Spending the day in positive territory the Australian share market ended 0.3 per cent higher for the day but down over the week. Stocks pulled back from last week’s stellar close, above the 5,200 barrier, following the federal budget release on Tuesday.
Resources came under pressure as the price of gold sank for the sixth straight session, but the miners clawed back some gains today.
The Australian dollar continued to decline below parity with the US dollar and again hit fresh 11-month lows.
Figures
The S&P/ASX 200 index added 15 points today, narrowing the weekly loss of 25 points to end the week at 5,181.
The value of trades was $4.7 billion on volume of 829 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Wesfarmers Limited
(ASX:WES).
On the futures market the SPI is 10 points higher.
Wall Street: US stocks have gained over the four trading days this week - The Dow Jones Industrial Average has gained 151 points, the S&P 500 Index has gained 24 points, the Nasdaq has gained 56 points and the 100 Index has gained 38 points.
Company news Wesfarmers Limited’s
(ASX:WES) chief has warned investors to expect disappointing earnings from Target this year. The conglomerate’s retailing brand has flagged an annual earnings drop of up to 43 per cent following a late start to the winter season, excess inventory and higher costs. Shares in Wesfarmers fell 2.87 per cent today, ending the week at $42.93.
WorleyParsons Limited
(ASX:WOR) has cut its annual earnings guidance on the back of weakening demand for resource infrastructure in Western Australia. The mining services contractor now expects its full year net profit to slide from $353 million to between $320 and $340 million this year. Shares in WorleyParsons sank 12.52 per cent today, finishing the week at $19.50.
Shares in Aquila Resources Limited
(ASX:AQA) rose 2.8 per cent after receiving federal environmental approval for its proposed development of the Anketell Port. The coal mining company has a 50 per cent stake in the port which is intended to facilitate its iron ore ambitions in Western Australia's Pilbara region.
Shares in SP AusNet
(ASX:SPN) gained 1.6 per cent after the world’s biggest utilities company bought a stake in the Australian electricity distributor for a reported $3.2 billion. China's State Grid Corporation has acquired a 19.9 per cent interest from Singapore Power International, who will remain SP AusNet’s largest shareholder with a 31.1 per cent holding.
Best and worst performers
The best performing sector was energy adding 149 points to close at 13,374.
The worst performing sector was consumer staples, losing 159 points to close at 10,284 points.
The best performing stock in the S&PASX 200 was Virgin Australia Holdings Limited
(ASX:VAH), rising 10.53 per cent to close at $0.42 following yesterday steep fall and this week’s profit downgrade. Shares in Horizon Oil Limited
(ASX:HZN) and Coalspur Mines Limited
(ASX:CPL) also closed higher.
The worst performing stock was WorleyParsons Limited
(ASX:WOR), dropping 12.52 per cent to close at $19.50. Shares in M2 Telecommunications Group Limited
(ASX:MTU) and Kingsgate Consolidated Limited
(ASX:KCN) also closed lower.
Commodities
Gold is trading at $US1,383 an ounce, down $75.60 over the week.
Light crude is $0.09 higher at $US95.25 a barrel.
The Australian dollar
The Australian dollar is buying 97.48 US cents, down $0.031 over the week.
