The local share market has finished the week on a positive note, rallying for five straight sessions and closing the day 1.33 per cent higher. It was a sea of green with all sectors finishing the day in positive territory, but it was the miners and energy stocks like Santos which did the bulk of the heavy lifting.
Global markets
Today, the S&P/ASX 200 index closed 69 points higher to finish at 5,280. Over the week the index gained 246 points.
The value of trades was $5.3 billion on volume of 814 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is up 67 points.
Looking at Wall Street, US major indexes have all gained over the four trading days this week: The Dow Jones Industrial Average has added 3.4 per cent. The S&P 500 Index has gained 3.1 per cent. The NASDAQ has added 2.1 per cent. The 100 Index has gained 1.9 per cent.
Economic news
The number of home loans approved has increased 2.9 per cent for the month of August, according to figures from the Australian Bureau of Statistics. However, the number fell short of economists’ expectations of a 5 per cent rise. Total housing finance was up 3.5 per cent for the month.
Company news Lynas Corporation
(ASX:LYC) has announced that the High Court of Malaya has dismissed with costs a challenge by people associated with the Save Malaysia Stop Lynas group. The challenge was in relation to the original Temporary Operating Licence under which Lynas operated its Malaysian plant. Shares in Lynas Corporation closed 5.41 per cent higher to 3.9 cents.
Macquarie Group Limited
(ASX:MQG) has successfully completed a $400 million capital raising. The heavily over-subscribed institutional placement will see 5 million new shares issued at $80 each and will be eligible for any interim dividend for the six months to end September 2015. Shares in Macquarie Group closed the day 3.98 per cent higher to $80.94.
CSL Limited
(ASX:CSL) has announced David Lamont will replace Gordon Naylor as Chief Financial Officer.
Caltex Australia Limited
(ASX:CTX) has announced some changes to the board including the retirement of Chairperson Elizabeth Bryan.
Best and worst performers
The best performing sector was Materials adding 2.3 per cent to close at 8,493. The sector with the least gains was REITs, adding 0.3 per cent to close at 1,251 points.
The best performing stock in the S&P/ASX 200 was Beach Energy, rising 15.09 per cent to close at 61 cents. Shares in Independence Group and Santos also closed higher.
The stock with the most losses was Liquefied Natural Gas, dropping 9.45 per cent to close at $1.82. Shares in Ten Network and AWE also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,148 an ounce, and is up $37.08 over the week.
Light crude is $1.62 higher to $49.43 a barrel.
The Australian dollar is buying 72.84 US cents and is up 2.49 cents over the week.
