The Australian share market dropped 0.8 per cent today, closing the session and week lower and snapping a five week winning streak.
Figures
The S&P/ASX 200 index fell 35 points today, erasing this week’s gains to end the week 21 points down at 4,349. On the futures market the SPI is now 38 points lower.
Wall Street, over its four trading days this week: The Dow Jones Industrial Average lost 193 points, the S&P 500 Index lost 13 points, the Nasdaq lost 9 points and the 100 Index lost 6 points.
Economic news
Reserve Bank Governor Glenn Stevens says Australia’s mining boom is far from over. Speaking at a parliamentary testimony in Canberra Governor Stevens today said the peak of the resource investment will occur within the next year or two after which the rate of resource investment is likely to decline while the export shipments of resources will pick up.
Company news ANZ Banking Group's
(ASX:ANZ) CEO Mike Smith has sold almost $11 million of the bank’s shares. The sale is understood to have been made to fund a forthcoming income tax payment and to repay debt. Mr Smith still holds 1.17 million direct ANZ shares. Shares in ANZ dropped 0.92 per cent to finish the week at $24.77.
Woolworths Limited
(ASX:WOW) has posted its first annual profit fall in more than a decade, impacted by write downs from divesting its Dick Smith division. Australia's largest supermarket chain posted an underlying profit in line with guidance, up 3.6 per cent to $2.18 billion, amid what it has described as tough retail conditions. Shares in Woolworths fell 1.66 per cent to finish the week at $29.00.
Shares in Australian Infrastructure Fund Limited
(ASX:AIX) surged 17 per cent after revealing the Australian Government’s Future Fund has offered $2 billion for its assets, including a number of airports around Australia and the world.
Shares in Whitehaven Coal
(ASX:WHC) sank 11 per cent after announcing its major shareholder Nathan Tinkler has walked away from his $5.2 billion takeover offer for the coal producer.
Best and worst performers
The only sector to close higher was telco services added 5 points to close at 1,281.
The worst performing sector consumer staples, dropping 123 points to close at 8,457 points.
The best performing stock in the S&PASX 200 was Australian Infrastructure Fund Limited
(ASX:AIX), surging 17.36 per cent to close at $3.11. Shares in Pacific Brands Limited
(ASX:PBG) and Saracen Mineral Holdings Limited
(ASX:SAR) also closed higher.
The worst performing stock was Acrux Limited
(ASX:ACR), dropping 14.4 per cent to close at $3.33. Shares in Whitehaven Coal
(ASX:WHC) and Fairfax Media Limited
(ASX:FXJ) also closed lower.
Commodities
Gold is trading at $US1,669 an ounce, up $54.40 over the week.
Light crude is $0.49 lower at $US95.78 a barrel.
The Australian dollar
The Australian dollar is buying $US1.042, steady over the week.
