The Australian share market firmed over the last session of the week, but fell over the last official week of reporting season and slipped over the month of August. Over today the sectors put in a mixed performance as Woolworths Limited
(ASX:WOW) annual result dragged on consumer staples while Transfield Services Limited’s
(ASX:TSE) buoyant annual result aided industrials.
The week ahead will see a number of key releases starting with the official read on Chinese manufacturing conditions on Monday. Australia’s Reserve Bank will deliver its September interest rate decision on Tuesday ahead of the European Central Bank meeting on Thursday. Next week will be capped off by America’s key monthly jobs report expected to show a rise in job creation of 220,000 and a lower US jobless rate when it is released on Friday.
Figures
The S&P/ASX 200 index firmed 1.5 points today but fell 20 points over the week to end at 5,626, having slipped 7 points over August.
The value of trades was $6.98 billion on volume of 963 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Woodside Petroleum Limited
(ASX:WPL).
On the futures market the SPI is 2 points higher.
Wall Street
America’s major indexes have risen over the four trading days this week: The Dow Jones Industrial Average has added 0.2 per cent. The S&P 500 Index has firmed 0.2 per cent. The NASDAQ has gained 0.6 per cent. The 100 Index has put on 0.5 per cent.
Economic news
The Reserve Bank of Australia’s Financial Aggregates data has shown total credit rose 0.4 per cent in July, down from expectations of a 0.5 per cent rise and softer than a 0.7 per cent rise the month before. Personal credit grew 0.2 per cent, business credit lifted 0.3 per cent and housing credit gained 0.5 per cent over July.
Company news
Transfield Services Limited
(ASX:TSE) soared to the best performer after reporting a turnaround annual profit result of $53 million from a loss the year before. The maintenance and construction services company has forecast higher earnings ahead amid expectations positive momentum will continue. Shares in Transfield Services soared 24.11 per cent to close at $1.75.
Woolworths Limited
(ASX:WOW) has boosted its annual net profit by 8.5 per cent to $2.45 billion in the 2014 financial year. The supermarket giant expects its net profit to rise between 4 per cent to 7 per cent but has forecast trading conditions will remain challenging. Shares in Woolworths fell 2.14 per cent to close at $36.16.
Shares in Virgin Australia Holdings Limited
(ASX:VAH) lifted almost 2.5 per cent after booking an annual net loss but announcing the sale of a 35 per cent stake in its frequent flyer program. Australia’s second largest carrier extended its net loss to $355.6 million but has outlined initiatives to deliver a sustainable, profitable business over the long term.
Shares in National Australia Bank Limited
(ASX:NAB) gained more than 1 per cent after unveiling plans to offload its US subsidiary, Great Western Bank. NAB plans to start the divestment by selling a minority stake in the asset through an initial public offering of shares in the US later this year
Best and worst performers
The best performing sector was industrials, adding 0.7 per cent to close at 4,252.
The worst performing sector was consumer staples, losing 2.3 per cent to close at 10,052 points.
The best performing stock in the S&P/ASX 200 was Transfield Services Limited
(ASX:TSE), rising 24.11 per cent to close at $1.75. Shares in Harvey Norman Holdings Limited
(ASX:HVN) and Perpetual Limited
(ASX:PPT) also closed higher.
The worst performing stock was WorleyParsons Limited
(ASX:WOR), dropping 3.75 per cent to close at $16.44. Shares in Cromwell Group
(ASX:CMW) and Seven West Media Limited
(ASX:SWM) also closed lower.
Commodities
The price of gold is trading at $US1,289 an ounce, up $8.86 over the week.
Light crude is $0.67 higher at $US94.55 a barrel.
Currencies
The Australian dollar is buying $US0.9357, up $0.005 over the week.
