A lacklustre end to the week for the local share market today, despite an optimistic open earlier this morning. At the end of the day investors seemed to lose their appetite, with the ASX200 closing 0.58 per cent lower. The materials space did most of the heavy lifting, but this was offset by falls in the big four banks.
Today, the S&P/ASX 200 index closed 30 points lower to finish at 5,042. Over the week the index lost 128 points.
The value of trades was $6.2 billion on volume of 812.4 million 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 Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 27 points lower.
Overseas markets
Looking at Wall Street, US major indexes were lower over the four trading days this week: The Dow Jones Industrial Average has lost 2.92 per cent. The S&P 500 Index has lost 3.0 per cent. The NASDAQ has retreated 3.37 per cent. The 100 Index has lost 2.91 per cent.
Company news Skilled Group Limited
(ASX:SKE) shareholders have voted in favour of the proposal for Programmed to acquire all Skilled shares by way of Scheme of Arrangement. The businesses will be combined to form a $700 million company. Shares in Skilled Group closed 0.3 per cent higher to $1.70.
Transpacific Industries Group Limited
(ASX:TPI) has announced the abrupt resignation of Cleanaway Managing Director Jack Perko.
Amcor Limited
(ASX:AMC) has appointed Michael Casamento as Chief Financial Officer.
Unilife Corporation
(ASX:UNS) has amended a clinical supply agreement with Novartis to allow an experimental drug trial.
Best and worst performers
The best performing sector was Discretionaries adding 0.9 per cent to close at 1,756. The worst performing sector was Energy, losing 2.0 per cent to close at 8,429 points.
The best performing stock in the S&P/ASX 200 was Myer, rising 8.43 per cent to close at 90 cents. Shares in Arrium and Retail Food Group also closed higher.
The worst performing stock was Corporate Travel Management, dropping 6.33 per cent to close at $9.18. Shares in Southern Cross Media and Liquefied Natural Gas also closed lower.
Commodites
The price of gold is trading at $US1,147 an ounce, and is up $17.25 over the week.
Light crude up 43 cents at $US44.91 a barrel.
The Australian dollar is buying 70.13 US cents is down 2 cents over the week.
