Market Wrap: Aus shares close 0.3% higher

Market Reports

by Lee Brooks

Following mixed leads, the Australian share market opened higher and held on to most of its early gains for the day ending 0.3 per cent higher.   
It’s the seventh consecutive week of gains for the local bourse which has ended its highest level since July last year. 
Today, the S&P/ASX 200 index closed 18 points up to finish at 5,406. Over the week the index gained 55 points. 
The value of trades was $5.9 billion on volume of 729 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), CSL Limited (ASX:CSL) and ANZ Banking Group (ASX:ANZ)
On the futures market the SPI is 21 points up.
Wall Street

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 also added 1.8 per cent. The NASDAQ has advanced 2.7 per cent. The 100 Index has added 2.8 per cent. 
Company news
Australian Dairy Farms Group (ASX:AHF) says kickback against low milk prices by supermarket shoppers and its recent acquisition of Camperdown Dairy have improved its outlook despite adverse conditions of the 2016 financial year and a dry El Nino period. Shares in Australian Dairy Farms last traded up 20.59 per cent at $0.21. 
Wellard Limited (ASX:WLD) says it has finalised a 10 year loan of US$59 million for the financing of its recently delivered livestock carrier M/V Ocean Shearer. Shares in Wellard closed 2.56 per cent lower at $0.76. 
Fisher & Paykel Healthcare Corporation Limited (ASX:FPH) announced a record full year net profit after tax of NZ$143 million, 27 per cent higher than the previous year. 
Seven West Media Limited (ASX:SWM) says it’s in negotiations with News Australia to acquire Perth Now and The Sunday Times.

Best and worst performers of the day

The best performing sector was staples adding 1 per cent to close at 8,556. The worst performing sector was materials, losing 0.2 per cent to close at 8,082 points.
The best performing stock in the S&P/ASX 200 was Syrah Resources, rising 5.1 per cent to close at $5.56. Shares in Spotless and GWA Groups also closed higher.
The worst performing stock was Qantas, dropping 3.85 per cent to close at $3.00. Shares in Myer and Evolution Mining also closed lower. 

The price of gold is trading at $US1,222 an ounce, and is down $34.66 over the week. Light crude is $0.16 lower at $US49.48 a barrel. The Australian dollar is buying 72.3 US cents and is up 0.1 of a cent over the week.