The Australian share market dropped 0.8 per cent today to extend this week’s loss and end more than 2 per cent down over the week. Stocks pulled back from last week’s highs and finished at session lows today ahead of US growth figures due out on Wall Street this evening.
Figures
The S&P/ASX 200 index dropped 38 points today to finish the week 90 points down at 4,472. On the futures market the SPI is now 31 points down.
US stocks have also lost ground week: The Dow Jones Industrial Average has lost 445 points, the S&P 500 Index has lost 44 points, the Nasdaq has lost 87 points and the 100 Index has lost 87 points with one trading day remaining.
Company news Shares in Macquarie Group Limited
(ASX:MQG) rose after Australia’s largest investment bank boosted its first half profit and confirmed its full year profit forecast. Macquarie’s first half net profit gained 18 per cent from the year before to $361 million. The company expects to deliver an improved annual performance provided market conditions stay similar to last year. Shares in Macquarie Group rose 3.49 per cent today to end the week at $30.85.
Shares in Whitehaven Coal Limited
(ASX:WHC) fell after the coal producer warned softening prices for its main product could cut into its annual earnings. The miner also today confirmed it is on the hunt for a replacement for its departing Managing Director Tony Haggarty. Shares in Whitehaven Coal fell 4.69 per cent today to end the week at $3.05.
Shares in Toll Holdings Limited
(ASX:TOL) lifted 0.23 per cent after the logistics company flagged improved full year earnings but cautioned tough manufacturing and retail sector conditions are putting some margin pressure on parts of Toll’s business.
Shares in AMP Limited
(ASX:AMP) dropped 3.41 per cent although the wealth manager posted increased third quarter cash flows by 80 per cent on the back of an increase in self managed super funds.
Best and worst performers
The only sector to close higher was telco services adding 3 points to close at 1,398.
The worst performing sector was materials, losing 143 points to close at 10,061 points.
The best performing stock in the S&PASX 200 was Coalspur Mines Limited
(ASX:CPL), rising 6.7 per cent to close at $0.96. Shares in Macquarie Group Limited
(ASX:MQG) and FKP Property Group
(ASX:FKP) also closed higher.
The worst performing stock was Gindalbie Metals Limited
(ASX:GBG), dropping 6.85 per cent to close at $0.34. Shares in Arrium Limited
(ASX:ARI) and Aquila Resources Limited
(ASX:AQA) also closed lower.
Commodities
Gold is trading at $US1,703 an ounce, down $32.32 over the week
Light crude is $0.95 lower at $US85.10
The Australian dollar
The Australian dollar is buying $1.031, down $0.0054 over the week.
