Trading Room home page

Australian market set to open higher

Market watch top headlines

Australian reports

World reports

Stocks to watch



January 24 2013, 06:34AM

The Australian market looks set to open higher after a positive showing on Wall Street but mixed results in European stocks after British Prime Minister announced a referendum on the country's future within the European Union (EU).

At 0630 AEDT on Thursday, the March share price index futures contract was up nine points at 4,762.

David Cameron promised to give the British people the choice of staying in or leaving the EU if his party won the next general election.

H said he wanted to first renegotiate the terms of Britain's membership because "public disillusionment with the EU is at an all-time high".

In local economic news on Thursday, the HIA-RP Data Residential Land Report for the September 2012 quarter is due to be released.

In equities news, Fortescue Metals Group is expected to release its second quarter production report, OZ Minerals its December quarter report and PanAust its fourth quarter report.

In Australia, the market on Wednesday closed higher after BHP Billiton's production report exceeded expectations and weak inflation figures drove up high-yielding stocks.

At the close, the benchmark S&P/ASX200 index was up 8.7 points, or 0.18 per cent, at 4,787.8, while the broader All Ordinaries index gained 9.2 points, or 0.19 per cent, at 4,812.1.