A flat start to a short trading week today on the ASX today, despite a solid session in the US and Europe on Friday
Eurozone shares gained 0.5% on Friday and the US S&P 500 rose 0.7% helped by solid US earnings results (for JPMorgan), a $US33 billion bid for independent shale oil group, Anadarko by Chevron and good economic news out of China.
Chinese exports rose 14.2% in March, but imports fell more than 7% (and more than forecast), bank lending rose sharply, but car sales fell for the 6th month in a row.
Despite this mostly positive global lead ASX 200 futures were flat after the Australian share market saw a strong gain on Friday, so no guide to the start of trading this morning.
Shares in casino rival, Star Entertainment shares also rose on speculation bids could emerge for it – the shares added 5.7% to $4.43.
Energy stocks were solid – despite Thursday’s price slide.
Woodside Petroleum climbed 4.9% to $35.76 this week, Santos rose 5.4% to $7.03 and Beach Energy advanced 4.5% to $2.11.
BHP Group shares rose 0.9% to $39.58, Rio shares were up 0.6% at $100.50 and Fortescue shares jumped 3.7% to $8.07 as global iron ore prices bounded by 3.8% over the week.
All three miners reveal their March quarter production and sales reports this week and will provide updates on yearly guidance in the wake of the impact of Cyclone Veronica on exports, and several other hitches.
Bank of Queensland shares ended lower after the company revealed weak figures and trimmed its dividend by 4 cents a share. BoQ’s shares fell 7.7% to $8.76.
Bendigo & Adelaide Bank shares also slid, down 2.7% to $9.63 this week after selling its advice business for $3 million.
The four major banks were mixed. Westpac shares fell 0.5%to $25.92. ANZ rose 0.3% to $26.02, Commonwealth Bank closed the week 1% higher at $71.63 and NAB shares declined 0.5% to $24.69.
