Following steep losses earlier in the week the Australian share market ended the week on positive ground. The benchmark index rose 0.3 per cent today after Scotland voted against independence from the United Kingdom and ahead of New Zealand’s election tomorrow.
Across the board losses in the mining and energy sectors were offset by gains among financials. Tech stocks also rallied ahead of Chinese e-commerce giant Alibaba expected to soon start trading on the New York Stock Exchange.
Figures
The S&P/ASX 200 index lifted 17 points today, trimming the weekly loss of 98 points to end at 5,433.
The value of trades was $4.92 billion on volume of 943 million shares at the close of trade.
The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), National Australia Bank Limited
(ASX:NAB) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 31 points higher.
Wall Street
America’s major indexes have risen over the four trading days this week: The Dow Jones Industrial Average has climbed 1.3 per cent. The S&P 500 Index has gained 0.7 per cent. The NASDAQ has advanced 1.6 per cent. The 100 Index has lifted 0.3 per cent.
Company news
Shares in Alacer Gold Corp (ASX:AQG, TSX:ASR) advanced after the gold miner disclosed it has been approached by unnamed third parties regarding a possible transaction. Separately OceanaGold Corporation
(ASX:OGC) revealed it has made a number of approaches to Alacer but the company was not willing to engage in talks about a potential takeover. Shares in Alacer Gold Corp advanced 10.65 per cent today to end the week at $2.13.
Bega Cheese Limited
(ASX:BGA) has inked a supply and distribution deal with one of China’s leading retail groups, Chongqing General Trading Group. The dairy manufacturer says the deal is expected to generate revenues of about $100 million over five years and form the basis for a broader commercial relationship. Shares in Bega Cheese firmed 0.2 per cent today to end the week at $5.03.
Shares in Moko Social Media Limited (ASX:MKB, NASDAQ:MOKO) jumped more than 10 per cent after revealing plans to launch a new targeted US social media college app named Speakiesy. The social media company says the app is aimed at students who want a closed social network open only to their campus.
Shares in Primary Health Care Limited
(ASX:PRY) gained 2.3 per cent after the health care provider revealed it will buy private health insurer Transport Health for $18 million. CEO Edmund Bateman says the provision of private health insurance is a natural extension of the company’s services.
Best and worst performers
The best performing sector was financials excluding real estate investment trusts, adding 0.8 per cent to close at 7,111.
The worst performing sector was materials, losing 0.5 per cent to close at 9,650 points.
The best performing stock in the S&P/ASX 200 was Steadfast Group Limited
(ASX:SDF), rallying 6.35 per cent to close at $1.59. Shares in Sandfire Resources NL
(ASX:SFR) and Beadell Resources Limited
(ASX:BDR) also closed higher.
The worst performing stock was Arrium Limited
(ASX:ARI), dropping 6.25 per cent to close at $0.38. Shares in Northern Star Resources Limited
(ASX:NST) and Fortescue Metals Group Limited
(ASX:FMG) also closed lower.
Commodities
The price of gold is buying $US1,225 an ounce, down $US6.39 over the week.
Light crude is $1.35 lower at $US93.07 a barrel.
Currencies
The Australian dollar is buying $US0.8971, down more than $US0.005 over the week.
