The Australian share market retreated this afternoon after a sharp fall in resource stocks, ending a week on the back of a month that has seen our dollar grow each day to break post-float highs.The S&P/ASX200 Index was down 50 points to close at 4,823, while for the week it was down 91 points. On the futures market, the SPI is down by 65 points.
In US and on Wall Street, the DOW Jones Industrial Average was up by 257 points over this trading week. The S&P 500 Index was up by 23 points, NASDAQ was up by 52 points and the 100 Index was up by 33 points.
In company news, Shares in Foster’s (ASX:FGL) closed 2.26 per cent lower at $5.62 today, after news of a close to unanimous endorsement from shareholders of its proposal to demerge the company’s beer and wine companies. The new business model will being Foster’s back to its Carlton & United Breweries beer origins.
Major investors in Telstra (ASX:TLS) are becoming concerned about whether the National Broadband Network deal will get up and running, according to a report late this afternoon on the Australian Financial Review’s website. Shareholders are keen to hear more details about the delayed deal, after problems with the construction tender have added increasing uncertainty. Shares in Telstra closed higher by 0.69 per cent at $2.91.
Although Whitehaven Coal (ASX:WHC) has confirmed China’s Yanzhou Coal is a final bidder for the sale of the company, news this afternoon has emerged that the prospect of a successful sale has been called into question by analysts because of a range of delays. The board will decide whether offers should be recommended to shareholders in May.
Valad Property Group (ASX:VPG) will be sold to Private US equity group Blackstone for $207 million in cash. A statement from Valad confirms directors have recommended the takeover scheme implementation deed, in the absence of a superior proposal.
To the best and worst performers: the best performing sector was Telco services, up by 7 points to close at 995. The worst performing sector was Energy, down 424 points to close at 16,592. The best performing stock in the S&P/ASX200 was TPG, with shares gained 3.7 per cent to close at $1.68. Shares in Panoramic and Stockland also ended the week stronger.
The worst performing stock was Extract, down 11.76 per cent to close at $6.68. Shares in Carnarvon and Bluescope also closed in the red today.
In commodities, gold is trading at $US1,534 an ounce and is up by $32.35 on the week. Light crude is down by 27 cents at $US112.59 a barrel. The Australian dollar is trading at $1.09, and is up by 1.5 cents on the week.
