The Australian share market has rallied to a four month high after the US Federal Reserve unveiled bold measures to stimulate the American economy. Stocks climbed at open and closed at session highs, up 1.2 per cent for the day and 1.5 per cent over the week. The mining sector was the week’s standout performer, posting its biggest weekly gain this year.
Figures
The S&P/ASX 200 index advanced 51 points today to end the week 64 points stronger at 4,390. On the futures market the SPI is now 43 points stronger.
Wall Street over its four trading days this week: The Dow Jones Industrial Average added 248 points. The S&P 500 Index added 28 points, the Nasdaq added 20 points and the 100 Index added 2 points.
Company news After a turbulent week Fortescue Metals Group Limited
(ASX:FMG) entered into a trading halt today as it prepare a statement on its current debt situation. The iron ore miner says expects to update the market early next week regarding the restructure of its bank related facilities. Shares in Fortescue Metals Group last traded at $2.99.
Woolworths Limited
(ASX:WOW) has denied speculation a decision has been made to divest more of its multi-billion dollar property assets. The supermarket giant says it has sold about $500 million of property over the last year and continues to look at options to sell more property assets but no decision has been made at this stage. Shares in Woolworths slipped 0.14 per cent today, ending the week at $28.86.
Shares in construction company Leighton Holdings Limited
(ASX:LEI) finished 4.7 per cent stronger today after announcing its wholly owned subsidiary Thiess has won a $154 million contract to build transport facilities in Sydney.
Shares in ports and rail operator Asciano Limited
(ASX:AIO) closed 0.2 per cent higher today after announcing its second contract win this week, to provide locomotive and wagon maintenance functions for BMA.
Best and worst performers
The best performing sector was materials adding 277 points to close at 9,968.
The worst performing sector was telco services, losing 9 points to close at 1,311 points.
The best performing stock in the S&PASX 200 was Gryphon Minerals Limited
(ASX:GRY), rising 18.37 per cent to close at $0.87.
Shares in St. Barbara Limited
(ASX:SBM) and Beadell Resources Limited
(ASX:BDR) also closed higher.
The worst performing stock was FKP Property Group
(ASX:FKP), dropping 3.85 per cent to close at $0.25.
Shares in Ardent Leisure Group
(ASX:AAD) and David Jones Limited
(ASX:DJS) also closed lower.
Commodities
Gold is trading at $US1,777 an ounce, up $42.00 over the week
Light crude is $1.04 higher at $U99.35 a barrel
The Australian dollar
The Australian dollar is buying $US1.058, up 1.9 cents over the week
