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Despite a couple of deep spikes into the red today the local market pared early losses to finish 0.2 per cent down and energy stocks came off sustained lows to finish the day as its best performer.

 

Over the week the local market also finished lower with both the oil price and the Aussie dollar both losing significant value.

 

Next week focus will turn to the Federal Government’s Mid Year Economic and Fiscal Outlook which is slated for release on Monday. Deficit woes continue to plague the government and there are hopes the report will lay out some clear policy direction.

 

Today, the S&P/ASX 200 index closed 11 points down to finish at 5,220.

Over the week the index lost 116 points.

 

The value of tradeswas $4.2 billion on volume of 738 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA)and ANZ Banking Group (ASX:ANZ).

 

On the futures market the SPI is 22 points down.

 

Wall Street 

US major indexes have dropped over the four trading days this week: The Dow Jones Industrial Average has lost 1.5 per cent. The S&P 500 Index has lost 1.2 per cent. The NASDAQ has lost 0.7 per cent. The 100 Index has lost 0.8 per cent. 

 

Company news

 

Shares in Leighton Holdings Limited (ASX:LEI) have dipped as the company inks a $1.15 billion deal to divest its John Holland arm. The construction and engineering company’s contracting division has been snapped up by China Communications Construction Company. Shares in Leighton closed 0.65 per cent downat $21.56

 

BHP Billiton Limited (ASX:BHP) has shipped its one billionth tonne of iron ore to China. The company says it took almost three decades to ship 100 million tonnes of iron ore to China and then only 12 more years to reach the one billion tonne milestone. Shares in BHP closed 1.86 per cent down at $28.46

 

iCar Asia Limited (ASX:ICQ) has tied up the $16.7 million acquisition of One2car.com Co. Ltd.

 

NEXTDC Limited (ASX:NXT)has inked a deal for the provision of data centre services to a major international customer.

 

Best and worst performers of the day

The best performing sector was energy adding 1.6 per cent to close at 10,523. The worst performing sector was materials, losing 1.4 per cent to close at 8,301 points.

 

The best performing stockin the S&P/ASX 200 was Senex Energy Limited (ASX:SXY), rising 8.51 per cent to close at $0.26. Shares in Sandfire Resources NL(ASX:SFR) and Whitehaven Coal Limited (ASX:WHC) also closed higher.

 

The worst performing stock was BC Iron Limited (ASX:BCI), dropping 8.75 per cent to close at $0.36. Shares in Drillsearch Energy Limited (ASX:DLS) and Lynas Corporation Limited (ASX:LYC) also closed lower. 

 

Commodities

The price of gold is trading at $US1,220 an ounce, and is up $US19.26 over the week.
Light crude is $0.97 lower at $US60.19 a barrel.
The Australian dollar is buying $US0.8277 and is $0.01 down over the week.