Apart from a brief rally this morning the local market saw a steady decline today and closed 0.6 per cent down. For the week as a whole the ASX was in negative territory.
Stimulus news from the European Central Bank failed to enliven investors today and focus now turns to the release of US payroll employment figures which are expected tonight local time.
The materials sector saw some major losses today as the iron ore price continues its slide.
Figures
The S&P/ASX 200 index closed 33 points down to finish at 5,599.
Over the week the index lost 27 points.
The value of tradeswas $3.66 billion on volume of 607 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Fortescue Metals Group Limited
(ASX:FMG) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 42 points down.
Looking at Wall Street, on the whole US major indexes have risen over the three trading days of this week: The Dow Jones Industrial Average has lost 0.06 per cent. The S&P 500 Index has added 0.05 per cent. The NASDAQ has added 0.1 per cent. The 100 Index is flat.
Company news
OZ Minerals Limited
(ASX:OZL) has appointed Andrew Cole as its new CEO and Managing Director, replacing Terry Burgess.
Mr Cole will relocate from Canada and step into the top job on the 3rd of December following more than two decades working for global miner Rio Tinto Limited (ASX:RIO). Mr Cole’s most recent role was Chief Operating Office of Rio Tinto’s iron and titanium business. Shares in OZ Minerals closed 1.17 per cent down at $4.23.
Qantas Airways Limited
(ASX:QAN) has shown its chief’s total remuneration package fell 40 per cent over the last financial year.
Australia’s biggest airline’s annual report reveals CEO Alan Joyce’s take-home pay dropped to just over $2 million. Qantas’ annual report shows the company’s senior and middle management had a pay freeze and the airline declined to pay bonuses. Shares in Qantas closed 1.6 per cent downat $1.54
Elders Limited
(ASX:ELD) has agreed to sell its 50 per cent interest in AWH Pty Ltd to DP World Australia Limited and is expected to produce a small profit to book value.
Australia’s biggest bank Commonwealth Bank of Australia
(ASX:CBA) has committed $10 million over five years to recognise the ANZAC Centenary.
Best and worst performers
The best performing sector was utilities adding 0.4 per cent to close at 5,984. The worst performing sector was health care, losing 1.35 per cent to close at 15,412 points.
The best performing stockin the S&P/ASX 200 was Challenger Limited
(ASX:CGF), rising 4.03 per cent to close at $7.75. Shares in G8 Education Limited
(ASX:GEM) and Cabcharge Australia Limited
(ASX:CAB) also closed higher.
The worst performing stock was Northern Star Resources Limited
(ASX:NST), dropping 9.63 per cent to close at $1.46. Shares in Evolution Mining
(ASX:EVN) and Regis Resources Limited
(ASX:RRL) also closed lower.
Commodities
The price of gold is trading at $US1,265 an ounce, and is down $24.49 over the week.
Light crude is $1.09 lower at $US94.45 a barrel.
The Australian dollar is buying $0.9345 and has moved only $0.001 lower over the week.
