A strong start and afternoon in the black pushed the market up today, closing the week higher after stronger-than-expected Chinese import growth figures.
The S&P/ASX200 Index gained 12 points to close at 4,562 while for the week it was 21 points lower. On the futures market, the SPI is up 23 points.
US
Wall Street, the DOW Jones Industrial Average was down 27 points over the four trading days this week. The S&P 500 Index was down 11 point, NASDAQ was down 48 and the 100 Index was down 36 points.
Economic news
Treasury has unveiled its draft legislation on the proposed mining profits tax, calling for public submissions until July 14. The 30 per cent profits-based tax is due to take effect on July 1, next year.
And China's export growth slowed in May. The pace is a sign that weaker global demand is biting. Exports rose 19.4 per cent in May from a year earlier, slowing from the 29.9 per cent pace in April, while import growth accelerated to 28.4 per cent from 21.8 per cent in April.
Company news
Lend Lease (ASX:LLC) has secured a $106 million contract to upgrade the Bruce Highway between Cooroy and Curra in Queensland. The contract will be delivered by Abigroup. Shares in Lend Lease (ASX:LLC) gained 0.34 per cent at $8.85.
Fairfax Media’s Limited (ASX:FXJ) asset sale is expected to make the company about $1 billion. Analysts have told News Ltd newspapers that Fairfax’s net debt is estimated to be about $1.4 billion. Shares in Fairfax Media’s Limited (ASX:FXJ) ended the day 0.5 per cent weaker at $0.99.
Taking a look at other news: National Australia Bank Ltd (ASX:NAB) has appointed Christine Yates to head up its loan syndication and Australian debt capital markets teams, servicing NAB's institutional and corporate clients in Australia.
And Macquarie Group (ASX:MQG) has won a margin loan case in the High Court today. Sydney barrister Ross Goodridge took the group to court, alleging his shares were sold with notification, less than a day after he received a margin call.
Sectors
To the best and worst performers, consumer staples was the best performing sector today, rising 42 points to close at 7,688. The worst performing sector was telco services, dropping 3 points to close at 1,031 points.
Stocks
The best performing stock in the S&P/ASX200 was OM Holdings (ASX:OMH) shares gained 4.49 per cent to close at $0.93. Shares in Southern Cross Media Group (ASX:SXL) and Aurora Oil (ASX:AUT) also ended the week higher.
The worst performing stock was Sundance (ASX:SDL), easing 5.48 per cent to close at $0.34.5. Shares in Elders (ASX:ELD) and Gunns (ASX:GNS) also closed lower today.
Commodities
Gold is trading at $US1,540 an ounce and is up 48 cents on the week. Light crude is down 33 cents at $US101.60 a barrel.
Dollar
The Australian dollar is trading at US$1.586, down by 1.29 cents.
