The Australian share market has certainly finished the week on a high note, after the most turbulent few trading days since Brexit. The local bourse opened in positive territory, but tapered off mid way through the session, before charging higher in the last hour of trading closing up 0.8 per cent. The star performers this session were the big four banks, with NAB leading the charge closing around 3.7 per cent higher. Consumer staples along with utilities seemed to fare the worst today with the likes of Bellamy’s and Dominos Pizza shedding around 3.5 per cent.
Today, the S&P/ASX 200 index closed 42 points up to finish at 5,371. Over the week the index gained 190 points.
The value of trades was $8.3 billion on volume of 1.08 billion shares at the close of trade. The top three stocks by value were Westpac Banking Corporation (ASX:WBC), Commonwealth Bank of Australia (ASX:CBA) and National Australia Bank Limited (ASX:NAB).
On the futures market the SPI is 26 points up.
Looking at Wall Street, US major indexes have risen over the four trading days this week: The Dow Jones Industrial Average has added 4.9 per cent. The S&P 500 Index has gained 3.8 per cent. The NASDAQ has added 3.1 per cent. The 100 Index has added 1.8 per cent.
The Charter Hall Retail REIT (ASX:CQR) says its well placed to deliver on its stated strategies in FY17. Operating earnings barring any unforseen events are expected to come in at 30.4cpu. The REIT also stated that the distribution payout range is expected to be between 90 and 95 per cent of operating earnings. Shares in Charter Hall Retail REIT closed 1.45 per cent up at $4.20.
Independence Group NL (ASX:IGO) has announced it now has obtained a 90 percent interest in Winward Resources Limited (ASX:WIN).
ResApp Health Limited (ASX:RAP) has announced it has received institutional review board approval at the Massachusetts General Hospital for its SMARTCOUGH-C study.
Best and worst performers
The best performing sector was Financials excluding REITs adding 2.9 per cent to close at 6,804. The worst performing sector was Utilities, losing 3.05 per cent to close at 6,792 points.
The best performing stock in the S&P/ASX 200 was Galaxy Resources, rising 12.5 per cent to close at $0.36. Shares in Santos and BT Investment Management also closed higher.
The worst performing stock was Resolute Mining, dropping 11.71 per cent to close at $1.40. Shares in Northern Star Resources and Regis Resources also closed lower.
Commodities and the dollar
The price of gold is trading at $US1,261 an ounce, and is down $41.98 over the week.
Light crude is $0.56 lower at $US45.50 a barrel.
The Australian dollar is buying $0.7615 and is down 0.6 of a cent over the week.