Well it’s been a positive end to the trading week for the local share market after 4 days of solid gains, pushing the index back above the 5000 point mark.
This morning it looked like the local share market was going to have a bad day after opening in negative territory, but the local bourse managed to gain some momentum throughout the session and ended up closing 0.76 per cent higher. Healthcare stocks were the star performers today, along with staples. Not such a good day however for the materials space and the big four banks.
Today, the S&P/ASX 200 index closed 39 points higher to finish at 5,157. Over the week the index added 220 points or 4.3 per cent.
The value of trades was $4.9 billion on volume of 683 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), ANZ Banking Group
(ASX:ANZ) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 51 points higher.
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 1.95 per cent. The S&P 500 Index has gained 1.7 per cent. The NASDAQ has added 1.9 per cent. The 100 Index has jumped 1.75 per cent.
Company news Cimic Group’s
(ASX:CIM) mining contractor THEISS has been awarded a three year contract extension to continue operations at the Melak Coal Mine in Indonesia. The contract, with revenue of $180 million, continues THEISS’ mining development and operations at the site through to December 2019. Shares in CIMIC Group closed 1.44 per cent higher at $35.96.
Rio Tinto
(ASX:RIO) has announced it will extend its Channar Mining Joint Venture in WA’s Pilbara region with Sinosteel Corporation.
Urbanise.com Limited
(ASX:UBN) has signed a commercial heads of agreement with South Africa’s King Price Insurance.
Best and worst performers
The best performing sector was Staples adding 1.8 per cent to close at 8,463. The worst performing sector was Energy, losing 0.1 per cent to close at 7,758 points.
The best performing stock in the S&P/ASX 200 was Western Areas, rising 7.37 per cent to close at $2.33. Shares in Bellamy’s and Covermore also closed higher.
The worst performing stock was Programmed, dropping 5.18 per cent to close at $1.46. Shares in Fortescue and Worley Parsons also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,231 an ounce, and is down $11.27 over the week.
Light crude is down $0.34 lower at $US42.67 a barrel.
The Australian dollar is buying $0.7716 and is up 1.6 cents over the week.
