Following moderate overseas leads, the Australian sharemarket opened higher today; maintaining gains despite a flagging global rally. The local bourse closed 0.18 percent up on this Friday. Materials were in the driving seat, led higher by BHP Billiton. Meanwhile troubled legal firm Slater & Gordon has staged a turnaround late in the week as bargain hunters jump in, pushing the stock to the day’s best performer.
Today, the S&P/ASX 200 index closed 9 points up to finish at 5,090. Over the week the index gained 210 points.
The value of trades was $6.2 billion on volume of 1.04 billion shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), National Australia Bank Limited
(ASX:NAB) and Westpac Banking Corporation
(ASX:WBC)
On the futures market the SPI is 2 points down.
US indexes
US major indexes have gained over the four trading days this week: The Dow Jones Industrial Average has added 1.8 per cent. The S&P 500 Index has added 2.3 per cent. The NASDAQ has added 2.5 per cent. The 100 Index has added 2.1 per cent.
Company news
ANZ Banking Group
(ASX:ANZ) has rejected allegations made by ASIC over interest rate rigging. The regulator has launched legal proceedings against ANZ for “unconscionable conduct and market manipulation in relation to the ANZ’s involvement in setting the bill swap reference rate” between 2010 and 2012. The lender said it will vigorously defend legal action brought by ASIC and said it believes the claims are based on a misunderstanding of operations. Shares in ANZ closed 0.89 per cent up at $25.02.
Dick Smith Holdings Limited
(ASX:DSH) has closed four Move Airport stores located at Sydney International Airport. The company was unable to reach agreement to sell the Move Airport assets, leaving receivers no choice but to close the stores. Approximately 48 staff will, where possible, be offered the opportunity of redeployment within the remaining Dick Smith store network for the duration of the store closure program. Shares in Dick Smith Holdings last traded at $0.35.
BHP Billiton Limited
(ASX:BHP) has had its credit rating cut two levels by Moody’s Investors Service to A3 from A1 and follows a cut from Standard & Poor’s last month.
Fairfax Media Limited
(ASX:FXJ) has firmly quashed rumours it is considering an investment in Nine Entertainment Company
(ASX:NEC) Best and worst performers
Now, to the best and worst performers of the day: The best performing sector was Materials adding 1.4 per cent to close at 7,392. The worst performing sector was REITS, losing 3.1 per cent to close at 1,319 points.
The best performing stock in the S&P/ASX 200 was Slater & Gordon, rising 12.12 per cent to close at $0.37. Shares in Worleyparsons and Independence Group also closed higher.
The worst performing stock was Dominos, dropping 6.2 per cent to close at $55.25. Shares in Caltex and Austal also closed lower.
Commodities
The price of gold is trading at $US1,262 an ounce, and is up $42.65 over the week.
Light crude is $0.09 lower at $US34.57 a barrel.
The Australian dollar is buying $0.7359 and is $0.023 up over the week.
