MARKET NEWS

Australian market set to open lower
05/08/2015 6:57 AM

The Australian market looks set to open lower after falls on Wall Street following a mixed batch of earnings reports and another big decline by technology giant Apple.

At 0645 AEST on Wednesday, the September share price index futures contract was down 16 points at 5,623.

Apple fell 3.2 per cent, leaving it down more than 12 per cent since its July 21 earnings release with analysts citing fears of slowing growth.

In local economic news on Wednesday, the Australian Industry Group Australian Performance of Services Index (PSI) is due out and the ANZ has its monthly interest rate review.

The CAPA Corporate Travel & Airport Innovation Summit continues in Sydney while the Financial Services Council holds its annual conference in Brisbane.

In equities news, Skilled Group is expected to post full year results.

In Australia, the market on Tuesday closed higher as biotechnology giant CSL broke through the $100 milestone and retailers surged on good sales numbers.

The benchmark S&P/ASX200 index rose 18.6 points, or 0.33 per cent, to 5,697.9 points.

The broader All Ordinaries index was up 17.6 points, or 0.31 per cent, at 5,681.9 points.

Market lifted by CSL and retailers
04/08/2015 4:57 PM

The share market closed higher as biotechnology giant CSL broke a milestone and retailers surged on good sales numbers.

CSL's two per cent rise took its shares past the $100 benchmark for the second time in its history, and helped push the market into positive territory, Joseph Palmer & Sons private client services manager Allan Furlong said.

"The market shrugged off losses in overseas markets in a rally led by the usual suspects," he said.

CSL gained $1.94 to $100.77, while Commonwealth Bank gained 66 cents to $88.03 and Telstra added six cents to $6.50.

Harvey Norman, Woolworths and Coles owner Wesfarmers also drove the market higher after better than expected retail trade figures for June.

Mr Furlong said the RBA's decision to leave the cash rate at a record low of two per cent had little impact on the market.

"More in the back of people's minds is what the US Federal Reserve has been flagging in terms of interest rates going up there, while the local reporting season will definitely be the focus now for next month," he said.

Harvey Norman added 27 cents to $4.72, Woolworths gained 12 cents to $28.72 and Wesfarmers was 66 cents higher at $43.07.

The big miners all fell, with BHP Billiton down 28 cents at $25.90, Rio Tinto down 18 cents at $52.02 and Fortescue Metals 8.5 cents weaker at $1.775.

Insurance giant Suncorp lifted 22 cents to $14.55 after reporting a 55 per cent rise in annual profit and announcing a special dividend.

KEY FACTS:

* At the close on Tuesday, the benchmark S&P/ASX200 index was up 18.6 points, or 0.33 per cent, at 5,697.9 points.

* The broader All Ordinaries index was up 17.6 points, or 0.31 per cent, at 5,681.9 points.

* The September share price index futures contract was up 26 points at 5,639 points, with 30,332 contracts traded.

* National turnover was 2.09 billion securities worth $5.8 billion.

Aust shares close higher
04/08/2015 4:16 PM

The Australian share market has closed higher despite being pulled back by the big miners and a mixed performance by the banks.

At the close on Tuesday, the benchmark S&P/ASX200 index was 18.6 points, or 0.33 per cent, higher at 5,697.9, while the broader All Ordinaries index was up 17.6 points, or 0.31 per cent, at 5,681.9.

On the ASX 24, the September share price index futures contract was 28 points higher at 5,641, with 29,263 contracts traded.