The Australian share market clawed back some of its sharp early losses in afternoon trade however still finished 0.2 per cent lower as investors await US jobs data due for release tonight. The local bourse extended yesterday’s losses to find itself at its lowest level since mid-October. The day’s losses were led by the healthcare sector, while financial stocks also fell. Energy stocks led the way for the major sectors.
The S&P/ASX 200 index closed 12 points down to finish at 5,186. Over the week the index lost 134 points. The market lost 2.5 per cent for the week, it’s worst five day trading week since the beginning of June. The value of trades was $3.6 billion on volume of 667 million shares at the close of trade. The top three stocks by value were Westpac Banking Corporation
(ASX:WBC), Commonwealth Bank of Australia
(ASX:CBA) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 29 points down.
US Indices
Wall Street, where US stocks have had a mixed four day trading week: The Dow Jones Industrial Average lost 276 points, the S&P 500 Index dropped 22 points, the Nasdaq fell by 12 points and the 100 Index bucked the trend, gaining 7 points.
Economic news
The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (PCI) rose 0.8 points to 55.2 in November, on the back of an improvement in new orders and deliveries. It was the highest reading since November 2010 and the second straight month of expansion. All the major sub-sectors grew for the month, although house building and apartments lost some ground.
Company news
Wesfarmers Limited
(ASX:WES) owned Coles and Woolworths Limited
(ASX:WOW) have agreed to limit their fuel discount shopper dockets to a maximum of four cents a litre. The Australian Competition and Consumer Commission has announced that the supermarket giants have undertaken the move voluntarily, to address concerns that their discount offers would reduce competition in the fuel retail sector. Shares in Wesfarmers closed 0.14 per cent down at $41.70.
Sigma Pharmaceutical Limited
(ASX:SIP) has sold a property in Clayton Victoria to property developer Cedar Woods Limited
(ASX:CWP) for $25.3 million. Completion of the sale is expected to occur next July. The company says it expects to book a one off profit of between $8 and $10 million from the sale. Shares in Sigma closed flat at $0.58.
Flight Centre Travel Group Limited
(ASX:FLT) shares dropped 2.99 per cent today, after the company expressed disappointment at the Federal Court’s upholding of the ACCC’s competition law test case against it, after the competition watchdog launched a case in October last year, alleging the travel retailer attempted to fix airfare prices.
Qantas Airways Limited
(ASX:QAN) shares were placed into a trading halt following yesterday's shock profit warning, however emerged and fell 3.74 per cent after the airlines credit rating was today cut to junk status by S&P.
Best and worst performers
The best performing sector was Energy adding 80 points to close at 13,294.
The worst performing sector was Healthcare, losing 87 points to close at 13,869.
The best performing stock in the S&PASX 200 was Western Areas Limited
(ASX:WSA), rising 9.27 per cent to close at $2.18. Shares in Fairfax Media Limited
(ASX:FXJ) and Buru Energy Limited
(ASX:BRU) also closed higher.
The worst performing stock was Transfield Services Limited
(ASX:TSE), dropping 7.83 per cent to close at $1.00. Shares in OceanaGold Corporation
(ASX:OGC) and Qantas Airways Limited
(ASX:QAN) also closed lower.
IPOs Nine Entertainment Co Holdings Limited
(ASX:NEC) started trading today. The broadcaster listed with an issue price of $2.05, opened at $2.02 and slipped just under 2 per cent to close at $1.98.
Commodities
Gold is trading at $US1,226 an ounce, and is down $17.17 over the week. Light crude is $0.18 higher at $US97.38 a barrel.
The Australian dollar
The Australian dollar is buying $0.9052 and is $0.004 down over the week.
