The Australian share market posted a flat finish to the last day of a week in which the benchmark index fell 1.25 per cent. Despite last week’s Federal Budget boost the local bourse this week declined as traders absorbed central bank meeting minutes. While the Reserve Bank of Australia kept the door open for more rate cuts the US Federal Reserve suggested rates will not rise as soon as next month.
Figures
The S&P/ASX 200 index ended 2.4 points higher today but lost 71 points over the week to finish at 5,665.
The value of trades was $4.1 billion on volume of 602 million shares at the close of trade.
The top three stocks by value were National Australia Bank Limited
(ASX:NAB), Westpac Banking Corporation
(ASX:WBC) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 3 points higher.
Wall Street
America’s major indices have gained ground over the four trading days this week: The Dow Jones Industrial Average has risen 0.07 per cent. The S&P 500 Index has risen 0.4 per cent. The NASDAQ has risen 0.8 per cent. The 100 Index has risen 0.8 per cent.
Company news
Atlas Iron Limited
(ASX:AGO) has inked a royalty relief deed with the Western Australian Government. The mining company says the package will include a 50 per cent cash deferral of State Government iron ore royalties. Atlas believes the latest development, in addition to last week’s deal on costs with its key contractors, significantly strengthens its cash position as it works towards its year end output target. Shares in Atlas Iron last traded at $0.12 prior to entering into a trading halt in early April.
Shares in OrotonGroup Limited
(ASX:ORL) sunk after warning its second half earnings look likely to fall and revealing lower than forecast sales and margin for Gap and Brooks Brothers. The fashion brands retailer had previously expected earnings growth but has downgraded its earlier guidance following a soft third quarter performance. Shares in OrotonGroup sank 13.28 per cent to end the week at $2.22.
National Australia Bank Limited
(ASX:NAB) has been licensed to open its second branch in China. The bank says the new branch will be based in Beijing and will support its business banking customers looking to trade with or invest in China.
Australia's largest rail freight operator Aurizon Holdings Limited
(ASX:AZJ) has unveiled plans to inject $180 million into a fleet upgrade for its operations in Central Queensland.
Best and worst performers
The best performing sector was energy, adding 1.8 per cent to close at 11,604.
The worst performing sector was health care, losing 0.4 per cent to close at 18,756 points.
The best performing stock in the S&P/ASX 200 was Cardno Limited
(ASX:CDD), recovering 19.07 per cent to close at $2.81. Shares in Evolution Mining Limited
(ASX:EVN) and WorleyParsons Limited
(ASX:WOR) also closed higher.
The worst performing stock was Bradken Limited
(ASX:BKN), dropping 3.54 per cent to close at $2.18. Shares in Dick Smith Holdings Limited
(ASX:DSH) and G8 Education Limited
(ASX:GEM) also closed lower.
IPOs
Australian Finance Group Limited
(ASX:AFG) started trading today. The mortgage broker listed with an issue price of $1.20, opened at $1.19 and a closed at $1.205.
Commodities
The price of gold is buying $US1,209 an ounce, down $9.39 over the week.
Light crude is $1.74 higher at $US60.72 a barrel.
Currencies
The Australian dollar is buying $0.7928, down $0.0122 over the week.
