The Australian share market closed in the red today, putting an end to a seven day winning streak. The market running out of puff, the All Ords having closed above the 5000 mark this week. Telstra one of the few good news stories, with unrest in Egypt taking its toll on stocks.
The S&P/ASX200 Index fell 34 points to close at 4,881 while on the week it was 18 points higher. On the futures market, the SPI is down 37 points.
Looking to the US and on Wall Street, the DOW Jones Industrial Average was up 137 points over the four trading days this week. The S&P 500 Index was up 11 points, NASDAQ was up 21 and the 100 Index was up 26.
Economic news: The Reserve Bank of Australia governor Glenn Stevens has told a parliamentary committee that interest rates will most likely stay on hold until late in the year.
Company news: Qantas Airways Ltd (ASX:QAN) will raise ticket prices for domestic, trans-Tasman and regional services in response to rising fuel prices. The ticket increases will come into play from February 25. Fare increases will range between $4 and $10 each way. Qantas chief executive Alan Joyce said the increases would not cover all the costs associated with higher fuel prices. The announcement coincided with the gathering of hundreds of pilots in Sydney to discuss industrial action over a breakdown in pay negotiations with the airline. Shares in Qantas fell 1.24 per cent today to close at $2.39.
Harvey Norman Holdings Ltd (ASX:HVN) recorded flat sales in the second quarter. Sales rose by only 0.2 per cent, falling 5.1 per cent for the same period the year prior. The retailer said sales had been affected by the strength of the Australian dollar. Harvey Norman said its furniture and bedding businesses were growing, despite a softening housing market. But sales in its computer division had been negatively impacted by the competitive market. The retailer said sales of digital cameras, smart phones and gaming consoles, as well as the expected growth in tablet computers were all positive signs for strong future profits. Harvey Norman shares slipped 1.68 per cent to close at $2.92.
Tasmanian Timber giant Gunns Ltd (ASX:GNS) called a trading halt ahead of half-year results, moving forward with a debt reduction and acquisition program.
News Corporation (ASX:NWS) chairman and chief executive Rupert Murdoch acquired nearly $20 million worth of non-voting stock in his media empire.
In the best and worst performers: The best performing sector at close was Telco Services with the index lifting 7 points to close at 995. The worst performing sector was Consumer Discretionary, closing 13 points lower at 1,514.
The best performing stock in the S&P/ ASX200 was James Hardie Industries, shares gained 2.47 per cent to close at $6.65. Shares in Linc Energy and Cochlear also closed stronger today.
The worst performing stock was Aurora Oil & Gas, shares fell 4.47% to close at $2.99. Shares in Elders and SMS Management & Technology also dropped today.
In commodities, gold is trading at $US1,361 an ounce and is up $12.85 on the week. Light crude is up 37 cents at $US87.10 a barrel.
The Australian dollar is trading at 99.87 US cents, and is slightly down on the week.
