Australian Stock Market Report - Closing
The local share market managed to notch up a win for the final session of the trading week, on the back of a positive offshore lead. The All Ordinaries Index (XAO) gained 23.2pts or 0.5pct to 4719.6 while the S&P/ASX 200 Index (XJO) added 25.3pts or 0.6pct to 4648.2.
Financial stocks were generally stronger, with the exception of the NAB (NAB) which fell 0.1pct to $24.48. Shares in Westpac (WBC) climbed higher by 0.5pct to $22.43 while the Commonwealth Bank (CBA) was up 1.1pct to $50.50 and the ANZ (ANZ) is up 0.6pct to $23.41. Shares in Macquarie Group (MQG) are firmer by 1.5pct to $33.59.
Mining stocks also gained, despite negative momentum on the London Metals Exchange overnight. Shares in BHP Billiton (BHP) added 0.9pct to $41.60 while Rio Tinto (RIO) was up 0.4pct to $82.05. Fortescue Metals Group (FMG) advanced by 3.6pct to $6.39. Gold miner Newcrest Mining (NCM) added 0.1pct to $40 as a broker note indicated the stock still had value despite weaker than expected first quarter production numbers.
In the energy sector, shares in Woodside Petroleum (WPL) eased by 1.5pct to $43.50 while Santos (STO) gained 2pct to $12.50. Oilsearch (OSH) firmed by 2.2pct to $6.39.
Retail stocks were sold off, with David Jones (DJS) closing down 0.6pct to $4.72 and Harvey Norman (HVN) weaker by 0.9pct to $3.36. Shares in Myer (MYR) fell 1.6pct to $3.74.
Telstra (TLS) was down 0.4pct to $2.63.
There was more interest in the Ten Network (TEN), its share price rising 1pct to $1.585.
Virgin Blue Australia (VBA) closed steady at $0.45 after reporting a rise of 6.3pct in passenger numbers over the year to September. Qantas (QAN) shares closed steady at $2.82.
Shares in the ASX (ASX) closed at $34.96, up 2.5pct and were put in a trading halt on close on reports it's in merger talks with the Singapore Exchange.
In economic data, prices of export goods rose by a record 7.8pct in the September quarter, courtesy of higher coal and iron ore prices. Export prices are 27.7pct higher than a year ago. Prices of imported goods rose by 0.7pct in the September quarter, but driven largely by higher steel, iron and chemical prices. Import prices are still 1.5pct lower than a year ago. The data on import and export prices suggest that the broader terms of trade may have risen by around 7pct in the September quarter. The index of imported electrical appliances fell by 3.6pct in the quarter to stand at 59.6, the lowest reading in records going back almost 20 years.
The Australian dollar closed at US98.55c, £0.6258 and €70.55c.
On the market overall, a total of 2.7 billion shares were traded, worth $4.98 billion. 604 were up, 521 were down and 373 were unchanged.
At 4.30pm AEDT on the Sydney Futures Exchange, the Share Price Index (SPI) was at 4649, up 19pts.
No economic data is released in the US tonight. The G20 finance meeting takes place over the next three days.