The local share market has managed to finish the trading week on a positive note, despite dipping at the open on the back of weak leads from Wall Street. At the end of the day the local bourse closed 0.52 per cent higher thanks to a rally in the energy and materials sectors. The big banks also managed to make some small gains, along with the consumer discretionaries space.
Today, the S&P/ASX 200 index closed 28 points higher to finish at 5,351. Over the week the index gained 22 points.
The value of trades was $4.1 billion on volume of 638 million 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 Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 11 points higher.
US markets
Looking at Wall Street, US major indexes have retreated over the four trading days this week: The Dow Jones Industrial Average has lost 0.6 per cent. The S&P 500 Index has shed 0.3 per cent. The NASDAQ has lost 0.1 per cent. The 100 Index has slipped 0.25 per cent.
Company news Dexus Property Group
(ASX:DXS) has entered into an agreement to sell its 50 per cent interest in The Zenith at 821 Pacific Highway, Chatswood. The company says the sale is consistent with the company’s strategy of focusing on its core markets, and results in more than $350 million of property divestments being completed so far in FY16. The gross sale price is $139.5 million. Shares in Dexus Property closed 1.26 per cent higher at $8.82.
Virtus Health Limited
(ASX:VRT) has announced it has acquired 100 per cent of Canberra Fertility Centre. The company says the acquisition adds to Virtus’ domestic growth strategy and consolidates the group’s domestic geographic expansion along the eastern seaboard of Australia. Shares in Virtus Health closed 2.35 per cent higher at $6.98.
Sydney Airport Limited
(ASX:SYD) has announced total traffic through the airport for April 2016 is up 7 percent on April 2015.
Myer Holdings Limited
(ASX:MYR) has announced it will exit stores in Wollongong and Orange in New South Wales.
Best and worst performers
The best performing sector was consumer discretionaries adding 0.95 per cent to close at 2,056. The sector with the least gains was REITs, adding 0.2 per cent to close at 1,433 points.
The best performing stock in the S&P/ASX 200 was Metcash, rising 6.07 per cent to close at $2.01. Shares in Beach Energy and Flight Centre also closed higher.
The worst performing stock was SAI Global, dropping 6.17 per cent to close at $3.50. Shares in APN News and Media and GWA Group also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,255 an ounce, and is down $17.19 over the week.
Light crude is $0.31 higher at $US48.77 a barrel.
The Australian dollar is buying $0.7240 and is down 0.9 of a cent over the week.
