The Australian share market opened higher but dipped into the red at noon, closing the day and the week lower. Local investors absorbed corporate results and profit warnings ahead of US quarterly growth figures due this evening and the Reserve Bank of Australia’s monthly interest rate decision next week.
Figures
Today the S&P/ASX 200 index lost 13 points, or 0.3 per cent, to finish the week 4 points lower at 4,362. On the futures market the SPI is currently 13 points weaker.
Wall Street, over its four trading days this week: The Dow Jones Industrial Average added 241 points, the S&P 500 Index added 23 points, the Nasdaq added 43 points and the 100 Index added 38 points.
Company news
Macquarie Group Limited (ASX:MQG) has reported a 24 per cent drop in its full year net profit, but flagged better conditions in the year ahead. Australia’s largest investment bank also today confirmed it will spend up to $500 million to buy back up to 10 per cent of its shares. Shares in Macquarie Group rose 2.95 per cent today, closing at $29.27.
Shares in PMP Limited (ASX:PMP) soared almost 150 per cent today after the printer, publisher and direct marketer received a takeover offer from an unnamed bidder. The offer is conditional, non-binding and indicative and values PMP up to $252 million. Shares in PMP slumped earlier this week after the company warned its trading results have fallen 20 per cent under its initial forecast. Today shares in PMP soared 148 per cent, closing at $0.62.
Shares in ResMed Inc. (ASX:RMD) jumped to the best performer of the top 200 after the medical equipment manufacturer posted record quarterly financial results and received analyst upgrades .
Shares in JB Hi-Fi Limited (ASX:JBH) fell to one of the top 200’s worst performers after the electrical retailer tipped its full year net profit will drop as it struggles against heavy discounting in the industry.
Best and worst performers
The best performing sector was Utilities adding 31 points to close at 4,839. The worst performing sector was Health Care, losing 57 points to close at 8,956 points.
The best performing stock in the S&PASX 200 was ResMed Inc. (ASX:RMD) , rising 5.84 per cent to close at $3.26. Shares in Coalspur Mines Limited (ASX:CPL) and Intrepid Mines Limited (ASX:IAU) also closed higher.
The worst performing stock was Imdex Limited (ASX:IMD), dropping 10.14 per cent to close at $2.66. Shares in Bathurst Resources Limited (ASX:BTU) and JB Hi-Fi Limited (ASX:JBH) also closed lower.
Commodities
Gold is trading at $US1,653 an ounce and is up $10.91 on the week.
Light crude is $0.60 down at $US103.95 a barrel.
The Australian dollar
The Australian dollar is buying $US1.0362 and is steady over the week.
