The Australian sharemarket has had a lackluster session, ending the day flat, but finishing the week firmly in the black.
Today, the S&P/ASX 200 index fell 2 points to finish at 4,276, but gained 64 points over the week. On the futures market, the SPI is currently 3 points weaker.
Looking at Wall Street, over its four trading days this week: The Dow Jones Industrial Average gained 345 points. The S&P 500 Index added 37 points, the Nasdaq added 86 points, and the 100 Index rose 78 points.
Company news
Macquarie Group Limited (ASX:MQG) has experienced its second downgrade this week. Moody’s cut the group’s credit rating to A3, in line with Fitch Ratings’ downgrade on Tuesday. Macquarie Bank has also had its rating downgraded a notch to A2. Macquarie Group shares gained 0.55 per cent today, closing at $27.53.
Ellerston Capital, a subsidiary of James Packer’s Consolidated Press Holdings, has increased its stake in GrainCorp Limited (ASX:GNC) to 6.24 per cent. The Dow Jones Newswires reports GrainCorp is a potential takeover target. GrainCorp shares rose 3.25 per cent today, closing at $8.89.
Virgin Australia Holdings Limited (ASX:VAH) has approved a restructure to ensure ongoing compliance with the Air Navigation Act which limits foreign ownership of Australian international airlines to 49 per cent.
And Rio Tinto Limited (ASX:RIO) says its disappointed by the Government’s decision to re-assess its application for a mine expansion near the Great Barrier Reef, for environmental reasons.
Best and worst performers
The best performing sector was Consumer Staples adding 42 points to close at 7,467. The worst performing sector was Real Estate Investment Trusts, falling 10 points to close at 817 points.
The best performing stock in the S&PASX 200 was Australian Infrastructure Fund Limited (ASX:AIX), rising 4.63 per cent to close at $2.26. Shares in Qube Logistics Holdings Limited (ASX:QUB) and Beach Energy Limited (ASX:BPT) also added value.
The worst performing stock was Beadell Resources Limited (ASX:BDR), dropping 4.26 per cent to close at $0.675. Shares in Billabong International Limited (ASX:BBG) and Silver Lake Resources Limited (ASX:SLR) also lost value.
Commodities
Gold is trading at $US1,660 an ounce and shed $52.53 over the week. Light crude is $0.29 higher, sitting at $US105.40 a barrel.
The Australian dollar is buying $1.053 US cents and is flat over the week.
