Outlook: Aus shares may open lower – andre di cioccio – October 26, 2010 09:19 AM
The futures are pointing to a lower start for Aussie shares this morning, despite Wall St rallying to six months highs on stronger than expected housing sales data.
In US economic news: The National Association of Realtors reported existing home sales surged 10 per cent in September, to an annual rate of 4.53 million.
On Monday, the Dow Jones Industrial Average closed 31 points higher at 11,164. The S&P 500 Index is up 3 at 1,186 and the NASDAQ is up 11 at 2,491.
European stocks were higher: London’s FTSE up 11 points, Paris is up 1 and Frankfurt up 33.
Asian markets were mixed: Hong Kong’s Hang Seng up 110, Tokyo’s Nikkei was down 26 and China up 76.
The Australian share market finished higher on Monday. The S&P/ASX 200 Index closed 62 points higher to 4,710 and on the futures market the SPI200 is down 18 points.
Turning to currencies and the Aussie Dollar at 8:35AM was buying 99.15 US cents, 63.01 Pence Sterling, 80.12 Yen and 70.99 Euro cents.
In economic news: The Australian Bureau of Statistics is expected to release its annual 2009-2010 report. Also due out, National Australia Bank’s business survey for the September quarter.
In company news: Shares in ANZ Banking Group (ASX:ANZ) closed 2.09% up at $23.90 on Monday. ANZ has received the final green light to establish a foreign bank in India in the first half of next year. The Reserve Bank of India has granted ANZ a foreign banking license which will see ANZ launch its first Indian branch in Mumbai. ANZ says the branch will have an initial focus on corporate and institutional banking that will broaden to include services for affluent personal banking clients over time. Adding, that India is a strategic market in ANZ’s plan to become a super regional bank in the Asia Pacific region. In the six months to 31 March this year, ANZ Banking Group booked a $1.93 billion net profit.
Shares in Wotif.com Holdings Ltd (ASX:WTF) closed 1.08% down at $4.60 on Monday. Online travel booking service provider Wotif.com Holdings says earnings are expected to be steady for the last half of this year, but that growth should improve around March next year. Managing director Robbie Cooke anticipates profit for the second half of 2010 will be around $25 million, slightly the below the $25.4 million recorded in the prior half, and even lower than the $27.6 million profit posted in the same half of 2009. Mr Cooke has cautioned that the short term challenge for business will be outperforming the first-half result achieved in the 2010 financial year, in a period in which Wotif.com benefited from the booking window extension and the out-of-trend spike in domestic sales experienced last calendar year. Wotif.com Holdings reported a profit of $52.95 million for the year to 30 June 2010.
To ex-dividends: Three companies are going ex-dividend today, they are GPT Group with a 4.1 cent unfranked dividend, Mitchell Communication Group with a 5 cent fully franked dividend and SteriHealth with a 7 cent fully franked dividend. Coming up later this week, Adtrans Group, Australian Masters Corporate Bond Fund No1 and Australian Masters Corporate Bond Fund No2.
To commodities: and the price of gold is up US$13.80 to US $1338 an ounce for the December contract on Comex, silver is up US$0.43 to $23.54 and copper is up $0.07 at $3.86 a pound. The price of oil is up $0.83 to US$82.52 a barrel for December light crude in New York.
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