Following weak leads, the Australian sharemarket opened lower, but managed to retrace losses, pushing the local market to close 0.25 percent up. Meanwhile the Aussie Dollar fell back before 74c on indications the Reserve Bank of Australia may look to cut interest rates further after lowering its inflation forecast.
Markets
Today, the S&P/ASX 200 index closed 13 points up to finish at 5,292.
Over the week the index gained 40 points.
The value of trades was $6.9 billion on volume of 1.03 billion shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP)
On the futures market the SPI is 19 points down.
US major indexes have all dropped over the four trading days this week: The Dow Jones Industrial Average has lost 0.6 per cent. The S&P 500 Index has lost 0.7 per cent. The NASDAQ has lost 1.2 per cent. The 100 Index has lost 0.7 per cent.
Company news
Medibank Private Limited
(ASX:MPL) has warned shareholders that second half operating profit will be lower than the first half. The health insurer cited increased marketing costs and below-par growth and is now targeting operating profit of more than $470 million. Shares in Medibank Private closed 5.49 per cent down at $3.10.
Avita Medical Limited
(ASX:AVH) has shared UK study results which confirm the ReCell Autologous Cell Harvesting Device effectively reduces long-term scarring and itching outcomes in pediatric burns treatment. The results from a UK study were presented at the American Burn Association Annual Meeting held in Las Vegas. Shares in Avita Medical closed 3.85 per cent up at $0.14.
Macquarie Group Limited
(ASX:MQG) has posted a 29 per cent rise in annual profit, to $2.06 billion for the 12 months ending March 31st.
Blackmores Limited
(ASX:BKL) has acquired Chinese herbal medicine retailer Global Therapeutics for $23 million.
Best and worst performers
The best performing sector was Staples adding 1.2 per cent to close at 8,510. The worst performing sector was Energy, losing 1.3 per cent to close at 7,928 points.
The best performing stock in the S&P/ASX 200 was Corporate Travel Management, rising 7.08 per cent to close at $15.28. Shares in Evolution Mining and Super Retail Group also closed higher.
The worst performing stock was Sky Network, dropping 14.99 per cent to close at $4.31. Shares in BT Investment and Mesoblast also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,279 an ounce, and is down $10.35 over the week.
Light crude is $0.54 up at $US44.32 a barrel.
The Australian dollar is buying $0.7393 and is $0.021 down over the week.
