The Australian share market traded in positive territory today ending steady and just 0.2 per cent shy of a weekly gain. Investors were given a boost by positive US jobless claims figures. Strength from the major miners offset weakness among the retailers.
Figures
The S&P/ASX 200 index added 3 points today, finishing the week 8 points lower at 4,487. On the futures market the SPI is now 11 points higher.
Wall Street, over its trading days week: The Dow Jones Industrial Average lost 160 points, the S&P 500 Index lost 14 points, the Nasdaq lost 87 points and the 100 Index lost 102 points.
Company news Shares in Fortescue Metals Group Limited
(ASX:FMG) lifted after the Pilbara focussed iron ore miner extended its credit facility to $US5 billion. Fortescue has boosted the size of its debt refinancing by raising up to $US500 million more than initially planned, it says, due to strong demand and attractive terms. Shares in Fortescue Metals Group rose 2.67 per cent by session's end, finishing the week at $3.85.
Shares in Billabong International Limited
(ASX:BBG) plunged to record lows today as its US suitor TPG withdrew its $694 million takeover bid of $1.45 per share for the surf wear retailer. Chairman Ted Kunkel says Billabong remains focused on implementing its transformation strategy to unlock the value within the company. Shares in Billabong International sank 16.92 per cent by session's end, finishing the week at $0.83.
Following the Reserve Bank of Australia’s (RBA) 25 basis point rate cut last week, ANZ Banking Group
(ASX:ANZ) has cut its standard variable mortgage rate by 20 basis points to 6.6 per cent, moving in line with rivals National Australia Bank Limited
(ASX:NAB), Commonwealth Bank of Australia
(ASX:CBA) while Westpac Banking Corporation
(ASX:WBC) only cut its mortgage rates by 18 basis points last week.
Commonwealth Bank of Australia
(ASX:CBA) has today cut interest rates on its fixed rate home loans to a 22 year low, with rates on new fixed-rate home loans now sitting between 5.39 per cent to 5.69 per cent.
Best and worst performers
The best performing sector was materials adding 67 points to close at 10,112.
The worst performing sector was health care, losing 119 points to close at 10,670 points.
The best performing stock in the S&PASX 200 was Bathurst Resources Limited
(ASX:BTU), rising 7.06 per cent to close at $0.46. Shares in Coalspur Mines Limited
(ASX:CPL) and Saracen Mineral Holdings Limited
(ASX:SAR) also closed higher.
The worst performing stock was Billabong International Limited
(ASX:BBG), plunging 16.92 per cent to close at $0.83. Shares in Charter Hall Group
(ASX:CHC) and Western Areas NL
(ASX:WSA) also closed lower.
Commodities
Gold is trading at $US1,770 an ounce, down $9.70 over the week.
Light crude is $0.16 higher at $US92.66 a barrel.
The Australian dollar
The Australian dollar is buying $1.027, up $0.0084 over the week.
