The local share market has finished the day and week in positive territory, by the skin of its teeth, closing 0.26 per cent higher. It’s the third best week for the ASX all year, but stocks seemed to really struggle for direction throughout the session. It was the materials space which did the bulk of the gains today, as well as the financials, namely the big four banks.
Today, the S&P/ASX 200 index closed 14 points up to finish at 5,256. Over the week the index gained 205 points.
The value of trades was $5.4 billion on volume of 831 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), Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is up 3 points.
US markets
Looking at Wall Street, US major indexes have gained over the four trading days this week: The Dow Jones Industrial Average has added 2.75 per cent. The S&P 500 Index has added 2.8 per cent. The NASDAQ has gained 2.9 per cent. The 100 Index has added 3.3 per cent.
Company news
Cimic Group’s
(ASX:CIM) construction company Leighton Contractors has signed a contract with Roads and Maritime Services for the design and construct element of Sydney’s $4.3 billion New M5 Motorway in a joint venture with Dragados and Samsung. The project will generate revenue of approximately $1.5 billion for Leighton Contractors over four years. Shares in Cimic Group closed 0.19 per cent lower at $26.12.
APN Property Group
(ASX:APD) has announced the launch of a new unlisted direct property fund, the APN Convenience Retail Property Fund.
Helloworld Limited
(ASX:HLO) is set to merge with AOT Group Limited to create a single travel company.
Best and worst performers
The best performing sector was Financials excluding REITs adding 0.6 per cent to close at 7,035. The worst performing sector was Energy, losing 1.1 per cent to close at 8,625 points.
The best performing stock in the S&P/ASX 200 was Austal, rising 5.65 per cent to close at $2.43. Shares in Invocare and Mineral Resources also closed higher.
The worst performing stock was Slater and Gordon, dropping 12.13 per cent to close at $2.68. Shares in Liquefied Natural Gas and Primary Health Care also closed lower.
IPOs Xenith IP Group Limited
(ASX:XIP) started trading today. The IP services provider listed with an issue price of $2.72, opened at $3.40 and a closed at $3.24.
Commodities and the dollar
The price of gold is trading at $US1,084 an ounce, and is up 34 cents over the week.
Light crude is down 10 cents at $US41.85 a barrel.
The Australian dollar is buying 71.92 US cents and is up half a cent over the week.
