The Australian share market has ended a wild week of gains and losses in the red after a soft session of trade in negative territory today. After plunging 1.5 per cent on Tuesday the local benchmark recovered 0.6 per cent on Wednesday and shot up a healthy 1.2 per cent yesterday. But the gains were not enough to erase the week’s losses with the key index loosing ground for the second straight week as investors pulled back from a jubilant end to 2013.
Across the sectors the miners continued yesterday’s rally while financials remained weak and consumer discretionary stocks sank.
In the week ahead China will be in the spotlight when the world’s second largest economy releases economic indicators. The nation’s December quarter growth figures are expected to have slowed to 7.6 per cent in the last three months of 2013.
Figures
The S&P/ASX 200 index lost 3.2 points today, extending the weekly fall of 6.5 points to finish at 5,306.
The value of trades was $3.9 billion on volume of 649 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Rio Tinto Limited
(ASX:RIO) and Commonwealth Bank of Australia
(ASX:CBA).
On the futures market the SPI is 2 points lower.
Wall Street
US indexes have put in a mixed trading performance over the trading week so far: The Dow Jones Industrial Average has fallen 28 points. The S&P 500 Index has firmed 8 points. The NASDAQ has lifted 13 points. The 100 Index has gained 59 points.
Company news
Woodside Petroleum Limited
(ASX:WPL) has inked a deal with the provincial government of British Columbia to secure a liquefied natural gas project site. The agreement gives the oil and gas giant the exclusive right to acquire land for a LNG facility in the Canadian province. The news comes just one day after Woodside reported record annual production and a slight fall in revenue over the year. Shares in Woodside Petroleum rose 1.27 per cent today to end the week at $39.12.
Super Retail Group Limited
(ASX:SUL) plunged to the session's worst performer after the specialty retailer disappointed investors with its interim sales figures. The owner of brands such as Ray’s Outdoors, Rebel and Supercheap Auto posted softer than expected 6 per cent sales growth for the first half of the current financial year. Shares in Super Retail Group plunged 14.16 per cent to end the week at $10.79.
Shares in Paladin Energy Limited
(ASX:PDN) jumped to the best performer after claiming it is in a much stronger financial position following the refinancing if key projects. The uranium miner has reached agreements with its lenders to refinance its Langer Heinrich and Kayelekera project finance facilities.
Shares in Ainsworth Game Technology Limited
(ASX:AGI) added just 0.23 per cent after predicting its first half net profit will grow 50 per cent. The gaming developer expects to post an interim profit of about $45 million at the end of February 25, 2013.
Best and worst performers
The best performing sector was materials, rising 193 points to close at 10,271.
The worst performing sector was financials excluding real estate investment trusts, losing 40 points to close at 6,808 points.
The best performing stock in the S&P/ASX 200 was Paladin Energy Limited
(ASX:PDN), rising 13.13 per cent to close at $0.56. Shares in Orora Limited
(ASX:ORA) and Beadell Resources Limited
(ASX:BDR) also closed higher.
The worst performing stock was Super Retail Group Limited
(ASX:SUL), dropping 14.16 per cent to close at $10.79. Shares in Kathmandu Holdings Limited
(ASX:KMD) and Abacus Property Group
(ASX:ABP) also closed lower.
Commodities
The price of gold has notched up its fourth straight week of gains, rising $US8.96 over the week to $US1,243 an ounce. Light crude is $0.21 lower at $US93.96 a barrel.
Currencies
The Australian dollar had a rough week, falling under $US0.90 to a three and a half year low following yesterday’s softer than expected local employment numbers. The local currency is now fetching $US0.8817, having dropped $US0.02 over the week.
