The Australian share market ended the last session of the week on positive ground after sidestepping either side of the open throughout the day. Investors stayed on the sidelines ahead of America’s monthly jobs report due this evening. Analysts are expecting the US economy created 210,000 jobs in April while the unemployment rate is expected to fall to 6.6 per cent.
Over the week the local bourse retreated as the month of May kicked off with news with US Federal Reserve will continue to taper its economic stimulus program. In the week ahead attention will be on Australia’s central bank when it holds its May board meeting on Tuesday amid expectations rates will again stay steady at a record low of 2.5 per cent.
Figures
The S&P/ASX 200 index added 9.3 points today, trimming the weekly loss of 72.9 points to finish at 5,458.
The value of trades was $3.49 billion on volume of 603 million shares at the close of trade.
The top three stocks by value were National Australia Bank Limited
(ASX:NAB), ANZ Banking Group
(ASX:ANZ) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 7 points higher.
Wall Street
US stocks have gained over the four trading days this week on the back of upbeat economic and earnings reports: The Dow Jones Industrial Average has added 57 points. The S&P 500 Index has added 8 points. The NASDAQ has added 0.5 points. The 100 Index has added 37 points.
Economic news
New homes sales rose across Australia in the first three months of this year, led by growth in Queensland. The Housing Industry Association has reported new home sales gained 5.8 per cent in the March quarter for a gain of 23.4 per cent over the year. HIA says strong results occurred in the areas where a new housing recovery is just gaining traction.
Company news
Shares in Treasury Wine Estates Limited
(ASX:TWE) jumped amid rumours global French drinks giant Pernod Ricard could be eyeing the winemakers US assets. Responding to the speculation Treasury Wine Estates told the market it has not been approached nor is it in talks with the possible suitor. Shares in Treasury Wine Estates jumped more than 10 per cent earlier in the session and closed 6.51 per cent stronger at $4.09.
Shares in Padbury Mining Limited
(ASX:PDY) plunged after exiting a three week long trading halt. Investors responded to news the iron ore explorer has scrapped a proposed $US6.5 billion funding proposal to revive the Oakajee port and rail project in Western Australia.
Shares in Padbury Mining plunged 84.85 per cent to close the week at $0.005.
Shares in Macquarie Group Limited
(ASX:MQG) rose 0.86 per cent after its full year result beat analyst expectations. Australia’s largest listed investment bank boosted its full year net profit by 49 per cent to $1.26 billion.
Shares in Myer Holdings Limited
(ASX:MYR) dropped 2.3 per cent after revealing its latest sales result which disappointed. The department store retailer cited store refurbishments for pushing its third quarter sales down almost 1 per cent to $646.5 million.
Best and worst performers
The best performing sector was industrials, adding 30 points to close at 4,087.
The worst performing sector was materials, losing 42 points to close at 10,004 points.
The best performing stock in the S&P/ASX 200 was Treasury Wine Estates Limited
(ASX:TWE), jumping 6.51 per cent to close at $4.09. Shares in Transfield Services Limited
(ASX:TSE) and Primary Health Care Limited
(ASX:PRY) also closed higher.
The worst performing stock was Paladin Energy Limited
(ASX:PDN), dropping 5.56 per cent to close at $0.42. Shares in Evolution
(ASX:EVN) and Acrux Limited
(ASX:ACR) also closed lower.
Commodities
Following a weekly fall of almost $US17 last week the price of gold lost $1.90 over this week to $US1,283.15.
Light crude has lost $0.32 to $US99.42 a barrel.
The Australian dollar
The Australian dollar is buying $0.9274, down slightly over the week.
