The local share market has finished the week on a high note gaining 1.67 per cent, thanks to positive leads from overseas markets and comments from ECB President Mario Draghi about implementing further QE measures. All sectors finished the day in the green, but it was staples that lead the charge.
Global markets
Today, the S&P/ASX 200 index closed 88 points higher to finish at 5,352. Over the week the index gained 83 points.
The value of trades was $5.2 billion on volume of 841 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Westpac Banking Corporation
(ASX:WBC) and Telstra Corporation Limited
(ASX:TLS).
On the futures market the SPI is 99 points higher.
Looking at Wall Street, US major indexes have gained over the four trading days this week: The Dow Jones Industrial Average has added 1.6 per cent. The S&P 500 Index has gained 0.95 per cent. The NASDAQ has added 0.7 per cent. The 100 Index has gained 1.4 per cent.
Company news
Qantas Airways Limited
(ASX:QAN) CEO Alan Joyce says softness in the resources sector will continue to have an impact on Qantas and it has reduced its footprint accordingly. At an address in Perth, Mr Joyce said the airline had to adjust capacity and its cost base in WA and Queensland as the Australian economy transitions away from the mining boom. Shares in Qantas closed flat at $3.86.
AMP Limited
(ASX:AMP) has reported a fall in net cashflows to $241 million for the three months to September.
ResMed Incorporated
(ASX:RMD) has recorded a net profit of US$80.4 million in the three months to September, a three percent decline from a year earlier.
Best and worst performers
The best performing sector was Staples adding 2.45 per cent to close at 8,980. The sector with the least gains was Healthcare, adding 0.3 per cent to close at 18,131 points.
The best performing stock in the S&P/ASX 200 was Drillsearch, rising 25.95 per cent to close at 83 cents. Shares in BT Investment and Western Areas also closed higher.
The worst performing stock was Worley Parsons, dropping 3.57 per cent to close at $7.02. Shares in Ansell and GWA Group also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,169 an ounce, and is down $14.79 over the week.
Light crude is up 29 cents at $US45.49 a barrel.
The Australian dollar is buying 72.48 US cents.
