The Australian share market closed in the red, pulled down by the banks and the miners. Severe flooding in North Queensland continues to have a negative impact on stocks.
The S&P/ASX200 Index is down 20 points to close at 4,705 while on the week it was 40 points lower. On the futures market, the SPI is down by 19 points.
Looking at the US and Wall Street, the DOW Jones Industrial Average was up 120 points over the last four trading days. The S&P 500 Index was up 16 points, NASDAQ was up 57 and the 100 Index was up 60.
Company news: Telstra (ASX:TLS) is continuing its negotiations with the national broadband network. NBN Co Chief Executive Mike Quigley said he wouldn’t be rushed and refused to comment on whether he was also in negotiations with Optus. NBN Co says it has received 70 online applications from developers requesting fibre for new developments since the start of the year. Telstra shares slipped 0.36 per cent to close at $2.77.
Shares in Carnarvon Petroleum Ltd (ASX:CVN) dived after the company reported disappointing results for its operations in Thailand. Three wells drilled at the end of last year produced sub-commercial results. Two will undergo further testing, but the third will be sidetracked. Shares in Carnarvon Petroleum closed 9.37 per cent lower at $0.435.
Forge Group (ASX:FGE) has secured contracts worth $23 million to upgrade the existing mineral processing plant near Ravensthorpe in Western Australia.
News Corp (ASX:NWS) is set to restructure its American television network Fox, given the departure of its CEO.
In the best and worst performers: The best performing sector at close was Utilities, with the index rising 29 points to close at 4,431. The worst performing sector was Materials, the index falling 178 points to close at 13,882. The best performing stock in the S&P/ASX200 was Aurora Oil & Gas shares advanced 6.94% to close at $2.31. Shares in Austar United Communications and Energy Resources of Australia also gained today. The worst performing stock was Carnarvon Petroleum shares as mentioned earlier. Shares in Lynas Corporation and Independence Group also closed weaker today.
In commodities, gold is trading at $1,370 US an ounce and is down $48.60 on the week. And light crude is 31 cents higher at $88.69 US a barrel.
The Australian dollar is trading at 99.34 US cents, and is down over 2.5 cents on the week.
