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Australia shares seen falling on Wall Street, gold may support
May 14, 2014 / 11:21 PM / 4 years ago

Australia shares seen falling on Wall Street, gold may support

SYDNEY, May 15 (Reuters) - Australian shares are set to fall in early trade on Thursday after Wall Street pulled back from record highs, although an uptick in gold prices may support miners of the precious metal.

* Local share price index futures fell 0.4 percent to 5,488.0, an 8.5-point discount to the underlying S&P/ASX 200 index close. The benchmark ended flat on Wednesday.

* New Zealand’s benchmark NZX 50 index added 0.2 percent in early trade.

* U.S. stocks fell overnight, with the Dow and S&P 500 retreating from recent record highs, as small caps resumed their sell-off and consumer discretionary shares lagged.

* Nickel prices fell more than 4 percent as some investors saw the market’s Indonesian supply problem as fully priced in, given the metal is trading up nearly 50 percent in the year to date. Gold added 1 percent.

* Australia’s largest listed agribusiness GrainCorp posted a 43 percent fall in first-half net profit on Thursday as poor seasonal conditions across the country’s east coast curbed production.

* Prima BioMed Ltd said its experimental lead treatment improved survival in some ovarian cancer patients without the disease worsening.

* SP Ausnet said its full year revenue from continuing operations was A$1.8 billion versus A$1.64 billion last year.

* Galaxy Resources Ltd said its Tianqi shareholders have approved payment of a $12.2 million deposit to the company.

* Sydney Airport Holdings Ltd said its total passenger traffic for April was up 2.3 percent.

* Bank of Queensland Ltd said it has successfully completed the bookbuild for its retail component of its renounceable entitlement offer.

----------------------MARKET SNAPSHOT @ 2301 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1888.53 -0.47% -8.920 USD/JPY 101.82 -0.05% -0.050 10-YR US TSY YLD 2.5481 -- 0.000 SPOT GOLD 1305.1 0.01% 0.100 US CRUDE 101.98 -0.38% -0.390 DOW JONES 16613.97 -0.61% -101.47 ASIA ADRS 143.86 -0.30% -0.43 -------------------------------------------------------------

* Wall St ends lower after recent highs; small caps raise concern * U.S. crude, Brent hit 3-week highs on Cushing, gasoline draw * Palladium rallies to 2011 highs on South Africa tensions * Nickel slides away from 27-month highs, copper gains

For a digest of the day’s business stories in Australian newspapers, double click on

(Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234)

Reporting by Thuy Ong; Editing by Richard Pullin

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