News: Outlook: Aus shares eye more Wall St gains

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Following more positive leads from Wall Street and with news of stimulus from Europe, the Australian share market looks set to open higher.

 

President of the European Central Bank, Mario Draghi, has reiterated the bank’s intention to stimulate the economy and further optimism came from a US jobs report that showed jobless claims dropped this week. This comes ahead of US labour market data which will be released tonight, local time. 

 

A further slip in the oil price, however, dampened signs of growth while the iron ore price has also sunk further overnight.

 

Global figures

Wall Street closed up yesterday: The Dow Jones Industrial Average gained 0.4 per cent to close at 17,554, the S&P 500 added 0.4 per cent to close at 2,031 and the NASDAQ also gained 0.4 per cent to close at 4,638.

 

European markets closed higher: London’s FTSE gained 0.2 per cent, Paris is up 0.5 per cent and Frankfurt gained 0.7 per cent.

 

Asian markets closed mixed: Tokyo’s Nikkei lost 0.9 per cent, Hong Kong’s Hang Seng is down 0.2 per cent, and China’s Shanghai Composite is up 0.3 per cent.

 

The Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 12 points down to finish at 5,506. On the futures market the SPI is 26 points up. 

 

Turning to currencies and the Australian Dollar at 8:00AM was buying $US0.8565 cents, 54.11 Pence Sterling, 98.64 Yen and 69.23 Euro cents.

 

Economic news

Due out today from the RBA is its statement on monetary policy and Australian Industry Group and Housing Industry Association will report its performance of construction index (PCI) for October.

 

Company news

 

Kingsgate Consolidated Limited (ASX:KCN) has appointed Mr Ross Coyle as Chief Financial Officer and Mr Paul Mason as Company Secretary. The gold miner and explorer says Mr Coyle joined the company in 2011 and has been in the role of interim CFO since the departure of the previous incumbent. The company says Mr Coyle had also been Company Secretary and will be replaced by Mr Paul Mason who is currently Group Accounting Manager. Shares in Kingsgate closed flat yesterday at $0.62

 

Wotif.com Holdings Limited (ASX:WTF) had its last day of trading on the ASX after its takeover by US based Expedia cleared final regulatory hurdles. The hotel booking website requested that its shares be suspended from the close of trade yesterday until the implementation of the final scheme of arrangement which is scheduled to occur on the 14 November. Shares in Wotif.com closed yesterday at $3.05

 

Commodities

Gold is down $3.10 to $US1,143 an ounce for the December contract on Comex.
Silver is down $0.03 to $15.41 for December.
Copper is up $0.01 at $3.02 a pound.
Oil is down $0.77 at US$77.91 a barrel for December light crude in New York.

 

Ex-dividends

 

Australia and New Zealand Banking Group (ASX:ANZ) 95c fully franked.

National Australia Bank Limited (ASX:NAB) 99c fully franked. 

Shenhua International Limited (ASX:SHU) 2.5c unfranked.