The Australian market defied falls on Wall Street to end the day and the week in positive territory, helped by stronger energy and bank stocks.
Here’s the scoreboard:
- S&P ASX 200: 5,898.60 +37.85 (+0.65%)
- All Ordinaries: 5,869.70 +36.78 (+0.63%)
- AUD/USD: 0.7592 -0.0006 (-0.07%)
In the US, the S&P 500 index closed down 0.6%.
On the local market, eight out of ten sectors closed higher. Among energy stocks, Woodside Petroleum was up 0.8% to $34.15, Origin Energy 1.13% to $11.30 and Oil Search 1.2% to $7.10.
The banks were all stronger, led by the Commonwealth, up 1.16% to $94.40. Macquarie Group was up 1.19% to $78.52.
For the four session week, the local market gained 0.65%.
The top stories Thursday:
1. The Australian dollars crashes in Asia, closing in on six year lows.
2. Engineering group Bradken’s shares jumped 20% on speculation of a takeover before going into a trading halt. The company later confirmed it had received a $2.50 a share bid from Koch Industries and Pacific Equity Partners. Braken closed 18% higher at $2.29.
3. The small Australian telecoms group My Net Fone Limited has bought the global wholesale voice business of Spark, formerly Telecom New Zealand, for $NZ22.4 million. The company closed up 16% to $3.50.
4. Australia’s largest global insurer, QBE, which has been restructuring and fighting market headwinds, expects to lift its dividends this financial year as it remains on track to lift revenue. QBE closed up 4.9% to 13.42.