The Australian share market lifted strongly into the first trading week of the 2015 financial year. Stocks closed 0.6 per cent higher today, extending the weekly advance of 1.5 per cent. The week was marked by a series of economic developments including the Reserve Bank of Australia (RBA) and European Central Bank (ECB) both leaving rates unchanged. Today’s gains were on the back of more record highs on Wall Street after a better than expected monthly jobs report. US markets will now pause for the Fourth of July Independence Day public holiday and return to trade next week.
Figures
The S&P/ASX 200 index rose 34 points today, widening the weekly gain of 80 points to close at 5,525.
The value of trades was $3.81 billion on volume of 662 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), National Australia Bank Limited
(ASX:NAB) and Telstra Corporation Limited
(ASX:TLS).
On the futures market the SPI is 29 points higher.
Wall Street
Ahead of Friday’s public holiday US indexes rallied over the four trading days this week: The Dow Jones Industrial Average has gained 222 points. The S&P 500 Index has gained 28 points. The NASDAQ has gained 107 points. The 100 Index has gained 96 points.
Company news
Commonwealth Bank of Australia
(ASX:CBA) has remained in the firing line from victims after responding to its multi-million dollar financial planning scandal. The bank’s boss Ian Narav has apologised for the breach of trust and financial loss and flagged plans for a program to compensate the customers who had lost money. Shares in Commonwealth Bank of Australia rose 0.49 per cent today to end the week at $81.95.
Woodside Petroleum Limited
(ASX:WPL) has widened its footprint in Morocco through purchasing exploration prospects from Chariot Oil and Gas. The Australian oil and gas producer will buy a 25 per cent stake in six permits for an undisclosed sum and has an option to boost its interest to 50 per cent. Shares in Woodside Petroleum rose 0.46 per cent today to end the week at $41.81.
Virgin Australia Holdings Limited
(ASX:VAH) has appointed the CEOs of three of its major shareholders as non-executive directors. Australia’s second largest carrier says the chief’s of Air New Zealand, Etihad and Singapore Airlines will join Virgin’s board from today.
Abacus Property Group
(ASX:ABP) and its joint venture partner have sold a property in Melbourne for $94 million. The property investor has a 25 per cent stake in the JV and expects the 484 St Kilda Road sale to settle in September.
Best and worst performers
The best performing sector was telco services, adding over 1 per cent to close at 1,857.
The worst performing sector was real estate investment trusts, losing 0.3 per cent to close at 1,072 points.
The best performing stock in the S&P/ASX 200 was Sirtex Medical Limited
(ASX:SRX), rising 7.26 per cent to close at $18.92. Shares in Horizon Oil Limited
(ASX:HZN) and Sirius Resources NL
(ASX:SIR) also closed higher.
The worst performing stock was Abacus Property Group
(ASX:ABP), dropping 3.88 per cent to close at $2.48. Shares in AWE Limited
(ASX:AWE) and Arrium Limited
(ASX:ARI) also closed lower.
Commodities
The price of gold is trading at $US1,321 an ounce, up $1.28 over the week.
Light crude is $0.42 lower at $US104.06 a barrel.
Currencies
The Australian dollar is buying $0.9365, down $0.007 over the week.
