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Despite a poor run on Wall Street the local market managed to trade in positive territory and closed 0.7 per cent up befor the Easter holiday.

 

The miners weighed on the market today as falling commodities prices continued to bite while energy stocks and the banks continued their strength. The likelihood of the RBA further cutting interest rates next week has also boosted high yielding equities as investors seek out returns.

 

Today, the S&P/ASX 200 index closed 38 points up to finish at 5,899.

Over the week the index lost 21 points.

 

The value of tradeswas $4.7 billion on volume of 694 million shares at the close of trade. The top three stocks by value were Caltex Australia Limited (ASX:CTX), BHP Billiton Limited (ASX:BHP)and Commonwealth Bank of Australia (ASX:CBA).

 

On the futures market the SPI is 48 points up.

 

Looking at Wall Street, US major indexes have fallen over the three trading days this week: The Dow Jones Industrial Average has lost 0.08 per cent. The S&P 500 Index has lost 0.06 per cent. The NASDAQ is down 0.2 per cent. The 100 Index has lost 0.5 per cent. 

 

Company news

 

Austal Limited (ASX:ASB) says the US Navy has ordered and agreed to fund a further two Littoral Combat ships. These will be the 9th and 10th ships built under a 10 vessel contract with the US Navy adding US$691 million to the Austal order book. Shares in Austal closed 2.54 per cent up at $1.81 

 

Spark New Zealand Limited (ASX:SPK) says it will sell its international voice business to My Net Fone for around $22 million dollars. The voice business has revenue forecasts of around $3-$4 million per annum. Spark will retain the international data business. Shares in Spark closed 0.33 per cent upat $3.01

 

8I Holdings Limited (ASX:8IH) says it has agreed to purchase 49.9 per cent of Velocity Holdings for $2.3 million.

 

IPH Limited (ASX:IPH) today announced that is has agreed to buy Practice Insight Pty Ltd andWiseTime Pty Ltd for $8 million.

 

Best and worst performers

The best performing sector was consumer discretionary adding 1.1 per cent to close at 1,986. The worst performing sector was consumer staples, losing 0.3 per cent to close at 9,249 points.

 

The best performing stockin the S&P/ASX 200 was Bradken Limited (ASX:BKN), rising 18.04 per cent to close at $2.29. Shares in Northern Star Resources Limited (ASX:NST) and Liquefied Natural Gas Limited (ASX:LNG) also closed higher.

 

The worst performing stock was Arrium Limited (ASX:ARI), dropping 6.25 per cent to close at $0.15. Shares in Fortescue Metals Group Limited (ASX:FMG) and Greencross Limited (ASX:GXL) also closed lower. 

 

Commodities

The price of gold is trading at $US1,204 an ounce, and is up $0.82 over the week.
Light crude is $2.49 higher at $US50.09 a barrel.

The Australian dollar is buying $US0.7590 and is $0.02 down over the week.