The local share market has closed the week slightly higher today, coming off earlier highs following three days of good gains, with energy stocks like Woodside Petroleum helping to support the market.
The S&P/ASX 200 Index closed 5 points higher at 4,001 and is up 207 points on week. On the futures, the SPI200’s up 7.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index up 565 points on the four trading days this week. The S&P500 Index gained 62, the NASDAQ up 129 points and the 100 index climbed 99 points.
In economic news: The ABS reports that Australian export prices fell 20.6 per cent in the second quarter, with import prices falling 6.4 per cent.
To company news around this afternoon: Toll road operator Macquarie Infrastructure Group (ASX:MIG) says signs of stabilising traffic volumes, together with changes to tolling structures, has delivered positive revenue growth across its portfolio for the June quarter. Whilst the protracted slowdown in global economic activity has continued to weigh on traffic volumes, in particular heavy vehicles, there are signs of a stabilisation. The news comes after the company announced yesterday that preliminary calculations indicated that the value of its toll road portfolio had fallen from $7.08 billion last December to $5.1 billion as at June 30. Macquarie Infrastructure Group shares closed 2.11 per cent lower at $1.395.
Agribusiness company Elders Ltd (ASX:ELD) has downgraded its earnings forecast after its 31 per cent owned associate Forest Enterprises Australia (ASX:FEA) warned of a profit fall. Forest warned that it expected to record a loss of between $6 million and $8 million for the year to June 30. Elders says it now expects to report a loss in the range of $2 million and $3 million in respect of its 31 per cent interest in Forest Enterprises for the 12 months to June 30, and down $14 million to $15 million from its previous guidance. Elders says the downward revision will reduce its net profit after tax and earnings before interest and tax expectations for the year by the same amount. Elders shares closed 3.85 per cent weaker at 25 cents.
Infrastructure company Asciano Group (ASX:AIO) says it hopes to raise an additional $100 million through a security purchase plan after only just announcing it had raised $427 million via a retail entitlement offer.
And oil producer Cooper Energy Ltd (ASX:COE) says oil sales were down for the year as a result of weaker oil prices and a stronger Aussie dollar, despite a 28 per cent jump in oil production.
Now to the best and worst performers: The best performing sector at close today is the Energy index, up 127 points to 14,545; while the worst performing sector at close was the Telco Services index; down 15 points to 1,164.
The best performing stock in the S&P/ ASX200 was Macquarie CountryWide up 19.42 per cent to 61.5 cents after announcing plans to sell its stake in a U.S. portfolio for US$1.3 billion. Shares in OM Holdings and Eastern Star Gas also gained.
The worst performing stock was Henderson Group with shares falling 6.98 per cent to $2. Shares in Macquarie Media and Eircom Holdings also closed lower.
The Aussie dollar is currently buying 80.08 U.S cents and is up more than 2 cents on the week. Gold is trading at $937.90 U.S an ounce and is up $25.85 on the week.
Finally, oil is down 28 cents at $61.74 U.S a barrel.
