The Australian sharemarket ended the day flat, investors are cautious given today's profit downgrades.
Today, the S&P/ASX 200 index gained 4 points to finish at 4,367, and gained 43 points over the trading week. On the futures market, the SPI is currently 4 points weaker.
Looking at Wall Street, over its four trading days this week: The Dow Jones Industrial Average fell 22 points. The S&P 500 Index fell 11 points, the Nasdaq lost 48 points, and the 100 Index fell 53 points.
Economic news
The Australian Bureau of Statistics released the International Trade Price Indexes for March. The Import Price Index fell 1.2 per cent and the Export Price Index fell 7 per cent in the March quarter.
Company news
Internet services provider iiNet Limited (ASX:IIN) has scored a victory against film and television companies in a landmark copyright case. The High Court has today dismissed an appeal from 34 international and local companies, alleging iiNet had allowed the infringement of their copyright when iiNet’s customers downloaded content. iiNet shares gained 2.97 per cent today, closing at $3.12.
Woolworths Limited (ASX:WOW) reports total group sales for the third quarter rose 3.8 per cent on the previous year amounting to $14.1 billion. Chief executive Grant O'Brien says the result was achieved in a tight consumer market and during an unseasonably wet summer. Woolies remains cautious about the sales outlook for the fourth quarter given consumer and business uncertainty about the impact of the carbon tax and interest rates. Woolworths shares gained 0.12 per cent, closing at $25.88.
Boral Limited (ASX:BLD) cuts full year profit guidance by $22 million because of heavy rain and weak housing activity.
And Bradken Limited (ASX:BKN) downgrades its full year profit and earnings guidance because of higher costs and fewer sales in its rail division.
Best and worst performers
The best performing sector was Health Care adding 88 points to close at 8,982. The worst performing sector was Utilities, falling 32 points to close at 4,733 points.
The best performing stock in the S&P/ASX 200 was Karoon Gas Australia Limited (ASX:KAR) adding 6.89 per cent to close at $6.36, St Barbara Limited (ASX:SBM) and Oil Search Limited (ASX:OSH) also made gains.
The worst performing stock was Bradken Limited (ASX:BKN) shedding 10.76 per cent to close at $7.55, Mirabela Nickel Limited (ASX:MBN) and Spark Infrastructure Group (ASX:SKI) also fell.
IPO
Breaker Resources NL (ASX:BRB) floated today, with an issue price of 20 cents, opening and closing price of 21 cents.
Commodities
Gold is trading at $US1,645 an ounce and fell $12.79 over the week. Light crude is $0.45 higher, sitting at $US102.72 a barrel.
The Australian dollar
The Australian dollar is buying $1.0343 US cents and is steady over the week.