.
The Australian share market looks set to surge after Wall Street lifted more than 2 per cent overnight. Traders were encouraged by the US Federal Reserve’s “patience” on rates and upbeat economic data. The Labor Department reported America’s weekly jobless claims dropped again to remain near 14-year lows. Across commodity markets gold has risen following the Fed’s dovish policy statement and Switzerland introducing negative interest rates.
Global markets
Wall Street built on gains to close near session highs on Thursday: The Dow Jones Industrial Average gained 2.4 per cent to close at 17,778, the S&P 500 gained 2.4 per cent to close at 2,061 and the Nasdaq gained 2.2 per cent to close at 4,748.
European markets advanced on Thursday: London's FTSE 100 climbed 2 per cent, France's CAC 40 jumped 3.4 per cent and Germany's DAX rallied 2.8 per cent.
Asian markets ended mixed on Thursday: Japan’s Nikkei surged 2.3 per cent, Hong Kong’s Hang Seng rose 1.1 per cent, and China’s Shanghai Composite slipped 0.1 per cent.
The Australian share market ended almost 1 per cent higher yesterday: The S&P/ASX 200 index gained 49 points to close at 5,211 on Thursday. On the futures market the SPI is 78 points stronger.
Currencies
The Australian dollar at 8:20am was buying $US0.8165, 52.12 Pence Sterling, 97.01 Yen and 66.48 Euro cents.
Annual General Meetings
National Australia Bank Limited (ASX:NAB) has vowed to drive better results in the year ahead after its cash profit dropped almost 10 per cent in fiscal 2014. Speaking at the bank’s annual general meeting CEO Andrew Thorburn conceded NAB’s last annual results were disappointing and not at the desired level. Mr Thorburn says NAB has a clear agenda in the year ahead which includes strengthening its core business and addressing legacy issues. Shares in National Australia Bank rose 1.21 per cent to close at $31.73 following the AGM.
ANZ Banking Group (ASX:ANZ) has told shareholders had its AGM it is well positioned to maintain its momentum over the medium term. Chairman David Gonski says the bank has been adjusting the way it executes its strategy in anticipation of low rates and a declining Australian dollar next year. CEO Mike Smith has tipped the bank will continue to improve its productivity for some time to come and affirmed its commitment to pursuing its super regional strategy. Shares in ANZ Banking Group rose 1.67 per cent to close at $30.98 following the AGM.
Ex-dividends
James Hardie Industries plc (ASX:JHX) paying a 9.17 cent unfranked dividend
Singapore Telecommunications Limited (ASX:SGT) paying a 6.06 cent unfranked dividend
Timpetra Resources Limited (ASX:TPR) paying a 3.6 cent unfranked dividend
Commodities
Gold has risen $3.50 to $US1,198 an ounce for the February contract on Comex.
Silver has slipped $0.03 to $15.89 for March.
Copper has dipped $0.02 to $2.84 a pound.
Oil has dipped $1.80 to $US54.99 a barrel for January light crude in New York.
(20min delay)