The Australian share market advanced 0.5 per cent over today and posted its second straight weekly gain. All sectors ended the session higher, led by strength among health care and financial stocks. Upbeat US earnings and local company updates gave sentiment a lift as annual general meeting season began to heat up. In the week ahead the US Federal Reserve will again be in focus mid-week while Australia will get trade prices data and producer price inflation figures.
Figures
The S&P/ASX 200 gained 29 points today, widening the weekly rally of 141 points to finish at 5,412.
The value of trades was $4.05 billion on volume of 751 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 National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 28 points stronger.
Wall Street
America’s major indexes have gained over the four trading days this week: The Dow Jones Industrial Average has risen 1.2 per cent. The S&P 500 Index has risen 2.4 per cent. The NASDAQ has risen 3.1 per cent. The 100 Index has risen 3.5 per cent.
Company news
Australia’s biggest multi-brand food franchisor Retail Food Group Limited
(ASX:RFG) has inked a deal to buy the global business and intellectual property assets of coffee chain Gloria Jean’s Group. Retail Food Group is the owner of brands such as Brumby’s Bakery and Michel’s Patisserie and will pay $163.5 million for Gloria Jean’s and $16.4 million in milestone and earn out payments. The company has also today more than doubled its guidance to 36 per cent net profit growth in the 2015 financial year. Shares in Retail Food Group lifted 0.4 per cent to end the week at $4.86.
Qantas Airways Limited
(ASX:QAN) has confirmed it is on track to post an underlying profit before tax in the first half. Alan Joyce, the chief of Australia’s largest airline, told shareholders at the company’s Annual General Meeting (AGM) evidence grows daily that Qantas is on track with its plans. The company also today reported 2.7 per cent total passenger growth in September. Shares in Qantas Airways surged 3.64 per cent to end the week at $1.43.
Shares in AMP Limited
(ASX:AMP) rose 3.15 per cent after releasing a better than expected third quarter trading update and more than doubling cash flows to its wealth management division. The wealth manager says the results show solid momentum across its business with the focus on Asia continuing to deliver results.
Shares in APA Group
(ASX:APA) added 1.59 per cent after affirming it’s on track to improve its earnings by up to 9 per cent to $760 million. The natural gas infrastructure business says the gains are set to be driven by further growth initiates throughout the 2015 financial year.
Best and worst performers
All sectors ended on positive territory: The best performing sector was health care, gaining 1.2 per cent to close at 15,683. The sector with the fewest gains was telco services, adding 0.06 per cent to close at 1,934 points.
The best performing stock in the S&P/ASX 200 was Bradken Limited
(ASX:BKN), rising 6.53 per cent to close at $3.59. Shares in ResMed Inc.
(ASX:RMD) and Leighton Holdings Limited
(ASX:LEI) also closed higher.
The worst performing stock was Northern Star Resources Limited
(ASX:NST), dropping 7.84 per cent to close at $1.24. Shares in Lynas Corporation Limited
(ASX:LYC) and Beadell Resources Limited
(ASX:BDR) also closed lower.
IPOs
GPT Metro Office Fund
(ASX:GMF) started trading today. The Australian real estate investment trust listed with an issue price of $2.00, opened at $2.01 and a closed at $2.00.
Commodities
Gold is buying $US1,230 an ounce, down $8.77 over the week.
Light crude is $1.57 higher at $US82.09 a barrel.
Currencies
The Australian dollar is buying $US0.8767, up $0.0018 over the week.
