The Australian share market has ended the session 0.25 per cent higher and posted its third straight weekly gain. Positive leads lifted the local bourse and stocks stayed on higher ground throughout the day. Strength in the energy and banking sectors supported gains while the health care sector suffered on the back of ResMed Inc's (ASX:RMD, NYSE:RMD) profit result which disappointed.
Figures
The S&P/ASX 200 index added 13 points today, elevating the weekly gain of 65 points or 1.2 per cent, to finish at 5,386.
The value of trades was $5.5 billion on volume of 834 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 National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 10 points higher.
Wall Street
US stocks have gained ground over the trading week so far: The Dow Jones Industrial Average has added 138 points, the S&P 500 Index has added 19 points, the Nasdaq has added 66 points and the 100 Index has added 61 points.
Market movers
Origin Energy Limited’s
(ASX:ORG) stock got a boost as the energy giant struck a pipeline cooperation deal with Santos Limited
(ASX:STO) in Queensland. The agreement will make gas transportation more efficient between the Origin’s Australia Pacific LNG Project and Santos’ GLNG Surat Basin gas fields. Shares in Origin Energy rose 1.67 per cent today, ending the week at $14.65.
Investors piled out of ResMed Inc (ASX:RMD, NYSE:RMD) after the medical product manufacturer’s latest quarterly report fell short of expectations. The dual listed company increased its profit by 9 per cent while revenue grew 5 per cent to almost $358 million. It was not enough to impress investors - Shares in ResMed fell 8.31 per cent today, ending the week at $5.41.
Shares in Whitehaven Coal Limited
(ASX:WHC) gained 2.02 per cent after the coal miner set a new quarterly production record. Whitehaven increased saleable coal production by 44 per cent to around 2.5 million tonnes in the September quarter.
Shares in Insurance Australia Group Limited
(ASX:IAG) dropped 1.52 per cent after revealing it has received about 600 claims from bushfire victims. The insurer says it has agreed to settlement terms on more than 50 per cent of claims received but declined to provide the estimated cost of the disaster.
Best and worst performers
The best performing sector was energy, adding 112 points to close at 13,970.
The worst performing sector was health care, losing 126 points to close at 13,841 points.
The best performing stock in the S&PASX 200 was St. Barbara Limited
(ASX:SBM), rising 5 per cent to close at $0.53. Shares in Beadell Resources Limited
(ASX:BDR) and Macquarie Atlas Roads Limited
(ASX:MQA) also closed higher.
The worst performing stock was ResMed Inc.
(ASX:RMD), dropping 8.31 per cent to close at $5.41. Shares in Linc Energy Limited
(ASX:LNC) and Asciano Limited
(ASX:AIO) also closed lower.
Commodities
Gold is buying $US1,345.50 an ounce, up $28.80 over the week.
Light crude is $0.25 higher at $US97.11 a barrel.
The Australian dollar
The Australian dollar is buying 96.16 cents, slightly down over the week.
