The Australian share market retreated from early gains to close the session flat and the week slightly lower. Attention remains fixed on America after Hurricane Sandy forced US markets to shut for two straight trading days earlier this week and ahead of the nation’s key monthly jobs figures this evening and the US presidential election next week.
Figures
The S&P/ASX 200 index added 3 points today but finished the week 12 points lower at 4,460. On the futures market the SPI is 13 points higher.
Wall Street
US stocks rose in a shortened trading week: The Dow Jones Industrial Average has added 125 points, the S&P 500 Index has added 16 points, the Nasdaq has added 32 points and the 100 Index has added 22 points.
Economic news
The latest producer price index has missed expectations, rising less than expected in the three months to the end of September. The Australian Bureau of Statistics has reported the producer price index increased 0.6 per cent in the September quarter for an annual gain of 1.1 per cent.
Company news Qantas Airways Limited’s
(ASX:QAN) Chairman Leigh Clifford has stated Australia’s largest airline is serious about dividends and will resume payouts at the earliest opportunity. Speaking at the company’s Annual General Meeting CEO Alan Joyce vowed Qantas will revive its loss-making international operations and affirmed the airline’s transformation is underway. Shares in Qantas lifted 0.39 per cent today, finishing the week at $1.29.
The chief of the Australian Securities Exchange, ASX Limited
(ASX:ASX), will abandon plans to extend trading hours and sees a mining boom in 2020. CEO Elmer Funke Kupper said this morning the ASX has decided ditch the idea of extending trading hours from 4pm to 6pm after talks with its clients. Mr Funke Kupper also called for an exploration tax credit scheme to increase capital-raising in Australia ahead of an expected mining boom at the end of this decade. Shares in ASX firmed 0.71 per cent today, ending the week at $29.40.
Shares in NIB Holdings Limited
(ASX:NHF) jumped after the health insurer inked an $80 million deal to buy New Zealand’s second largest health insurer TOWER Medical Insurance.
Shares in Westfield Group
(ASX:WDC) dipped despite the shopping centre developer confirming its full year guidance, forecasting a 79.5 cent dividend payout and advising its American malls have survived Hurricane Sandy without major damage.
Best and worst performers
The best performing sector was materials adding 120 points to close at 10,165.
The worst performing sector was utilities, losing 34 points to close at 4,937 points.
The best performing stock in the S&PASX 200 was Ten Network Holdings Limited
(ASX:TEN), rising 9.26 per cent to close at $0.29. Shares in Drillsearch Energy Limited
(ASX:DLS) and Boart Longyear Limited
(ASX:BLY) also closed higher.
The worst performing stock was Pacific Brands Limited
(ASX:PBG), dropping 5.08 per cent to close at $0.56. Shares in The Reject Shop Limited
(ASX:TRS) and Macquarie Group Limited
(ASX:MQG) also closed lower.
Commodities
Gold is trading at $US1,709 an ounce, down $1.30 over the week.
Light crude is $0.40 lower at $US86.69 a barrel.
The Australian dollar
The Australian dollar is buying $1.039, up $0.0016 cents over the week.
