The local share market has finished the day in positive territory, despite a lacklustre open following the FOMC’s decision to keep rates on hold once again. The big banks have done most of the heavy lifting today, followed by the industrials space.
Today, the S&P/ASX 200 index closed 24 points higher to finish at 5,171. Over the week the index gained 99 points.
The value of trades was $5.9 billion on volume of 1.09 billion shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Commonwealth Bank of Australia
(ASX:CBA), Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is up 53 points.
Global markets
Looking at Wall Street, US major indexes have all gained over the four trading days this week: The Dow Jones Industrial Average has added 1.45 per cent. The S&P 500 Index has increased 1.5 per cent. The NASDAQ has also added 1.5 per cent. The 100 Index gained 1.4 per cent.
Company news Veda Group Limited
(ASX:VED) has received a $2.3 billion takeover bid from US company Equifax. The bidder is proposing to acquire 100 per cent of the shares in Veda at $2.70 per share. Shares in Veda Group closed 31.33 per cent higher at $2.62.
Mesoblast Limited
(ASX:MSB) has announced that its licensee JCR Pharmecuticals Co has received full approval from the Japanese Ministry for Health for its stem cell product, Temcell. Under its agreement with JCR, Mesoblast is entitled to receive a milestone payment on Temcell as well as royalties and other payments. Shares in Mesoblast closed 6.85 per cent higher at $3.43.
Sydney Airport Holdings Limited
(ASX:SYD) says passenger have numbers increased by 1.7 per cent during August.
Drillsearch Energy Limited
(ASX:DLS) has appointed Chief Operating Officer Walter Simpson as CEO effective immediately.
Best and worst performers
The best performing sector was Industrials adding 1.2 per cent to close at 4,634. The worst performing sector was Energy, losing 1.55 per cent to close at 8,666 points.
The best performing stock in the S&P/ASX 200 was Veda Group, rising 31.33 per cent to close at $2.62. Shares in National Storage and Newcrest Mining also closed higher.
The worst performing stock was Paladin Energy, dropping 7.14 per cent to close at 20 cents. Shares in Arrium and Drillsearch also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,130 an ounce, and is up $18.74 over the week.
Light crude is down 31 cents at $US47.20 a barrel.
The Australian dollar is buying 72.13 US cents and is up 1.5 cents over the week.
