Australian Stock Market Report – Afternoon 7/5/13

AFTERNOON REPORT

(5pm AEST)

The Australian share market managed to finish a volatile week on a high, with the All Ordinaries Index (XAO) adding 1.1pct over the course of the week.

Two positive sessions towards the end of the week saw the market manage to stave off the losses we witnessed during Monday and Wednesday's trade. On Tuesday, the market had its best session since late 2011.

Today, nearly every sector closed higher, with particular strength coming through from financial and telco players.

Shares in James Packer's company Crown Limited (CWN) came back online, a day after the NSW Government gave Crown the go ahead to continue with its plans to build Sydney's second casino. CWN shares added 3.2 per cent to $12.60, while rival Echo Entertainment Group (EGP), which missed out on the bid, eased by 5.2 per cent to $2.76.

Elsewhere today, shares in Billabong (BBG) rose 15.6 per cent to 26c. That's the fourth session in a row BBG has recorded double digit gains following news distressed debt investors Oaktree Capital Management and Centerbridge Partners have bought at least $280 million of senior loans from BBG's lending syndicate. Over the week BBG shares are up 73 per cent, yet are down almost 69 per cent on the calendar year.

Ahead tonight, all eyes with be on the US non-farm payrolls numbers. A strong number could spur further talk that the central bank will start winding back its QE3 program sooner rather than later.

On the market overall, a total of 1.6 billion shares changed hands, worth $3.4 billion. 588 were up, 318 were down and 313 were unchanged.

At 5pm AEST the SFE 200 Futures Index was at 4794, up 46pts.

The Aussie dollar was buying US91.42c, £0.6074 and €70.88c.

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