The Australian share market clawed back from some of this week’s losses to end 0.5 per cent higher today. Equities snapped a three day losing streak with most sectors trading in positive territory, except for the retailers dragging after JB Hi-Fi Limited's (ASX:JBH) shock profit downgrade.
The S&P/ASX200 Index added 19 points to finish at 4,159. For the week the index lost 44 points. On the futures market the SPI is 17 points higher.
Wall Street, over its four trading days this week: The Dow Jones Industrial Average lost 315 points lower. The S&P 500 Index lost 39 points. The Nasdaq lost 106 points. The 100 Index lost 92 points.
Company news
The major retailers took a serious hit today after JB Hi-Fi Limited (ASX:JBH) stunned the market with a profit warning last night. JB Hi-Fi expects its first half pre-tax earnings to drop 5 per cent from the year before. The downgrade saw the electronics retailer’s shares slump to the worst performer of the day,
down 15.27 per cent at $12.71.
ANZ Banking Group’s (ASX:ANZ) chief joined the echo of warnings from banks this week, today stating at ANZ’s annual meeting global risks are rising and so too the cost of funding. CEO Mike Smith has predicted global economic uncertainty could continue for several years and put pressure on the banks margins. Shares in ANZ rose 0.72 per cent today and finished the week at $20.93.
Bendigo and Adelaide Bank Limited (ASX:BEN) has inked a deal to buy a local unit of Bank of Cyprus that services Greek and Cypriot communities. Bendigo and Adelaide have entered into a trading halt as they prepare to raise $120 million through a share placement to fund the $130 million acquisition.
Insurance Australia Group Limited (ASX:IAG) has stepped up its presence in New Zealand. The insurer has bought New Zealand's second-largest general insurer, the AMI Insurance business, for $290 million.
Best and worst performers
Most sectors closed higher: The best performing sector was Utilities gaining 80 points to close at 4,623. The worst performing sector was Consumer Discretionary, retreating 4 points to close at 1,232 points.
The best performing stock in the S&PASX 200 was Aquila Resources, shares rising 7.08 per cent to close at $6.35. Shares in AWE and Gindalbie Metals also finished higher.
The worst performing stock was JB Hi-Fi slumping 15.27 per cent to close at $12.71. Shares in Harvey Norman and OM Holdings also closed lower.
Commodities
Gold is trading at $US1,587 an ounce and fell by $123 over the week.
Light crude is $0.28 lower at $US94.15 a barrel.
The Australian dollar
The Australian dollar is buying 99.78 US cents and has lost $0.0236 over the week.
