It has been a disappointing end to the trading week for the Australian share market. The local bourse opened in negative territory and remained underwater for the rest of the session before closing 0.79 per cent lower. Today, the financials space proved to be the heaviest weight on the index led lower by the big four banks. Surprisingly we say a small rebound in the energy space despite further declines in the price of Brent crude overnight.
Today, the S&P/ASX 200 index closed 43 points down to finish at 5,373. Over the week the index lost 143 points.
The value of trades was $5.8 billion on volume of 828 million shares at the close of trade. The top three stocks by value were Macquarie Atlas Roads
(ASX:MQA), Commonwealth Bank of Australia
(ASX:CBA) and Telstra Corporation Limited
(ASX:TLS).
On the futures market the SPI is 52 points down.
US MarketsLooking at Wall Street, US major indexes have fallen over the four trading days this week: The Dow Jones Industrial Average has lost 0.4 per cent. The S&P 500 Index has slipped 0.2 per cent. The NASDAQ was flat. The 100 Index has lost 0.2 per cent.
Company news Patties Foods Limited
(ASX:PFL) has announced that the Surpeme Court of Victoria has today made orders approving the scheme of arrangement for the proposed acquisition of Patties by Australasian Foods Bidco. The $1.65 cash offer is also inclusive of a special dividend of up to $0.25 per Patties share. Shares in Patties Foods closed 0.6 per cent higher at $1.67
Amcor Limited
(ASX:AMC) says it has agreed to buy the North American operation of Sonoco Products for US$280 million.
iCar Asia Limited
(ASX:ICQ) has completed a $23 million capital raising through a rights issue.
Best and worst performersThe best performing sector was Materials adding 0.35 per cent to close at 8,541. The worst performing sector was Telcos, losing 2.1 per cent to close at 1,896 points.
The best performing stock in the S&P/ASX 200 was Western Areas, rising 5.98 per cent to close at $2.48. Shares in Alumina and Whitehaven Coal also closed higher.
The worst performing stock was Select Harvests, dropping 8.97 per cent to close at $6.29. Shares in Estia Health and Japara Healthcare also closed lower.
Commodities and the dollarThe price of gold is trading at $US1,312 an ounce, and is down $9.60 over the week.
Light crude is $1.54 lower at $US43.16 a barrel.
The Australian dollar is buying $0.7556 and is down 0.1 of a cent over the week.
