained 0.7 per cent to close at 1,947 and the Nasdaq gained 1 per cent to close at 4,434.

 

European markets moved up on Wednesday: London's FTSE 100 rose 0.4 per cent, France's CAC 40 rose 0.8 per cent and Germany's DAX rose 1.4 per cent.

 

Asian markets lifted on Wednesday: Japan’s Nikkei added 0.4 per cent, Hong Kong’s Hang Seng increased 0.8 per cent and China’s Shanghai Composite firmed 0.06 per cent.

 

The Australian share market traded in the red and ended 0.3 per cent down yesterday following a busy day of earnings reports: The S&P/ASX 200 index slipped 16 points on Wednesday to close at 5,515. On the futures market the SPI is 25 points higher. 

 

Currencies 

 

The Australian dollar at 7:30am was buying $US0.9303, 55.76 Pence Sterling, 95.29 Yen and 69.63 Euro cents.

 

Company news 

 

Ahead of releasing full year fiscal 2014 results today DEXUS Property Group (ASX:DXS) has announced the sale of properties set to materially increase its trading profits. The real estate investor has inked a $190 million deal to divest two assets in Rosebery, New South Wales and advised an asset on 50 Carrington Street, Sydney is also under contract. The trading profits will be realised in the current 2015 financial year and the following 2016 financial year. DEXUS plans to release more detailed guidance with its annual results. Shares in DEXUS Property Group rose 0.43 per cent to close at $1.155 on Wednesday ahead of today’s results announcement. 

 

Skilled Group Limited (ASX:SKE) has revealed an annual profit drop and its CEO’s planned resignation after five years in the top job. The provider of staffing solutions’ net profit fell in line with expectations, down 21 per cent to $44.2 million, impacted by softer mining services conditions. CEO Mick McMahon has also announced his intention to step down by the company’s annual meeting next year. Shares in Skilled Group gained 2.4 per cent to close at $2.56 on Wednesday following yesterday’s results announcement.  

 

Ex-dividends today

Australand Property Group (ASX:ALZ) paying a 2.63 cent unfranked dividend

Advanced Share Registry Limited (ASX:ASW) paying a 1.85 cent fully franked dividend

Milton Corporation (ASX:MLT) paying a 9.8 cent fully franked dividend

 

Commodities 

 

Gold has gained $3.90 to $US1,314.50 an ounce for the December contract on Comex. 

Silver has eased $0.06 to $19.84 for September. 

Copper has lost $0.04 to $3.11 a pound. 

Oil has firmed $0.22 to $US97.59 a barrel for September light crude in New York.