The Australian share market recovered from some flat mid-session trade to finish 0.3 per cent stronger, led by gains among the big miners.
Local stocks ascended for most of the week, hitting fresh 54 month highs mid-week before easing yesterday on disappointing trade deficit figures.
The S&P/ASX 200 index closed 14 points up today, finishing the week at 5,123. Over the week the index gained 37 points. The value of trades today was $4 billion on volume of 945 million shares at the close of trade. The top three stocks by value were Telstra Corporation Limited
(ASX:TLS), Westpac Banking Corporation
(ASX:WBC) and Commonwealth Bank of Australia
(ASX:CBA)
On the futures market, the SPI is 12 points up.
US Indices
Wall Street, over its four trading days this week and all the major indices finished higher, buoyed by a record run from the Dow Jones Industrial Average, which added 275 points for the week. The S&P 500 Index added 30, the Nasdaq added 61 and the 100 Index added 72 points.
Company news
Australia and New Zealand Banking Group
(ASX:ANZ) is the first of the big four banks to react to the Reserve Banks decision to keep the key cash rate on hold. The bank will keep its standard variable mortgage rate unchanged at 6.4 per cent, owing to factors which caused its net interest margin to fall moderately in the first quarter of the current financial year. Shares in ANZ closed 0.38 per cent up at $29.12.
Nickel miner Western Areas Limited
(ASX:WSA) has extended and enlarged an existing loan facility between itself and ANZ, with a $125 million capacity. Managing Director Dan Lougher says the revised facility will add significant flexibility to the Western Areas balance sheet, giving the company access to a committed line of finance to act on opportunities. Shares in Western Areas closed 1.07 per cent up at $3.77.
Virgin Australia Holdings Limited
(ASX:VAH) has received a request from the competition regulator for further information regarding its proposed 60 per cent acquisition of Tiger Airways.
International contractor Leighton Holdings Limited
(ASX:LEI) subsidiary Leighton Contractors will deliver a contract via Transport for NSW valued at $120 million.
Best and worst performers
The best performing sector was Materials adding 89 points to close at 10,437.
The worst performing sector was Telco Services, losing 20 points to close at 1,535.
The best performing stock in the S&PASX 200 was Beadell Resources Limited
(ASX:BDR), rising 19.35 per cent to close at $0.93. Shares in Bathurst Resources Limited
(ASX:BTU) and Senex Energy Limited
(ASX:SXY) also closed higher.
The worst performing stock was Telecom Corp of New Zealand
(ASX:TEL), dropping 3.95 per cent to close at $1.82. Shares in Sigma Pharmaceutical Limited
(ASX:SIP) and Downer EDI Limited
(ASX:DOW) also closed lower.
Commodities
Gold is trading at $US1,575 an ounce, and is down $2.40 over the week. Light crude is $0.21 lower at $US91.35 a barrel.
The Australian dollar
The Australian dollar is buying $1.024 and is $0.001 up over the week.
