Market Wrap - Morning
Friday, 4 July 2008 8:20am
The Australian share market is expected to open higher today after the Dow rose on Wall Street overnight.
At 0800 AEST on the Sydney Futures exchange, the September share price index was up 14 points to 5,014.
In equities today, Xenolith Resources Ltd holds its annual general meeting in Perth.
In Canberra, Professor Ross Garnaut launches the Garnaut Climate Change Review draft report at the National Press Club of Australia.
The Australian share market closed at its lowest point in nearly two years yesterday as big mining stocks fell and the rising oil price fanned fears of an economic slowdown.
The benchmark S&P/ASX200 index lost 96.5 points, or 1.89 per cent, to 4,998.3. and the broader All Ordinaries fell 117.6 points, or 2.26 per cent, to 5,094.0.
NEW YORK -The Dow rose on Thursday, a day after the blue-chip average entered a bear market, on relief payrolls data was not as weak as some had feared and with another record oil price boosting energy shares.
The broader S&P 500 index was little changed in a pre-holiday shortened trading session and the Nasdaq composite index fell after graphics chip maker Nvidia slashed its outlook, citing global market weakness. That raised concerns about the outlook for the computer industry.
The Dow Jones industrial average rose 73.03 points, or 0.65 per cent, to 11,288.54, while the Standard & Poor's 500 Index eked out a gain of 1.38 points, or 0.11 per cent, to 1,262.90. The Nasdaq Composite Index fell 6.08 points, or 0.27 per cent, to 2,245.38.
US markets will be closed on Friday due to the public holiday for Independence Day.
LONDON - UK stocks ended up almost 1 per cent during an extremely volatile trading session, as data led stocks on a rollercoaster ride with banks rising and oil companies falling.
The FTSE 100 closed at 5,476.6 points, up 50.3 or 0.93 per cent.
FRANKFURT - The DAX index ended at 6,353.74 points, up 48.32 or 0.77 per cent.
PARIS - The CAC-40 index closed at 4,343.99 points, up 47.51 or 1.11 per cent.
TOKYO - The Nikkei share average dipped 0.16 per cent to set its longest losing streak in more than half a century as worries about high oil prices and the global economy hit exporters such as Toyota.
The Nikkei fell 20.97 points on the day to end at 13,265.40.
HONG KONG - Hong Kong's shares closed 2.1 per cent lower at a fifteen week low, losing close to over 800 points over two straight sessions as financial stocks and insurers plunged on fears of further credit tightening in China.
The Hang Seng Index closed down 461.67 points at 21,242.778.
WELLINGTON - The NZ sharemarket hit a fresh three-year low and a handful of blue chips sank to multi-year lows, after US markets spiralled downwards and selling spread across the globe.
The NZSX-50 benchmark index closed down 2.2 per cent, or 68.97 points, at 3,094.4.
Michael Hobbs
