The Australian share market has advanced 0.9 per cent over the session, lifted over the week and rebounded 4.4 per cent into the new quarter. In September the benchmark fell almost 6 per cent to post its biggest monthly loss in more than two years.
Over the week sentiment was buoyed by upbeat US earnings and the expected end to the Federal Reserve’s quantitative easing program.
The gold and oil price moved lower in turn and weighed on the local mining and energy sectors today. The banking sector rose following well received earnings reports from ANZ Banking Group (ASX:ANZ) and Macquarie Group Limited (ASX:MQG).
Looking ahead China will release official manufacturing data this weekend and non-manufacturing figures on Monday. The Reserve Bank of Australia (RBA) will hand down its November interest rate decision on Tuesday’s Melbourne Cup day and US non-farm payrolls will cap the week off.
Figures
The S&P/ASX 200 index advanced 50 points today, widening the weekly gain of 114 points to finish the month of October at 5,527.
The value of trades was $6.78 billion on volume of 869 million shares at the close of trade.
The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 49 points higher.
Wall Street
America’s major indexes have marched higher over the trading week: The Dow Jones Industrial Average has gained 2.2 per cent. The S&P 500 Index has gained 1.7 per cent. The NASDAQ has gained 1.8 per cent. The 100 Index has gained 1.3 per cent.
Company news
ANZ Banking Group
(ASX:ANZ) has reported a record annual cash profit of $7.1 billion. The bank lifted its cash profit by 10 per cent while its net profit jumped 15 per cent to $7.3 billion in the 2014 financial year. CEO Mike Smith has described the result as another good performance and says the bank made progress in all its key markets. Shares in ANZ Banking Group rose 0.72 per cent to end the week at $33.50.
Macquarie Group Limited
(ASX:MQG) has posted a bumper interim result, exceeding expectations, and forecast growth ahead. Australia’s biggest listed investment bank improved its first half net profit by 35 per cent to $678 million. Looking ahead Macquarie Group sees its annual net profit coming in slightly above the prior year. Shares in Macquarie Group rose 2.21 per cent to end the week at $61.17.
Shares in Harvey Norman Holdings Limited
(ASX:HVN) lifted 1.06 per cent after reporting a rise in quarterly sales and profit in the three months to the end of September. The electronic retailer’s global sales rose 3.4 per cent over the quarter on a like for like basis.
Shares in Spotless Group Holdings Limited
(ASX:SPO) gained 1.32 per cent after announcing a strategic acquisition. The services company will buy ACG who are a national security business with an annual turnover of more than $80 million.
Best and worst performers
All major sectors finished stronger: The best performing sector was real estate investment trusts, rising 1.4 per cent to close at 1,153. The sector with the smallest gains was energy, adding 0.5 per cent to close at 13,598 points.
The best performing stock in the S&P/ASX 200 was Southern Cross Media Group Limited
(ASX:SXL), rising 6.52 per cent to close at $0.98. Shares in BC Iron Limited
(ASX:BCI) and Henderson Group
(ASX:HGG) also closed higher.
The worst performing stock was Resolute Mining Limited
(ASX:RSG), dropping 5.88 per cent to close at $0.32. Shares in Northern Star Resources Limited
(ASX:NST) and Newcrest Mining Limited
(ASX:NCM) also closed lower.
Commodities
Gold is buying $US1,195 an ounce, down $US35.76 over the week.
Light crude is $1.08 lower at $US81.12 a barrel.
Currencies
The Australian dollar is buying $0.8794, up over the week.
