News: Market Wrap: ASX extends the week’s gains

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The Australian share market maintained its strong momentum this week and reversed last week’s poor start to August. The local bourse closed more than 1.3 per cent up with strong results announced today from Slater & Gordon and Domino’s Pizza Enterprises.

 

The S&P/ASX 200 index closed 73 points up to finish at 5,530.

 

The value of trades was $4.5 billion on volume of 638 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), BHP Billiton Limited (ASX:BHP) and Rio Tinto Limited (ASX:RIO)

 

On the futures market the SPI is 78 points up.

 

Economic news

National Australia Bank Limited (ASX:NAB) released its Business survey for July it showed a positive read on confidence with business conditions also showing gains. Construction was a standout as conditions as a whole hit a four year high. 

 

Company news

 

Slater & Gordon Limited (ASX:SGH) has reported a 47 per cent jump in net profit for the 2014 financial year. The law firm generated a net profit of $61.1 million as revenue rose 40.4 per cent to $418.5 million. Slater & Gordon closed 6.29 per cent up at $5.24 

 

Takeover target Wotif.com Holdings Limited (ASX:WTF) has reported a 15.4 per cent profit fall for the 2014 financial year. The online travel booking company generated a net profit in line with guidance at $43.2 million, but down from $51 million the year before. Shares in Wotif closed 0.3 per cent up at $3.30 

 

Domino's Pizza Enterprises Limited (ASX:DMP) has cooked up a 48 per cent net profit rise for the full 2014 financial year on the back of store growth and digital innovation. 

 

Telstra Corporation Limited’s (ASX:TLS) has bought a Silicon Valley-based video platform company Ooyala. 

 

Shares in Gindalbie Metals Limited (ASX:GBG) slumped after the iron ore miner revealed a $640 million write-down of its interest in the Karara project.

 

Graincorp Limited (ASX:GNC) has appointed a new chief executive and managing director. Mark Palmquist will take the reins from the first of October. 

 

Best and worst performers

All major sectors are up today The best performing sector was industrials adding 1.8 per cent to close at 4,151. The sector with the least gains was consumer staples, gaining 0.6 per cent to close at 9,991 points.

 

The best performing stock in the S&P/ASX 200 was Domino's Pizza Enterprises Limited (ASX:DMP), rising 13.49 per cent to close at $23.39. Shares in Bradken Limited (ASX:BKN) and Lynas Corporation Limited (ASX:LYC) also closed higher.

 

The worst performing stock was Pacific Brands Limited (ASX:PBG), dropping 2.7 per cent to close at $0.54. Shares in Tabcorp Holdings Limited (ASX:TAH) and JB Hi-Fi Limited (ASX:JBH) also closed lower. 

 

IPO 

SpeedCast International Limited (ASX:SDA) started trading today. The satellite service provider floated with an issue price of $1.96, opened at $1.95 and closed at $2.10

 

Commodities

Gold is trading at $US1,308 an ounce.
Light crude is $0.43 up at $US98.08 a barrel.
The Australian dollar is buying $US0.9254