The Australian share market retreated from its early gains to finish 0.1 per cent lower after a flat afternoon of trade, with some strong advances in mining stocks offset by falls in most other major sectors, most notably Property trusts.
Local stocks have posted a disappointing end to a largely positive shortened trading week which saw the ASX re-enter 5,000 point territory in a broad rally on the back of lower than expected inflation data. Today, the S&P/ASX 200 index closed 5 points down to finish at 5,098. Over the week the index gained 166 points.
The value of trades was $3.9 billion on volume of 694 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Westpac Banking Corporation
(ASX:WBC) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market, the SPI is 17 points down.
US Indices
Wall Street, where the major indices fell over the four trading days this week: The Dow Jones Industrial Average lost 164 points. The S&P 500 Index dropped 44 points, the Nasdaq shed 124 points and the 100 Index fell by 107 points.
Company news
DEXUS Property Group
(ASX:DXS) has entered into an agreement with Dexus Wholesale Property Fund to acquire a half share in a strategic office investment in Brisbane. The estimated total cost for the investment is $544 million, with CEO Darren Steinberg saying it is an acquisition that leverages the company’s exposure to quality real estate in the core Brisbane CBD office market. Shares in Dexus Property Group closed flat at $1.13.
Graincorp Limited
(ASX:GNC) shares leapt to an all-time high today after the grain handler agreed to grant US company Archer Daniels Midland access to its books after receiving an improved takeover bid. As part of the suitors third attempt to woo, Graincorp shareholders will receive $12.20 per share and a sweetened $1 special dividend, in return for due diligence and a favourable board recommendation.
Shares in Graincorp closed 7.92 per cent up at $12.81.
Leighton Holdings’ Limited
(ASX:LEI) John Holland Group has won a $72 million government contract to rebuild Brisbane's RiverWalk after it was washed away in the 2011 Queensland floods.
ResMed Inc
(ASX:RMD) has posted record revenue and income for the March quarter, with revenues boosted by 10 per cent to $374.35 million.
Best and worst performers
The best performing sector was Materials adding 176 points to close at 9,226.
The worst performing sector was Real Estate Investment Trusts, losing 17 points to close at 1,085 points.
The best performing stock in the S&PASX 200 was Silver Lake Resources Limited
(ASX:SLR), rising 20.98 per cent to close at $1.24. Shares in Acrux Limited
(ASX:ACR) and Evolution Mining Limited
(ASX:EVN) also closed higher.
The worst performing stock was Ten Network Holdings Limited
(ASX:TEN), dropping 4.69 per cent to close at $0.30. Shares in Skilled Group Limited
(ASX:SKE) and Energy World Corporation Limited
(ASX:EWC) also closed lower.
Commodities
Gold is trading at $US1,472 an ounce, and is up $50.60 over the week. Light crude is $0.65 lower at $US92.99 a barrel.
The Australian dollar
The Australian dollar is buying $1.03 and is $0.004 up over the week.
