Market Wrap: ASX rises 0.4%

Market Reports

The Australian share market has ended the day 0.4 per cent higher, investors remain cautious ahead of the weekend elections in Greece.

The figures
 
Today, the S&P/ASX 200 index gained 15 points finishing the shortened trading week 6 points weaker at 4,057. On the futures market, the SPI is currently 9 points higher.
 
Looking at Wall Street, over its four trading days this week: The Dow Jones Industrial Average rose 191 points. The S&P 500 Index gained 14 points, the Nasdaq added 5 points, and the 100 Index also rose 5 points. 
 
Company news

Echo Entertainment Group Limited (ASX:EGP) is looking to raise $454 million at $3.30 a share, well below the group’s last closing price. The casinos operator also says it expect earnings of between $270 million and $315 million for the year to June 30, down from $347 million the year before. Echo Entertainment shares last traded at $4.49. 
 
Coalworks Limited (ASX:CWK) has recommended its shareholders back Whitehaven Coal Limited’s (ASX:WHC) offer. Whitehaven has agreed to distribute Coalworks’ 33 per cent stake in Orpheus Energy Limited (ASX:OEG) to shareholders, adding another 2.5 cents to the $1 a share offer price. The offer is now free from conditions. Coalworks shares gained 2.03 per cent, closing at $1.01.  
 
Computershare Limited (ASX:CPU) agrees to sell Flag Communication to interests associated with its chairman Chris Morris for £400,000.
 
And Data#3 Limited (ASX:DTL) says it expects pre-tax profit to be in the range of $18.5 to $19.5 million for the financial year, below the result of just under $22 million the year before.
 
Best and worst performers
 
The best performing sector was Utilities adding 60 points to close at 4,987. The worst performing sector was Health Care, losing 51 points to close at 9,095. 
 
The best performing stock in the S&P/ASX 200 was SP AusNet (ASX:SPN), rising 9.13 per cent to close at $1.14. Shares in BlueScope Steel Limited (ASX:BSL) and OneSteel Limited (ASX:OST) also closed higher.
 
The worst performing stock was Dart Energy Limited (ASX:STE), dropping 5.41 per cent to close at $0.18. Shares in FKP Property Group (ASX:FKP), and Mesoblast Limited (ASX:MSB) also closed lower. 
 
Commodities

Gold is trading at $US1,626 an ounce and is $33.25 higher on the week. Light crude is $0.64 up at $US84.55 a barrel.

The Australian dollar

The Australian dollar is marginally above parity and is one cent higher over the week.