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Market set to open higher on strong leads

The West Australian February 8, 2011, 11:28 am
Market set to open higher on strong leads

The West Australian ©

The Australian market is receiving generally positive leads from offshore trading overnight, with all key Wall Street indices higher, although gold was flat and oil was lower. Copper hit a record high.

On the ASX 24 at 5.43am, the March share price index futures contract was 19 points higher at 4866.

In economics news, National Australia Bank issues its monthly business survey for January.

In equities news, earnings season gathers pace.

National Australia Bank releases its first quarter trading statement, and Macquarie Group conducts its annual operational briefing for investors and analysts.

Bradken and Cochlear release first half results.

CSR and DuluxGroup hold annual general meetings.

Charter Hall provides a briefing on the real estate market outlook, and The Australian Social Infrastructure Fund is due to list on the Australian stock exchange.

On Monday, the Australian share market closed flat after retail stocks weighed on the market, particularly department store chain Myer Holdings after a profit downgrade.

The benchmark S&P/ASX200 index was up 5.8 points, or 0.12 per cent, at 4868.5 points, while the broader All Ordinaries index inched 5.5 points, or 0.11 per cent, higher to 4964.3 points.

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