The Australian share market has ended the day 0.4 per cent stronger, with four weekly gains in a row, that’s the biggest winning streak in almost a year.
Today, the S&P/ASX200 Index gained 17 points to finish at 4,288. For the week, the index gained 6 points. On the futures market, the SPI is now down 2 points.
Wall Street
The Dow Jones Industrial Average gained 111 points this week. The S&P 500 Index gained 4 points, the Nasdaq rose 28, and the 100 Index gained 13 points.
Company news
Woodside Petroleum Ltd (ASX:WPL) has denied media reports it is looking to sell most of its 50 per cent stake in the Browse liquefied natural gas project in Western Australia. In a statement to the market, Woodside says it is conducting a limited process to assess the potential sale of a minority portion of the company’s equity in the development, given significant interest from a number of parties. Meanwhile, Woodside has stopped production at more of its oil fields off the WA coast due to the threat of tropical cyclone Iggy. Woodside shares advanced 1.5 per cent, closing at $34.48.
ResMed Inc (ASX:RMD) shares have soared despite the sleep disorder company reporting a fall in profit for the first half of the financial year. ResMed reported a net profit for the first half of $110 million, a 2 per cent drop when compared to the prior corresponding period. Revenue lifted 10 per cent. ResMed shares gained 7.48 per cent today, closing at $2.73.
National Australia Bank Ltd (ASX:NAB) has released a statement saying it will make a “special contribution” of £130 million to the Clydesdale Bank pension scheme. The funds will reduce the Glasgow-based subsidiary’s pension deficit liability.
And, Qantas Airways Limited (ASX:QAN) and Malaysia Airlines are said to be considering a joint venture for a premium airline based in KL according to media reports.
Sectors and stocks
The best performing sector was Materials gaining 152 points to close at 11,668. The worst performing sector was Telco Services, retreating 7 points to close at 1,133 points.
The best performing stock in the S&PASX 200, was Kingsgate Consolidated, shares rising 8.61 per cent to close at $7.32. Shares in Ramelius Resources and Regis Resources also finished higher.
The worst performing stock was OneSteel, falling 6.59 per cent to close at $0.78. Shares in BlueScope Steel and White Energy Company also closed lower.
Commodities
Gold is trading at $US1,718 an ounce and gained $51 over the trading week. Light crude is $0.19 higher at $US99.89 a barrel.
The Australian dollar is buying $US1.0616 cents and has gained $0.0131 over its trading days this week.