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Positive leads from Wall Street are set to buoy the Australian share market into the session. US equity markets lifted out of the red and climbed on the back of earnings and economic reports. America’s existing home sales were shown to have risen 6.1 per cent last month to an 18-month high. 

 

Closer to home the miners will be in focus with the price of iron ore gaining and production reports due from Newcrest Mining Limited (ASX:NCM), BC Iron Limited (ASX:BCI) and Sandfire Resources NL (ASX:SFR). 

 

Global markets

 

Wall Street rose on Wednesday: The Dow Jones Industrial Average gained 0.5 per cent to close at 18,038, the S&P 500 gained 0.5 per cent to close at 2,108 and the Nasdaq gained 0.4 per cent to close at 5,035.

 

European markets ended mixed on Wednesday: London's FTSE 100 slipped 0.5 per cent, France's CAC 40 added 0.4 per cent and Germany's DAX dipped 0.6 per cent.

 

Asian markets moved higher yesterday: Japan’s Nikkei advanced 1.1 per cent, Hong Kong’s Hang Seng firmed 0.3 per cent, and China’s Shanghai Composite climbed 2.4 per cent.

 

The Australian share market slipped 0.6 per cent yesterday after tame inflation data kept the door open for another rate cut: The S&P/ASX 200 index fell 35 points to finish at 5,837 on Wednesday. On the futures market the SPI is 11 points higher. 

 

Currencies 

 

The Australian dollar at 7:30am was buying $US0.7752, 51.58 Pence Sterling, 92.96 Yen and 72.31 Euro cents.

 

Company news

 

Aurizon Holdings Limited (ASX:AZJ) has welcomed a Fair Work Commission decision to approve the rail freight operator’s application and terminate expired enterprise agreements in Queensland. Aurizon believes the move will assist its endeavours to finalise new enterprise agreements across the business. Managing Director and CEO Lance Hockridge says the decision is a landmark for both the company and more broadly for Australian industrial relations. Shares in Aurizon Holdings rose 3.88 per cent to close at $4.82 just after the announcement was lodged. 

 

Sandfire Resources NL (ASX:SFR) has completed the restructure of the DeGrussa Project Finance Facility after reaching an agreement with its financier, ANZ Banking Group (ASX:ANZ). The copper and gold miner says the restructured facility provides increased flexibility and better aligns the facility term to the operating cash flows to be generated by DeGrussa over the recently extended mine life. Shares in Sandfire Resources slipped 0.66 per cent to close at $4.55 before the announcement. 

 

Ex-dividends 

Premier Investments (ASX:PMV) paying a 30 cent fully franked dividend

 

Commodities 

Gold has dropped $16.20 to $US1,187 an ounce for the June contract on Comex. 

Silver has fallen $0.21 to $15.80 for May. 

Copper has eased $0.03 to $2.67 a pound. 

Oil has lost $0.45 to $US56.16 a barrel for May light crude in New York.