The Australian share market closed higher today but lower for the third straight week. Strong US employment data pushed local equities up at open, closing 0.3 per cent higher after a session in positive territory, but more than 1 per cent lower over a week defined by Greek debt negotiations and local earnings reports.
Figures
The S&P/ASX200 Index gained 14 points to finish at 4,196. For the week the index lost 85 points. On the futures market the SPI is 23 points higher.
Wall Street, over its four trading days this week: The Dow Jones Industrial Average added 13 points, the S&P 500 Index added 6 points, the Nasdaq added 33 points, and the 100 Index added 28 points.
Company news
Shares in Billabong International Limited (ASX:BBG) spiked almost 50 per cent today, leaping to the day’s best performer after announcing a major revamp and confirming it has received a takeover bid from TPG Capital. Investors looked past a 72 per cent fall in first half net profit unveiled today and instead focused on the surf-wear retailer’s plans to cut 400 jobs and shut up to 150 stores. Billabong will also sell a 48.5 per cent stake in its Nixon brand and enter into a joint venture with Trilantic Capital Partners. Shares in Billabong International spiked 46.37 per cent today, closing at $2.62.
ANZ Banking Group (ASX:ANZ) has posted a record cash profit of $1.48 billion in the first three months of its 2012 financial year, boosted by a fall in bad debt charges. The result came in above expectations and was described by the bank’s chief Mike Smith as solid. The past week has seen National Australia Bank Limited (ASX:NAB) report a quarterly profit of $1.4 billion, Westpac Banking Corporation (ASX:WBC) post a quarterly profit of $1.5 billion and Commonwealth Bank of Australia (ASX:CBA) book a record first half cash profit of $3.57 billion.Shares in ANZ Banking Group rose to the top 20’s best performer today, closing 1.65 per cent higher at $21.55.
Shares in Santos Limited (ASX:STO) closed higher after the oil and gas producer’s net profit jumped 51 per cent, boosted by the sales of stakes in its assets. Underlying profit rose 20 per cent on the back of higher prices. Santos has declared a final dividend of 15 cents per share.
Pacific Brands Limited (ASX:PBG) widened its first half net loss, impacted by more than $13 million in restructuring costs and writing down the value of its underwear business by $388.7 million. Pacific Brands has declared an interim dividend of 2 cents per share.
Best and worst performers
Most sectors closed higher: The best performing sector was Utilities lifting 64 points to close at 4,650. The only sector to close in the red was Materials, retreating 15 points to close at 11,162 points.
The best performing stock in the S&PASX 200, was Billabong International Limited (ASX:BBG) spiking 46.37 per cent today to close at $2.62. Shares in Goodman Fielder Limited (ASX:GFF) and Mesoblast Limited (ASX:MSB) also finished higher.
The worst performing stock was Gryphon Minerals Limited (ASX:GRY) dropping 4.78 per cent to close at $1.27. Shares in JB Hi-Fi Limited (ASX:JBH) and Acrux Limited (ASX:ACR) also closed lower.
Commodities
Gold is trading at $US1,733 an ounce and gained $8 over the week.
Light crude is $0.17 higher, sitting at $US102.48 a barrel.
Australian dollar
The Australian dollar is buying $US1.0776 and is slightly higher over the week.
