The Australian share market has ended the day 0.3 per cent lower, as investors remain wary of the latest news that China, the US and the UK will proceed with monetary loosening plans. Looking ahead, US investors eagerly await job figures for June, which are to be released overnight.
Today, the S&P/ASX 200 index closed 11 points down at 4,158, which is 63 points higher over week. On the futures market, the SPI is currently 8 points lower.
The Dow Jones Industrial Average gained 294 points.The S&P 500 Index was up 39 points, the Nasdaq gained 127 points and the 100 Index gained 111 points.
The Australian Industry Group’s Performance of Construction Index (PCI) has shown the Australian construction sector has contracted in June, with PCI remaining flat at 34.8. A reading below 50 indicates contraction.
Woolworths Limited (ASX:WOW) has applied to the NSW Federal Court to have an extraordinary shareholders meeting re-scheduled in conjunction with its annual general meeting, in an effort to save costs. The meeting which Woolworths says would cost shareholders about $500,000, was originally scheduled to discuss its gaming machine operations. Activist groups are reportedly insisting the meeting proceed. Shares in Woolworths closed 0.26 per cent up at $26.97.
Gina Rinehart has reduced her stake in Fairfax Media Limited (ASX:FXJ). The mining billionaire now has about 15 per cent of the troubled media company reduced from 18.7 per cent. Ms Rinehart remains the largest shareholder. Shares in Fairfax closed steady at $0.58.
A L E Property Group (ASX:LEP) has revealed the valuation of its 87 properties grew in the 2012 financial year by 1.7 per cent.
PMP Limited (ASX:PMP) has denied private ticketing and labelling company TMA Group any further access for due diligence and also reaffirmed its full year guidance of earnings before interest and tax of between $30 and $33 million.
Best and worst performers
The best performing sector was Telco Services adding 3 points to close at 1,281.
The worst performing sector was Energy, losing 99 points to close at 12,139.
The best performing stock in the S&PASX 200 was Billabong International Limited (ASX:BBG) which soared 12.5 per cent to close at $1.17. Shares in Intrepid Mines and Mirabela Nickel also closed higher.
The worst performing stock was Abacus Property Group (ASX:ABP) dropping 5.8 per cent to close at $1.95. Shares in Ramelius Resources and Sundance Resources also closed lower.
Gold is trading at $US1,603 an ounce, which is $6.88 higher over the week.
Light crude is $0.74 down at $US86.48 a barrel.
The Australian dollar
The Australian dollar is buying $US1.026 which is steady over the week.