The local share market finished higher today despite losses overnight across Wall Street and Europe on the back of rising tensions in Yemen.
The energy sector showed strength early in the day as the conflict is likely to cause oil shortages in the Middle East, but by the close the sector had retreated.
After yesterday’s slump it seems bargain hunters have stepped in, the big banks are all higher and Coles and Woolworths have made strong gains.
Today, the S&P/ASX 200 index closed 41 points up to finish at 5,920.
Over the week the index lost 56 points.
The value of trades was $7.2 billion on volume of 766 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 30 points up.
Looking at Wall Street, US major indexes have fallen over the four trading days this week: The Dow Jones Industrial Average has lost 2.5 per cent. The S&P 500 Index has lost 2.5 per cent. The NASDAQ has lost 3.4 per cent. The 100 Index has lost 3.3 per cent.
Company news
Shares in Mesoblast Limited
(ASX:MSB) have gained on news the Japanese Patent Office has allowed a key patent for the use of its precursor cells. The regenerative medicine company says the patent is for the treatment of heart diseases, stroke and other vascular conditions. Shares in Mesoblast closed up 1.96 per cent at $3.65
Shares in Watpac Limited
(ASX:WTP) have closed lower on news its finalised the$50 million contract for the Stage 2 delivery of the Queensland State Velodrome in Brisbane. Managing Director Martin Monro says the company is proud to be building this world class facility which will be used by some of the world’s leading cyclists. Shares in Watpac closed 1.3 per cent down at $0.76.
The owner of IGA supermarkets Metcash Limited
(ASX:MTS) has announced its CEO Supermarkets Fergus Collins will leave the company after 13 years.
New Zealand-based Fletcher Building Limited
(ASX:FBU) has inked a deal to construct a new office building in Auckland’s Wynyard Quarter.
Best and worst performers of the day
The best performing sector was utilities adding 2.7 per cent to close at 6,670. The worst performing sector was energy, losing 0.3 per cent to close at 11,241 points.
The best performing stock in the S&P/ASX 200 was GUD Holdings Limited
(ASX:GUD), rising 7.66 per cent to close at $8.57. Shares in Liquefied Natural Gas Limited
(ASX:LNG) and Regis Healthcare Limited
(ASX:REG) also closed higher.
The worst performing stock was Fortescue Metals Group Limited
(ASX:FMG), dropping 5.66 per cent to close at $2.00. Shares in Arrium Limited
(ASX:ARI) and Senex Energy Limited
(ASX:SXY) also closed lower.
IPO
Sky Dive the Beach Group Limited
(ASX:SKB)started trading today. The skydiving tour company listed with an issue price of $0.25, opened at $0.31 and a closed at $0.39.
Commodities
The price of gold is trading at $US1,203 an ounce, and is up $32.18 over the week.
Light crude is $2.22 higher at $US51.43 a barrel.
The Australian dollar is buying $0.7798 and is $0.011 up over the week.
