Following positive offshore leads the Australian share market opened higher and dipped before noon in response to surprise trade deficit figures but made gains after China’s lower than expected inflation data. The market ended the day one per cent higher as optimism for a successful Greek debt deal mounts.
The S&P/ASX 200 index rose 41 points to finish at 4,212 but shed 61 points over the week. On the futures market, the SPI is currently 50 points higher.
The Dow Jones Industrial Average lost 72 points. The S&P 500 Index fell 8 points, the Nasdaq is down 19 points, and the 100 Index is 6 points lower.
Economic news
The Australian Bureau of Statistics has released its monthly figures for Australia’s terms of trade which has fallen in January. The data shows the balance on goods and services was a deficit of $673 million, seasonally adjusted.
China’s CPI has fallen to 3.2 per cent in February. It was reported as 4.5 per cent in January.
Company news
Qantas Airways Limited (ASX:QAN) has announced today that its partnership discussions with Malaysia Airlines have ceased. The two companies had been considering an alliance that would have extended Qantas’ international presence in Asia. Shares in Qantas fell 2.61 per cent today, closing at $1.68
Gunns Limited (ASX:GNS) requested a trading halt today. The woodchipper had been in equity raising discussions with New Zealand billionaire Richard Chandler. The company will remain in a trading halt for two business days. Gunns shares last traded at $0.16.
In a statement to the market Lynas Corporation Limited (ASX:LYC) says it understands that an appeal has been lodged relating to a decision to approve its temporary operating license for the Lynas advanced materials plant in Malaysia.
Insurance Australia Group Limited (ASX:IAG) will issue around 600 redundancies over the next three years due to its restructuring of its CGU business.
Best and worst performers
The best performing sector was Materials adding 200 points to close at 11,007. The sector with the smallest gains was Telco Services, adding 0.5 point to close at 11,115 points.
The best performing stock in the S&PASX 200 was Lynas Corporation Limited (ASX:LYC) rising 9.26 per cent to close at $1.18. Shares in David Jones (ASX: DJS) and Dart Energy Limited (ASX:DTE) also added value.
The worst performing stock was GWA Group Limited (ASX:GWA) dropping 6.17 per cent to close at $2.28. Shares in Intrepid Mines Limited (ASX:IAU) and Kagara Limited (ASX:KZL) also lost value.
Commodities
Gold is trading at $US1,705 an ounce and shed $7.57 over the week.
Light crude is $0.38 higher sitting at $US106.96 a barrel.
The Australian dollar is buying $US1.0662 and is flat over the week.
