The Australian share market climbed back from an early slump boosted by the banking and consumer staples sectors and offsetting losses made by the miners before closing steady and following a solid performance over the week, that saw the local market hit four-and-a-half year highs and breaking through the key 5,000 level.
Figures
The S&P/ASX 200 index closed 3 points down to finish at 5,034. Over the week the index is 63 points higher.
The value of trades was $4.8 billion on volume of 813 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), Rio Tinto Limited
(ASX:RIO) and BHP Billiton Limited
(ASX:BHP).
On the futures market, the SPI is 1 point higher.
Looking at Wall Street, over its four trading days this week: The Dow Jones Industrial Average added 29 points. The S&P 500 Index added 12 points, the Nasdaq added 34 points and the 100 Index added 25 points.
Company news
Clearview Wealth Limited
(ASX:CVW) has booked a first half net loss of $561,000, down from a $12.2 million profit the same time last year. The investment company says the loss was mainly due to costs related to the takeover of the company. CCP Bidco successfully bid $0.59 a share in October last year. Shares in Clearview closed 4.48 per cent up at $0.70.
ANZ Banking Group’s
(ASX:ANZ) unaudited cash profit grew 6.2 per cent to $1.53 billion in the first quarter of the 2013 financial year. On a statutory basis, the bank's unaudited quarterly profit dropped 20 per cent to $1.36 billion. A spokesperson for the bank attributes the steep decline to accounting adjustments faced by the whole banking industry, linked to hedge-fund and foreign-exchange valuations. Shares in ANZ closed 1.03 per cent down at $27.77.
Energy utilities investor DUET Group
(ASX:DUE) has sunk to a first half net loss of $45.9 million from a profit the year before, however a dividend of 8.25 cents per stapled security has been declared and full year distribution guidance has been maintained.
Shares in Paladin Energy have declined today Limited (ASX:PDN, TSE:PDN) after it revealed it has extended its first half loss by 61 per cent to $US193.5 million due to write downs and a weakness in uranium prices.
Best and worst performers
The best performing sector was utilities adding 61 points to close at 5,355. The worst performing sector was materials, losing 121 points to close at 11,107 points.
The best performing stock in the S&PASX 200 was Mineral Resources Limited
(ASX:MIN) rising 5.43 per cent to close at $11.45. Shares in Goodman Fielder and Sigma Pharmaceutical also closed higher.
The worst performing stock was Gryphon Minerals Limited
(ASX:GRY) dropping 5.38 per cent to close at $0.44. Shares in SAI Global and Alumina also closed lower.
Commodities
Gold is trading at $US1,633 an ounce, and is down $39.40 over the week. Light crude is $0.02 higher at $US97.33 a barrel.
The Australian dollar
The Australian dollar is buying $US1.036 and is just under a cent higher over the week.
