After a very volatile week of trade the Australian share market finished the day and week higher. Local shares bounced more than 1 per cent this morning on the back of strong offshore leads, but pared some gains to close 0.8 per cent up.
The S&P/ASX200 Index lifted 32 points to close at 4,173. For the week it was 67 points higher. On the futures market, the SPI is 47 points higher.
Wall Street
Over the four trading days this week: The Dow Jones Industrial Average was down 240 points, the S&P 500 Index was down 27 points, the NASDAQ was down 40 and the 100 Index was down 27.
Company news
Austal Limited (ASX:ASB) has scored a $330 million contract to construct eight new patrol boats for the Australian customs and border protection service. The shipbuilding company says the award comprises of a $280 million design and construction contract and a $50 million In-Service Support contract. The eight vessels are due to be delivered between March 2013 and August 2015. Shares in Austal finished the week 3.33 per cent higher at $2.79.
Fortescue Metals Group Limited (ASX:FMG) has advised that the Australian Federal court has dismissed an appeal by a native title claimant group against the granting of mining leases to the iron ore miner. The mining leases are at Fortescue’s Solomon hub in the Pilbara region of Western Australia. Native title claimants objected to them being granted on cultural grounds. Fortescue says it is now looking forward to completing construction at the iron ore project and working with the community and traditional owners. Shares in Fortescue Metals Group gained 2.59 per cent today, closing at $5.94.
Outdoor advertising company oOh!media Group Limited (ASX:OOH) posted a record first half result. Net profit jumped 36 per cent to $3.5 million, boosted by growth in regional and retail billboard advertising.
Health care company Pharmaxis Limited (ASX:PXS) narrowed its full year loss by 1 per cent to $45.7 million, aided by reduced operating expenses.
Best and worst performers
All sectors closed in positive territory: Up the top was, Health Care, rising 161 points to close at 7,698. The sector with the smallest gains was Financials Excluding Real Estate Investment Trusts, adding 2 points to close at 4,462 points. The best performing stock in the S&P/ASX200 was GWA International, gaining 6.69 per cent to close at $2.55. Shares in Austar United Communications and News Corporation also ended the week stronger. The worst performing stock was BlueScope Steel, falling 7.65 per cent to close at $0.905. Shares in Gryphon Minerals and APN News & Media also closed lower today.
Commodities
Gold is trading at $US1,763 an ounce, up $98.45 on the week. Light crude is down $1.15 cents at $US84.57 a barrel.
The Australian dollar
The Australian dollar is buying $US1.0308 cents, down by more than 1 cent on the week.
