The Australian share market recovered from a six week low in early trade to finish 0.2 per cent higher, following gains in financial stocks after Macquarie equities upgraded its earnings estimates for the sector.
The S&P/ASX 200 index closed 8 points up to finish at 4,967. Over the week the index lost 153 points, tumbling on global concerns over the financially embattled island of Cyprus before flattening out yesterday and finally regaining some traction. The value of trades was $4.1 billion on volume of 608 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA),
On the futures market, the SPI is 3 points up.
US Indices
Wall Street, where all the major sectors finished lower over the four trading days this week: The Dow Jones Industrial Average lost 118 points. The S&P 500 Index dropped 17, the Nasdaq shed 36 points and the 100 Index went down by 32 points.
Company news
Billabong International Limited
(ASX:BBG) share bounced back today after the surfwear retailer confirmed takeover talks with potential suitors were continuing. Billabong shares entered a trading halt yesterday after plunging to record lows, with the company saying it was unaware of the reasons behind the fall. Shares in Billabong closed 7.91 per cent up at $0.75.
Horizon Oil Limited
(ASX:HZN) has achieved first production from two development wells at its Beibu Gulf project, offshore of China. CEO Brent Emmett says the result is an important project milestone for Horizon oil and its joint venture partners. Shares in Horizon Oil closed 1.15 per cent up at $0.44.
Leighton Holdings Limited
(ASX:LEI) Chairman Steven Johns and Non-executive directors Wayne Osborn and Ian Macfarlane have resigned from the company’s board.
Whitehaven Coal Limited
(ASX:WHC) will cut 40 staff as part of cost cutting initiatives to support the ongoing viability of its Tarrawaonga and Rocglen open cut mines in New South Wales.
Best and worst performers
The best performing sector was Consumer staples adding 69 points to close at 10,026.
The worst performing sector was Consumer discretionary, losing 11 points to close at 1,553 points.
The best performing stock in the S&PASX 200 was OceanaGold Corporation
(ASX:OGC), rising 9.13 per cent to close at $2.75. Shares in Beadell Resources Limited
(ASX:BDR) and Billabong International Limited
(ASX:BBG) also closed higher.
The worst performing stock was Leighton Holdings Limited
(ASX:LEI), dropping 6.91 per cent to close at $20.20. Shares in Mirabela Nickel Limited
(ASX:MBN) and Mount Gibson Iron Limited
(ASX:MGX) also closed lower.
Commodities
Gold is trading at $US1,613 an ounce, and is up $23.00 over the week. Light crude is $0.18 higher at $US92.63 a barrel.
The Australian dollar
The Australian dollar is buying $1.043 and is $0.057 higher over the week.
