Following strong leads from US markets, the Australian share market opened in positive territory this morning and continued to gain momentum in afternoon trade closing 0.58 per cent higher. Despite two horror days of trade on Monday and Tuesday, which saw the index slip below the 5,000 point mark, the local share market managed to recover somewhat finishing the trading week on a high note.
Local share market
Today, the S&P/ASX 200 index closed 30 points higher to finish at 5,263. Over the week the index gained 49 points.
The value of trades was $7.4 billion on volume of 1.08 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is up 57 points.
Looking at Wall Street, US major indexes have gained over the four trading days this week: The Dow Jones Industrial Average has added 1.2 per cent. The S&P 500 Index has gained 0.8 per cent. The NASDAQ added 2.2 per cent. The 100 Index has gained 3 per cent.
Company news Harvey Norman Holdings Limited
(ASX:HVN) has posted a surge in net profit to $268.1 million in the year to June 30. The figure is a 26.6 per cent increase on the previous corresponding period. The white goods and electronics retailer says it’s a good result in a challenging retail environment. The company will pay a final fully franked dividend of 11 cents per share. Shares in Harvey Norman closed 2.21 per cent lower at $4.42.
Monash IVF Group Limited
(ASX:MVF) has posted an impressive result for the year to 30 June, with profit coming in at $21.4 million up from $2.6 million in 2014. Revenue increased 9.6 per cent to $125 million. The company will pay a final dividend of 3.7 cents a share, bringing the total dividend to 6.95 cents. Shares in Monash IVF closed 3.45 per cent lower at $1.12.
Woolworths Limited
(ASX:WOW) has reported that full year profit has slumped 12.5 per cent to $2.1 billion and announced a new Chairman.
Slater & Gordon Limited
(ASX:SGH) has offered investors some welcome news reporting a 5.6 per cent jump in full year net profit to $82.3 million.
Best and worst performers
The best performing sector was Materials adding 3.7 per cent to close at 8,207. The worst performing sector was Telcos, losing 1.2 per cent to close at 2,070 points.
The best performing stock in the S&P/ASX 200 was Liquefied Natural Gas
(ASX:LNG), rising 12.02 per cent to close at $2.89. Shares in Western Areas and Nine Entertainment also closed higher.
The worst performing stock was Dick Smith
(ASX:DSH), dropping 4.28 per cent to close at $1.56. Shares in Veda Group and Navitas also closed lower.
IPOs Beston Global Food Company Limited
(ASX:BFC) started trading today. The food and beverage investment company listed with an issue price of 35 cents, opened at 30 cents and a closed at 31.5 cents.
Commodities and the dollar
The price of gold is trading at $US1,132 an ounce, and is down $29.98 over the week.
Light crude is $4.18 higher at $US42.78 a barrel.
The Australian dollar is buying 71.67 US cents and is down 1.44 cents over the week.
