The week has ended on a bright note with the Australian share market soaring 2 per cent today, erasing the week’s losses and booking a weekly gain. Buoyed by a strong performance on Wall Street local stocks posted the largest one day rally this year. The Australian dollar also maintained support after dropping to a 33-month low of 93.25 US cents earlier in the week.
Figures
The S&P/ASX 200 index put on 96 points, extending the weekly gain of 54 points over the shortened trading week to end at 4,792.
The value of trades was $5 billion on volume of 789 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 100 points higher.
Wall Street
US indices have gained over the four trading days this week: The Dow Jones Industrial Average has added 135 points, the S&P 500 Index has added 14 points, the Nasdaq has added 21 points and the 100 Index has added 13 points.
Company news Shares in News Corp
(ASX:NWS) lifted as the media company clarified its planned timeline to split into two new entities, due for the end of this month. Investors shrugged of news the company’s chief Rupert Murdoch has filed for divorce from his wife, Wendi Deng. Shares in News Corp gained 0.97 per cent today, ending the week at $32.41.
ASX Limited
(ASX:ASX) emerged from a trading halt today having completed the first part of its capital raising targeting more than half a billion dollars. The operator of the Australian Securities Exchange plans to put the funds to refinancing and growth initiatives to increase its competitiveness. Shares in ASX dropped 6.05 per cent to end the week at $33.15.
Shares in NIB Holdings Limited
(ASX:NHF) gained 1.82 per cent after the private health insurer said strong investment performance should boost its annual earnings per share. The company has also lowered its annual profit expectations, partly due to higher than expected claims.
Takeover target Elders Limited
(ASX:ELD) has suspended its shares from trade to consider final bids for its Elders Rural Services and Futuris Automotive businesses. The debt laden agribusiness last traded at $0.09 and is understood to be mulling an offer from its rival Ruralco Holdings Limited
(ASX:RHL) after Australia’s competition regulator last month gave the green light for a potential acquisition.
Best and worst performers
The best performing sector was financials excluding real estate investment trusts adding 153 points to close at 6,134.
The only sector ending in the red was health care, losing 28 points to close at 12,470 points.
The best performing stock in the S&PASX 200 was Coalspur Mines Limited
(ASX:CPL), rising 17.39 per cent to close at $0.27. Shares in Discovery Metals Limited
(ASX:DML) and Fleetwood Corporation Limited
(ASX:FWD) also closed higher.
The worst performing stock was ASX Limited
(ASX:ASX), dropping 6.05 per cent to close at $33.15 after it traded ex-rights. Shares in Mesoblast Limited
(ASX:MSB) and Medusa Mining Limited
(ASX:MML) also closed lower.
Commodities
Gold is trading at $US1,385 an ounce, down $27.70 over the week.
Light crude is $0.20 lower at $US96.49 a barrel.
The Australian dollar
The Australian dollar is buying 95.82 US cents, up $0.006 over the week.
