Australian shares overcame a negative lead from Wall Street to close 0.3 per cent up on the back of strength in big miners and banks.
Weekly Summary
Today, the S&P/ASX 200 index closed 17 points up to finish at 5,367.
Over the week the index rose 29 points.
The value of trades was $6.2 billion on volume of 848 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 Westpac Banking Corporation
(ASX:WBC).
On the futures market the SPI is 13 points higher.
Wall Street
US stocks have mostly dropped over the four trading days this week: The Dow Jones Industrial Average added 42 points. The S&P 500 Index lost 12 points. The NASDAQ lost 156 points. The 100 Index lost 120 points.
Company news
Education provider Navitas Limited
(ASX:NVT) has extended contracts with the Federal government to provide English language training for new immigrants. The company’s Adult Migrant English Program (AMEP) will continue to operate across six regions within the Sydney metropolitan area.
CEO Rod Jones said the extensions would allow the company to continue partnering with community and not-for-profit organisations to assist newly arrived migrants and former refugees with resettlement in Australia. Shares in Navitas closed 5.77 per cent up at $7.33.
Owner of the troubled Cootes transport, McAleese Limited
(ASX:MCS) has announced a reshuffle of its executive ranks with Chief executive Paul Garaty to leave after an interim period and chief financial officer Chris Nunn will step down immediately.
Cootes had been called by the NSW government to “show cause” why it should be allowed to continue to operate on NSW roads after serious safety defects were discovered in Cootes’ fleet during investigations into a fatal tanker crash. The NSW Government has since stated Cootes had taken “sensible action” to address safety issues. Shares in McAleese closed flat at $0.53.
Woodside Petroleum Limited
(ASX:WPL) faces further delays in its entry into the Leviathan offshore gas project near Israel.
An MOU was signed in late February between Woodside and the Leviathan Joint Venture Partners to negotiate the sale of a 25 per cent interest in a number of petroleum licences.
However the parties had not executed the definitive agreements by yesterday’s target date and discussions will continue with a view to resolving remaining issues. Shares in Woodside Petroleum closed 0.57 per cent up.
Singapore airlines has lifted its shareholding in Virgin Australia Holdings Limited
(ASX:VAH) from 19.3 per cent to 22.17 per cent.
The trade extends Singapore Airline’s voting power in Virgin and comes amid debate around foreign ownership of Australia’s airlines. Shares in Virgin Australia Holdings finished 4.05 per cent higher.
The best and worst performers
The best performing sector was Financials adding 36 points to close at 6,005. The worst performing sector was Consumer Staples, losing 66 points to close at 9,767 points.
The best performing stock in the S&P/ASX 200 was Drillsearch Energy Limited
(ASX:DLS), rising 6.33 per cent to close at $1.68. Shares in TPG Telecom Limited
(ASX:TPM) and Navitas Limited
(ASX:NVT) also closed higher.
The worst performing stock was Lynas Corporation Limited
(ASX:LYC), dropping 4.44 per cent to close at $0.21. Shares in Beadell Resources Limited
(ASX:BDR) and Regis Resources Limited
(ASX:RRL) also closed lower.
Commodities
The price of gold is buying $US1,295 an ounce, and is down $38.12 down over the week. Light crude is $1.01 higher at $US101.28 a barrel. The Australian dollar is buying $0.9274 and is $0.02 up over the week.
