After gaining more than 4 per cent over the month of October the Australian share market lifted into the first week of November. The benchmark index climbed 0.8 per cent today and ended near session highs on the back of strength across the board. Hopes for European stimulus and an upbeat US labour report buoyed sentiment ahead of America’s monthly jobs report due for release this evening.
Economists expect nonfarm payrolls gained 235,000 in October and the US unemployment rate remained at six-year lows of 5.9 per cent. Closer to home the Australian dollar fell to a fresh four-year low against the greenback after the Reserve Bank of Australia’s latest meeting minutes.
Figures
The S&P/ASX 200 index gained 43 points today, extending the weekly gain of 22.5 points to finish at 5,549.
The value of trades was $6.05 billion on volume of 942 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 ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 59 points higher.
Wall Street
America's major indexes have put in a mixed trading performance this week: The Dow Jones Industrial Average has added 1.1 per cent. The S&P 500 Index has added 0.7 per cent. The NASDAQ has lost 0.01 per cent. The 100 Index has lost 0.12 per cent.
Company news
Shares in Ten Network Holdings Limited
(ASX:TEN) spiked to the session’s best performer and extended yesterday’s gains on the back of takeover speculation. The commercial TV operator yesterday appointed Citi to assist in assessing a potential strategic options for the company. Reports have named Australia’s Foxtel and US giant Discovery Communications as potential bidders. Shares in Ten Network Holdings spiked 17.39 per cent to end the week at $0.27.
ANZ Banking Group
(ASX:ANZ) has left its variable interest rates for home loans unchanged at 5.88 per cent per annum. The decision comes in the same week the Reserve Bank of Australia kept the key cash rate on hold at a record low of 2.5 per cent Shares in ANZ Banking Group traded ex-dividend today and closed 2.14 per cent lower at $32.88.
Shares in Crown Resorts Limited
(ASX:CWN) closed 1.58 per cent higher after its 34 per cent owned Melco Crown Entertainment Limited’s (NASDAQ: MPEL) quarterly earnings fell less than expected.
Shares in Liquefied Natural Gas Limited
(ASX:LNG) closed 4.05 per cent stronger after the LNG developer filed an application with Canada’s National Energy Board for an export licence of up to 12 million tonnes of LNG per year.
Best and worst performers
All sectors gained ground today: The best performing sector was materials, jumping 1.8 per cent to close at 9,336. The sector with the smallest gains was financials excluding REIT’s, adding 0.1 per cent to close at 7,376 points.
The best performing stock in the S&P/ASX 200 was Ten Network Holdings Limited
(ASX:TEN), rising 17.39 per cent to close at $0.27. Shares in Beadell Resources Limited
(ASX:BDR) and Paladin Energy Limited
(ASX:PDN) also closed higher.
The worst performing stock was Resolute Mining Limited
(ASX:RSG), dropping 13.46 per cent to close at $0.23. Shares in UGL Limited
(ASX:UGL) and Lynas Corporation Limited
(ASX:LYC) also closed lower.
Commodities
The price of gold is trading at $US1,135 an ounce, down $59.93 over the week.
Light crude is $0.77 lower at $US77.91 a barrel.
Currencies
The Australian dollar is buying $US0.8552, down $0.024 over the week.
