The Australian share market has finished the day and week 0.29 per cent down. Local stocks posted a soft end to a week which has seen ongoing US fiscal cliff concerns, delays in finalizing Greece’s latest bailout payment and last night’s news that the euro zone had fallen into recession in the third quarter.
Figures The S&P/ASX 200 index closed 12 points down to finish at 4,337. Over the week the index lost a total of 123 points. The value of trades on the ASX200 as of 4.25pm this afternoon was $3.6 billion on volume of 775 million shares. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), National Australia Bank Limited
(ASX:NAB) and BHP Billiton Limited
(ASX:BHP)
On the futures market, the SPI is 2 points down.
Looking at Wall Street, over its four trading days this week, and all indices were lower: The Dow Jones Industrial Average lost 690 points. The S&P 500 Index lost 74 points, the Nasdaq dropped 183 points and the 100 Index finished the week 163 points down.
Company news
Cash Converters International Limited
(ASX:CCV) chief Peter Cumins believes regulatory changes aimed at constricting lending obligations for short term loan providers will prove positive for the used goods dealer. Mr Cumins says the legislation changes will provide a competitive market advantage for Cash Converters as a major part of its earnings are generated from providing short term credit, whereas a number of smaller company’s without adequate systems in place will leave the industry. Shares in Cash Converters closed 1.02 per cent higher at $0.99.
DuluxGroup Limited
(ASX:DLX) has moved a step closer to declaring its $210 million takeover offer for Alesco Corporation Limited
(ASX:ALS) unconditional. The Australian Tax Office has approved special dividend payments, in which Alesco will pay its shareholders an extra 27 cent dividend once Dulux’s interest reaches 90 per cent. Shares in Dulux closed 1.81 per cent up at $3.38.
Northern Star Resources Limited
(ASX:NST) shares rose 4.68 per cent today, with the company confirming plans to double its gold production levels have been boosted by a successful drilling program at its Ashburton Project in Western Australia.
Whitehaven Coal Limited
(ASX:WHC) will scale back its operations in Brisbane by cutting ten jobs and relocating into a smaller office.
Best and worst performers
The best performing sector was Industrials adding 19 points to close at 3,253. The worst performing sector was Financials Excluding Real Estate Investment Trusts, losing 40 points to close at 5,094.
The best performing stock in the S&PASX 200 was Buru Energy Limited
(ASX:BRU), rising 8.49 per cent to close at $2.94. Shares in Ten Network Holdings Limited
(ASX:TEN) and Transpacific Industries Group Limited
(ASX:TPI) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), dropping 8.26 per cent to close at $0.56. Shares in Coalspur Mines Limited
(ASX:CPL) and FKP Property Group
(ASX:FKP) also closed lower.
Commodities
Gold is trading at $US1,712 an ounce, and is up $34.25 over the week. Light crude is $0.05 lower at $US85.82 a barrel.
The Australian dollar
The Australian dollar is buying $1.032 and is down $0.0012 over the week.
