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Following last week’s steep losses the Australian share market ended a week of gains amid volatile trading on a high note. Today weaker commodity prices weighed on the mining sector while the Big Four Banks offered support to financials. In the week ahead attention will turn to the RBA’s latest meeting minutes on Tuesday and inflation figures on Wednesday. 

 

Figures

 

The S&P/ASX 200 index closed 17 points higher today, widening the weekly gain of 83 points to finish at 5,272. 

 

The value of trades was $4.38 billion on volume of 767 million shares at the close of trade.

 

 The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC) and ANZ Banking Group (ASX:ANZ). 

 

On the futures market the SPI is 25 points higher.

 

Wall Street

 

The Dow Jones Industrial Average has lost 1.3 per cent. The S&P 500 Index has lost 0.6 per cent. The NASDAQ has added 0.09 per cent. The 100 Index has lost 1.1 per cent. 

 

Company news

 

Biopharmaceutical company CSL Limited (ASX:CSL) has confirmed it is in talks to develop treatments for Ebola as the virus’ outbreak continues to spread. The confirmation comes amid reports CSL has been approached by the Bill and Melinda Gates Foundation to develop a plasma product to treat Ebola. A CSL company spokesperson has told FNN no decisions have been made as yet but discussions are continuing. Shares in CSL gained 0.92 per cent to finish the week at $74.65. 

 

Shares in Virax Holdings Limited (ASX:VHL) soared after the biotech outlined plans to acquire US company AKTivate Therapeutics. AKTivate Therapeutics is undertaking clinical trials in breast and ovarian cancers with the trials fully funded by the US government. Pending a shareholder vote Virax expects the acquisition to vault the company into a leading multi-product clinical stage biotech. Shares in Virax Holdings surged 40 per cent to finish the week at $0.01. 

 

Shares in Santos Limited (ASX:STO) rose 0.63 per cent after posting its highest quarterly production in seven years. The oil and gas producer increased its output to 14 million barrels of oil equivalent in the third quarter and also affirmed its annual production guidance of between 52 - 57 million barrels of oil equivalent 

 

Shares in Virgin Australia Holdings Limited (ASX:VAH) closed steady after telling the market its poised to snap up a remaining 40 per cent stake in Tigerair Australia for $1. The exact terms of the transaction have not been revealed but Virgin has vowed to bring the airline back to profitability by the end of 2016.

 

Best and worst performers 

 

Most sectors ended stronger: The best performing sector was industrials, adding 0.7 per cent to close at 3,932. The worst performing sector was telco services, losing 0.9 per cent to close at 1,890 points.

 

The best performing stock in the S&P/ASX 200 was Lynas Corporation Limited (ASX:LYC), rising 11.54 per cent to close at $0.09. Shares in Drillsearch Energy Limited (ASX:DLS) and Liquefied Natural Gas Limited (ASX:LNG) also closed higher.

 

The worst performing stock was BC Iron Limited (ASX:BCI), dropping 5.72 per cent to close at $1.40. Shares in Beadell Resources Limited (ASX:BDR) and Myer Holdings Limited (ASX:MYR) also closed lower. 

 

Commodities 

 

The price of gold is buying $US1,239 an ounce, up $17.23 over the week. 

Light crude is $0.92 higher at $US82.70 a barrel. 

 

Currencies

 

The Australian dollar is buying $US0.8749, slightly lower over the week.