Australian Stock Market Report – Afternoon 1/31/14
By Juliette Saly, CommSec Market Analyst | January 31, 2014 4:58 PM EST
The Australian share market finished slightly higher today, but still lost ground over the week as investors around the globe remained concerned about emerging markets.
Daniel Munoz / Reuters
Office workers are reflected on a screen display as they walk past the Australian Securities Exchange in this file photo
The All Ordinaries Index (XAO) added 5.7 points to 5205 on Friday.
Over the course of the month, the market fell 2.8 per cent - the worst start to a calendar year since January 2010 when the market fell 6 per cent.
In company news, David Jones (DJS) was a standout, rising 4.2 per cent to $2.99 after the upmarket retailer confirmed it had rejected a merger approach from rival Myer Limited (MYR). MYR shares fell 1.6 percent today to $2.53. MYR told the ASX the merger would have maximised the value of DJS property assets and generated $85 million of costs savings.
In economic news, private sector credit (lending) rose by 0.5 per cent in December after a 0.3 per cent lift in November. Annual credit growth rose from 3.8 to 3.9 per cent. Housing credit is up 5.4 per cent on a year ago, the strongest annual growth in two years. Business and consumer credit recorded a healthy lift.
Bank term deposits fell by 0.6 per cent in the year to December, marking the first fall in over a decade (March 2003).
The broad measure of business inflation, the producer price index (PPI), or final stage prices, rose by a subdued 0.2 per cent in the December quarter to stand 1.9 per cent higher than a year ago
On the market overall, a total of 2.2 billion shares changed hands, worth $5.5 billion. 494 closed higher, 410 lower and 390 were unchanged.
At 4.30pm AEDT the SFE 200 Futures Index was at 5143, up 5 points.
Ahead tonight, consumer sentiment, personal spending, employment costs and the Chicago purchasing managers index are due for release in the US.
[Kick off your trading day with our newsletter]
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Join the Conversation
- Walmart Pre-Black Friday 2014 Sale On Nov. 21, 2014 Includes Discounts On The 'NBA 2K15' For PS4 And The 'Skylanders Trap Team’ Starter Kit [WATCH VIDEO]
- More Bad News for Android 5.0 Lollipop As Problems Come In for Nexus and Other Devices
- US To Supply Defensive Lethal Weapons To Kiev – A Vey Alarming Signal, Says Russia
- Amazon Black Friday 2014 Deals Start On Nov. 21, 2014 Including Limited-Time Lightning Deals And Deals Of The Day On Clothes, Toys, Jewelry, Watches, Bags, Accessories And Electronics
- Travel Alert: New Delta Air Lines Airbuses Could Be Seen In Australia Soon
- Walmart Canada Feeling The Heat As Grocery War Intensifies
- Travel Alert: Frequent Flyer Tie-Up Between Virgin Australia, South African Airways Enhanced