Financials and materials stocks pulled the Australian share market down 0.82 per cent today.
The S&P/ASX200 Index lost 34 points to finish at 4,109. For the week, the index gained 52 points. On the futures market, the SPI is 56 points lower.
Wall Street
Over its four trading days this week: The Dow Jones Industrial Average gained 198 points. The S&P 500 Index gained 23 points, the Nasdaq gained 65 points, and the 100 Index is up 71 points.
Company news
Natural disasters over the Christmas period are expected to blow out Suncorp Group Limited’s (ASX:SUN) natural hazard allowance by between $120 million and $180 million. The insurer has received about 28,000 claims from the hailstorm in Melbourne and earthquake in Christchurch on December 25 and 23. Suncorp says the hailstorm’s set to cost up to $250 million and the earthquake up to $20 million. Half year results will be announced on February 22. Suncorp closed 3.22 per cent lower, at $8.42.
Qantas Airways Limited (ASX:QAN) says cracks found in the wing ribs of some A380 jet aren’t a threat to passengers, after media reports of damaged aircraft. An A380 being repaired in Singapore’s understood to have cracks just under a centimetre long, and Qantas says it’s now checking the rest of its fleet and repairing any other damages found. Shares in Qantas Airways dropped 3.93 per cent today and finished the week at $1.465.
BlueScope Steel Limited’s (ASX:BSL) come under fire from Greens leader Bob Brown, who’s questioning why it was able to use an advance payment of $100 million from the Federal Government under the steel assistance package in the carbon tax plan to play down debt. A Fairfax media report says Bluecsope’s carbon emissions reached record highs in 2010-2011, but its annual emissions will fall this year because of the closure of blast furnaces.
ANZ Banking Group Limited (ASX:ANZ) has sold its stake of nine per cent in Vietnamese lender Thuong Tin Commercial Joint Stock Bank, to rival Vietnam Export Import Commercial Joint Stock Bank, for an unannounced figure.
Sectors and stocks
The best performing sector was consumer discretionary, gaining 0.132 points to close at 1,183. The worst performing sector was telcos, losing 13 points to close at 1,135.
The best performing stock in the S&PASX 200, was Pacific Brands, gaining 2.75 per cent to close at 56 cents, followed by Beadall and Medusa. The worst performing stock was Goodman Fielder dropping 7.06 per cent to close at 39.5 cents. Shares in Navitas and Mineral Deposits also closed lower.
Commodities
Gold is trading at $US1,624.40 an ounce and lost $60.60 over the week. Light crude is down 42 cents to $US101.39 a barrel.
The Australian dollar is buying $US1.023, almost flat on the week.
