It has been a positive end to the week for the Australian share market after a few days in the doldrums. While the local bourse dropped into the red at the open, it managed to recoup those losses and close the day 0.34 per cent higher. At the end of the session Utilities was the star performer, lifted up by Cleanaway and Ardent Leisure. The energy stocks were the worst performers despite a small jump in the price of Brent crude overnight.
Today, the S&P/ASX 200 index closed 19 points up to finish at 5,527. Over the week the index lost 4 points.
The value of trades was $4.5 billion on volume of 724 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Telstra Corporation Limited
(ASX:TLS) and CSL Limited
(ASX:CSL)On the futures market the SPI is 18 points up.
US MarketsLooking at Wall Street, US major indexes have risen over the four trading days this week: The Dow Jones Industrial Average has added 0.1 per cent. The S&P 500 Index has added 0.1 per cent. The NASDAQ has gained 0.1 per cent. The 100 Index was flat.
Company newsArdent Leisure Group Limited
(ASX:AAD) has announced it has entered into a binding agreement to sell its Health Clubs division (comprising Goodlife Health Clubs and Hypoxi) to funds advised by Quadrant for gross proceeds of A$260 million. The company says it is a strategic decision which enables it to reset as a high growth, global leisure and entertainment business. The transaction will also strengthen the balance sheet and allow the Group to support the 5-year targeted roll-out of Main Event Entertainment Centres in the US. Shares in Ardent Leisure closed 10.87 per cent higher at $2.55.
Medibank Private Ltd
(ASX:MPL) has reported that its net profit after tax surged over 46% to $417.6 million.
Insurance Australia Group Ltd
(ASX:IAG) has that its reported net profit (after tax) fell 14.1% to $625 million.
Woodside Petroleum Ltd
(ASX:WPL) has reported its net profit fell 50% to US$340 million in 1H16.
Best and worst performersThe best performing sector was Utilities adding 1.8 per cent to close at 7,601. The worst performing sector was Energy, losing 0.6 per cent to close at 8,833 points.
The best performing stock in the S&P/ASX 200 was Cleanaway, rising 15.56 per cent to close at $1.04. Shares in Ardent Leisure and Western Areas also closed higher.
The worst performing stock was Whitehaven Coal, dropping 10.38 per cent to close at $1.90. Shares in IPH and Covermore also closed lower.
Commodities and the dollarThe price of gold is trading at $US1,349 an ounce, and is up $8.88 over the week.
Light crude is $1.37 higher at $US48.89 a barrel.
The Australian dollar is buying $0.7646.
