News: Outlook: Aus shares may be in for flat star

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    Aussie shares may be in for a flat start, Wall St closing steady. US trading volumes were light, as the Government Bond and Treasury markets were closed for the Columbus Day holiday, while investors remained cautious with a number of key financial results due in the next few days.

    On Monday, the Dow Jones Industrial Average closed 4 points up at 11,010. The S&P 500 Index is flat at 1,165 and the NASDAQ is also flat at 2,402.

    European stocks were higher: London's FTSE up 15 points, Paris is up 5 and Frankfurt up 18.

    Asian markets were higher: Hong Kong Hang Seng up 263, Tokyo's Nikkei was closed and China was up 68.

    The Australian share market finished higher on Monday. The S&P/ASX 200 Index closed 16 higher to 4,698 and on the futures market the SPI200 is up 3 points.

    Turning to currencies and the Aussie Dollar at 8:45AM was buying 98.33 US cents, 61.93 Pence Sterling, 80.76 Yen and 70.88 Euro cents.

    In economic news: Expected out today, the Reserve Bank of Australia's credit and debit card data for August and the National Australia Bank's monthly business survey for September.

    In company news: Shares in Leighton Holdings Ltd (ASX:LEI) closed 1.71% up at $36.34 on Monday. Leighton wholly owned subsidiaries John Holland and Theiss, are among the shortlist of six developers chosen by the New South Wales government to tender for the first stage of Sydney's Barangaroo development, says the Australian Financial Review. According to the report, Baulderstone, Bovis Lend Lease, Hansen Yuncken and Laing O'Rouke Australia will submit proposals for the excavation of the headland park by the end of this year, with completion anticipated in 2014. NSW Premier Kristina Keneally says the selected group is the latest demonstration of the strong commercial interest in the Barangaroo redevelopment and investment in Sydney. Leighton Holdings earned $615.13 million profit in the 2010 financial year.

    Shares in Paladin Energy Ltd (ASX:PDN) closed 3.28% higher at $3.78 on Monday. Takeover target NGM Resources Ltd (ASX:NGM) has urged its shareholders to accept uranium miner Paladin's $27 million bid for the company, without delay. On Friday, Paladin was ordered by the takeovers panel to extend its offer period to 22 October, as its reasons offered for allowing the offer to lapse were judged to be unacceptable. One of Paladin's defeating conditions is that the proposal requires 90 per cent acceptance from NGM's shareholders before the closing date. NGM directors have all accepted the offer and unanimously recommended that shareholders, irrespective of the size of their shareholding, accept the offer as soon as possible. Paladin Energy booked a net loss of $63.12 million in fiscal 2010.

    To ex-dividends: The four companies going ex-dividend today are Aberdeen Leaders with a 1.75 cent dividend, Berklee with a 2 cent dividend, Sylvastate with a 10.5 cent dividend and Van Eyk Three Pillars with a 25 cent dividend, all fully franked. Coming up tomorrow, Ausdrill and TPG Telecom.

    To commodities: and the price of gold is up US$9.10 to US $1354 an ounce for the December contract on Comex, silver is up US$0.24 to $23.35 and copper is up $0.02 at $3.79 a pound. The price of oil is down $0.45 to US$82.21 a barrel for November light crude in New York.
 
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