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News: Market Wrap: ASX ends rocky week out of the red

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    Following a rocky week of losses the Australian share market clawed out of the red to end the session 0.4 per cent higher. Despite losing 2 per cent over the week the benchmark was bolstered today by gains among mining and energy stocks. 
     
    On the economic front official data showed producer prices rose in the March quarter for an annual rate of 0.7 per cent. CoreLogic-RP Data reported house prices continued to rise in all capital cities except for Canberra, with gains led by Sydney. Offshore, China’s official manufacturing index defined expectations for a fall last month and stayed steady. 
       
    In the week ahead all eyes will be on the Reserve Bank of Australia (RBA) with expectations another rate cut could be on the cards on Tuesday. 
     
    Figures
     
    The S&P/ASX 200 index rose 24 points today, trimming the weekly loss of 119 points to finish at 5,814. 
     
    The value of trades was $4.6 billion on volume of 674 million shares at the close of trade. 
     
    The top three stocks by value were Westpac Banking Corporation (ASX:WBC), BHP Billiton Limited (ASX:BHP) and ANZ Banking Group (ASX:ANZ). 
     
    On the futures market the SPI is 44 points higher.
     
    Wall Street
     
    America’s major indices have sunk steeply over the four trading days this week: The Dow Jones Industrial Average has fallen 1.3 per cent. The S&P 500 Index has dropped 1.5 per cent. The NASDAQ has plunged 3 per cent. The 100 Index has declined 2.8 per cent. 
     
    Company news
     
    Troubled iron ore miner Atlas Iron Limited (ASX:AGO) has provided an upbeat outlook as it continues to remain in talks with its creditors and key contractors to keep its business running. The company will keep two of its mines in the Pilbara region of Western Australia in operation and says a lift in the iron ore price and cost cutting will support cash flows. Shares in Atlas Iron last traded at $0.12 prior to entering into a trading halt last month. 
     
    Shares in Macmahon Holdings Limited (ASX:MAH) gained after it reached a settlement with Cobar Management Pty Ltd. The mining contractor won $19 million from the settlement which it plans to put towards repaying debt and boosting its financial restructuring program. Shares in Macmahon Holdings gained 16.28 per cent to close at $0.05. 
     
    National Australia Bank Limited (ASX:NAB) has accelerated the sell-down of its US agribusiness bank subsidiary, Great Western Bancorp (NYSE:GWB), which could reap gross proceeds of $US430 million. 
     
    Westpac Banking Corporation (ASX:WBC) has announced past AMP Limited (ASX:AMP) chief Craig Dunn will join its board as an independent non-executive director from the beginning of June. 
     
    Best and worst performers
     
    The best performing sector was materials, adding 1.5 per cent to close at 9,476. 
    The worst performing sector was consumer staples, losing 0.7 per cent to close at 9,250 points.
     
    The best performing stock in the S&P/ASX 200 was Liquefied Natural Gas Limited (ASX:LNG), rising 7.46 per cent to close at $4.90. Shares in ALS Limited (ASX:ALQ) and Sundance Energy Australia Limited (ASX:SEA) also closed higher.
     
    The worst performing stock was Cover-More Group Limited (ASX:CVO), dropping 3.18 per cent to close at $2.13. Shares in Northern Star Resources Limited (ASX:NST) and Corporate Travel Management Limited (ASX:CTD) also closed lower. 
     
    Commodities
     
    The price of gold is buying $US1,182 an ounce, down $10.04 over the week. 
    Light crude is $1.05 lower at $US59.63 a barrel. 
     
    Currencies
     
    The Australian dollar is buying $0.7898, up $0.0125 over the week. 
 
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Last
22.5¢
Change
0.005(2.27%)
Mkt cap ! $484.8M
Open High Low Value Volume
22.5¢ 23.5¢ 21.8¢ $1.129M 4.976M

Buyers (Bids)

No. Vol. Price($)
2 108900 22.0¢
 

Sellers (Offers)

Price($) Vol. No.
23.0¢ 540858 4
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Last trade - 15.59pm 28/03/2024 (20 minute delay) ?
Last
22.5¢
  Change
0.005 ( 1.12 %)
Open High Low Volume
22.5¢ 23.5¢ 21.5¢ 3224650
Last updated 15.45pm 28/03/2024 ?
MAH (ASX) Chart
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