Despite a buoyant week of gains the Australian share market ended on a weak note and lost 0.4 per cent over today’s session. Local stocks fell at open after Wall Street snapped a seven-day winning streak amid speculation surrounding when the US will begin to tighten its monetary policy.
Though the sectors ended mixed mining and gold stocks were sold-off after commodity prices softened overnight. Attention now turns to the US Federal Reserve’s policy meeting and the minutes from Australia’s own central bank, due next week.
Figures
The S&P/ASX 200 index dropped 20 points today, chipping into the weekly gain of 78 points to end at 5,223.
The value of trades was $3.8 billion on volume of 700 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 Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 18 points lower.
Wall Street
US stocks have all risen over the four trading days this week: The Dow Jones Industrial Average added 363 points, the S&P 500 Index added 28 points, the Nasdaq added 57 points and the 100 Index added 46 points.
Company news
ANZ Banking Group
(ASX:ANZ) has left its standard variable mortgage rate unchanged at 5.88 per cent at its latest rate review meeting. The decision comes after the Reserve Bank of Australia also opted to keep its key cash rate on hold at a record low earlier this month. Shares in ANZ Banking Group lost 0.26 per cent today, finishing the week at $30.29.
Aquila Resources Limited
(ASX:AQA) has rebounded to a full year profit of $317 million from a loss the year before. The coal producer’s result was aided by $491 million of asset sales over the past 12 month while coal sales brought in $197 million. Aquila has also affirmed its Eagle Downs project is set to be producing in the first half of 2017. Shares in Aquila Resources lost 2.7 per cent today, finishing the week at $2.16.
Shares in CSL Limited
(ASX:CSL) ended 1.13 per cent stronger after the blood products and vaccines supplier released its annual report, which revealed its former chief Brian McNamee took home $19.6 million in the 2013 financial year.
Shares in Virgin Australia Holdings Limited
(ASX:VAH) pulled back from gains to end flat after it emerged Etihad Airways has crept above Richard Branson’s Virgin Group to become the carrier’s third-biggest shareholder with a 13.4 per cent stake.
Best and worst performers
The best performing sector was health care adding 59 points to close at 13,917.
The worst performing sector was materials, losing 120 points to close at 9,855 points.
The best performing stock in the S&PASX 200 was M2 Telecommunications Group Limited
(ASX:MTU), rising 3.47 per cent to close at $5.97. Shares in Emeco Holdings Limited
(ASX:EHL) and TPG Telecom Limited
(ASX:TPM) also closed higher.
The worst performing stock was Evolution
(ASX:EVN), dropping 9.55 per cent to close at $0.81. Shares in Medusa Mining Limited
(ASX:MML) and Kingsgate Consolidated Limited
(ASX:KCN) also closed lower.
Commodities
Gold is trading at $US1,313 an ounce, down $56.70 over the week.
Light crude is $1.04 higher at $US108.60 a barrel.
The Australian dollar
The Australian dollar is buying 92.36 US cents, up $0.0104 over the week.
