The Australian share market saw a relatively flat trading day to end the week, remaining in positive territory and eking out some small gains led by consumer staples stocks. Among the companies, McMillan Shakespeare reversed its gloomy trading week to finish at the top of the best performing list, while Sigma Pharmaceutical slipped on a first half profit warning. The big banks also saw some strong gains while there was some dragging weakness in the mining sector.
Today, the S&P/ASX 200 index closed 6 points up to finish at 5,042. Over the week the index added 70 points. The value of trades was $6.1 billion on volume of 972 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Telstra Corporation Limited
(ASX:TLS)
On the futures market, the SPI is 10 points up.
US Indices
Looking at Wall Street, which finished mixed over its four trading days this week: The Dow Jones Industrial Average added 7 points. The S&P 500 Index went up by 1 point, the Nasdaq fell by 6 and the 100 Index dropped 16 points.
Company news
Shares in Perth-based company Liquefied Natural Gas Limited
(ASX:LNG) soared after it secured funding for its Magnolia project in Louisiana in the United States. US investment firm Stonepeak has agreed to provide the full $718.25 million of project equity finance needed for development, in exchange for a stake of about 50 per cent in the plant, which has a total estimated cost of $US2.2 billion. Shares in LNG closed 33.33 per cent up at $0.28.
Ten Network Holdings Limited
(ASX:TEN) and Southern Cross Media Group Limited
(ASX:SXL) have completed a new three year affiliation agreement. No other details of the agreement have been made public, however Ten boss Hamish McLennan says the agreement reflects a fair outcome for both companies. Shares in Ten network closed steady at $0.27.
Sigma Pharmaceuticals Limited
(ASX:SIP) has revealed it expects to post lower earnings in the first half of this year compared to the same period last year.
SKYCITY Entertainment Group Limited (ASX:SKC, NZE:SKC) is gearing up to invest more than $300 million to transform the Adelaide Casino after scoring the green light from South Australia's parliament.
Best and worst performers
The best performing sector was Consumer Staples adding 42 points to close at 9,780.
The worst performing sector was Telco services, losing 7 points to close at 1,697.
The best performing stock in the S&PASX 200 was McMillan Shakespeare Limited
(ASX:MMS), rising 11.36 per cent to close at $9.80. Shares in PanAust Limited
(ASX:PNA) and JB Hi-Fi Limited
(ASX:JBH) also closed higher.
The worst performing stock was Sigma Pharmaceutical Limited
(ASX:SIP), dropping 6.04 per cent to close at $0.70. Shares in Discovery Metals Limited
(ASX:DML) and Sundance Resources Limited
(ASX:SDL) also closed lower.
Commodities
Gold is trading at $US1,336 an ounce, and has enjoyed a slight rebound this week, rising $46.80. Light crude is $0.15 lower at $US105.34 a barrel.
The Australian dollar
The Australian dollar is buying $0.9266 and is $0.009 up over the week.
