The Australian share market moved between positive and negative territory today. Shares ended a modest 0.2 per cent up, snapping a month of weekly losses yet still finishing lower for the week. Telco and Energy stocks notched up losses throughout the day, while the banks and miners finished higher.
The S&P/ASX200 Index added 8 points to close at 4,508. For the week it was 23 points lower. On the futures market, the SPI is up 10 points.
On Wall Street, the DOW Jones Industrial Average was up 46 points over the four trading days this week. The S&P 500 Index was up 12 points, NASDAQ wasdown 368 and the 100 Index was up 62.
Company news
Shares in Telstra Corporation Ltd (ASX:TLS) continued to slump today, extending losses after the telco yesterday announced its $11 billion deal with the Federal Government that will see the roll-out of the National Broadband Network. Standard & Poor's today said the NBN deal would not have any immediate impact on Telstra’s rating. The deal will be put to a shareholder vote at Telstra’s Annual General Meeting on 18 October. Shares in Telstra ended the day at $2.88 after falling 2.7 per cent.
Westerm Australia's Premier Colin Barnet thas confirmed his confidence in Murchison Metals Ltd’s (ASX:MMX) Oakajee port and rail project a day after Chinese metals giant Sinosteel said it would stop work at its Weld Range iron ore project, one of Oakajee’s proposed foundation customers.
Mr Barnett says a reshuffle of the partnerships is likely, but remains positive Oakajee will go ahead. Shares in Murchison went into a trading halt yesterday as the company prepares a response to Sinosteel’s announcement. Shares in Murchison Metals last traded at $0.765
Shares in Samson Oil & Gas Ltd (ASX:SSN) rose 16 per cent, after the oil and natural gas explorer announced that it has agreed to acquire up to 90,000 net acres of oil and gas leases in the Fort Peck Indian reservation in the US.
Shares in APA Group (ASX:APA) dropped more than 9 per cent after Australia’s biggest natural gas pipeline operator announced it raised $300 million through an institutional placement, to, fund its purchase of a wind farm in Western Australian.
Sectors
The best performing sector was Consumer Staples, rising 64 points to close at 7,792. The worst performing sector was Telco Services, dropping 26 points to close at 991 points. The best performing stock in the S&P/ASX200 was Ausdrill shares gained 5.62 per cent to close at $3.38. Shares in Gunns and Seven Group Holdings ended the week higher.The worst performing stock was APA Group, plunging 9.61 per cent to close at $3.95. Shares in Duet Group and Charter Hall also closed lower today.
Commodities
Gold is trading at $US1,522 an ounce and is down $16.90 on the week. Light crude is up 96 cents at $US91.98 a barrel.
Australian dollar
The Australian dollar is trading at $US1.0546 cents, and is slightly up on the week.
