Market Wrap: ASX snaps losses & scales higher

Market Reports

The Australian share market has snapped four days of losses and ended the week on a high after new records on Wall Street boosted the local bourse from the open. The miners and energy stocks maintained strength throughout the session while the gold sector continued to extend this week’s decline. Commodity prices ended the week mixed and the Australian dollar slipped on the back of US taper talk and speculation the Reserve Bank of Australia (RBA) could intervene in the foreign exchange market. 
 
Figures
 
The S&P/ASX 200 index gained 48 points today, trimming the weekly fall of 66 points to end at 5,336.
 
The value of trades was $3.8 billion on volume of 683 million shares at the close of trade. 
 
The top three stocks by value were Westpac Banking Corporation Limited (ASX:WBC), National Australia Bank Limited (ASX:NAB) and BHP Billiton Limited (ASX:BHP)
 
On the futures market the SPI is 42 points higher. 
 
Wall Street
 
US stocks have put in a mixed performance over the trading week so far: The Dow Jones Industrial Average yesterday closed above the 16,000-mark for the first time and over the week has added 134 points, the S&P 500 Index has added 5 points, the Nasdaq has lost 4 points and the 100 Index has lost 12 points. 
 
Annual General Meetings
 
Department store retailer David Jones Limited (ASX:DJS) has been hit with its first strike against its remuneration report. Chairman Peter Mason promised to review the company’s policies after 39.5 per cent of shareholder votes were cast against the report. Mr Mason also apologised to shareholders amid concerns raised about two board members who bought DJs shares just days before the company announced its first sales growth in nine months. Shares in David Jones rose 2.07 per cent today, ending the week at $2.96.
 
Breads and spreads manufacturer Goodman Fielder Limited (ASX:GFF) has warned rising milk prices will trim as much as $10 million from its annual earnings. Speaking at the company’s AGM Managing Director Chris Delaney told shareholders this cost is very unlikely to be recovered and so full year earnings will be weighted significantly to the second half. Shares in Goodman Fielder fell 4.08 per cent today, ending the week at $0.70. 
 
Jetset Travelworld Limited (ASX:JET) will renamed Helloworld from next month as part of its ongoing overhaul to launch a new identity for the travel agent. Chairman Tom Dery told shareholders the company’s trading results over the past months have been in-line with expectations and it is on track to reach annual guidance. Shares in Jetset Travelworld rose 1.18 per cent today, ending the week at $0.43. 
 
Gindalbie Metals Limited (ASX:GBG) Gindalbie Metals chairman Keith Jones told disgruntled shareholders today the board understands and shares their disappointment. Mr Jones also affirmed the magnetite producer’s confidence in its flagship $3 billion Karara project in Western Australia just one day after the company warned to expect more delays. Shares in Gindalbie Metals ending the week flat at $0.12. 
 
Best and worst performers 
 
The best performing sector was energy, rising 178 points to close at 13,522.
The sector with the fewest gains was real estate investment trusts, adding 14 points to close at 1,022 points.
 
The best performing stock in the S&PASX 200 was Ten Network Holdings Limited (ASX:TEN), lifting 9.26 per cent to close at $0.29. Shares in CuDeco Limited (ASX:CDU) and Horizon Oil Limited (ASX:HZN) also closed higher.
 
The worst performing stock was Evolution (ASX:EVN), dropping 4.48 per cent to close at $0.64. Shares in Sundance Resources Limited (ASX:SDL) and Goodman Fielder Limited (ASX:GFF) also closed lower. 
 
Commodities 
 
The price of gold has slumped $45.19 over the week, buying $US1,244 an ounce.
 
Light crude is $0.01 higher at $US93.34 a barrel. 
 
The Australian dollar
 
The Australian dollar has hit a two and a half month low of $US0.918, down $0.0162 over the week.