Market report: ASX holds firm despite global gloom

The Australian stock market ended slightly up today as miners helped the bourse to resist to drag of poor performers such as Telstra, although it wasn’t enough to continue the run of five consecutive weekly gains.

Nevertheless the bourse outperformed key global markets, weighed down by renewed concerns about the US and European economies. The US Federal Reserve offered a bleak assessment of the world’s largest economy, citing data which pointed to a slow down in China. Asian markets were down today for the third day in a row.

Locally the benchmark S&P/ ASX 200 ended the week on 4450.5 points, down from last week’s close of 4566.1 points. The broader All Ordinaries index was also down for the week, closing at 4472.3 points.

The S&P/ASX Health Care Index was barely changed today, closing the week on 8134.4 points, down from last week’s close of 8305 points.

The three majors provided the biggest drag on the index today.

Blood products giant CSL fell just over one percent to close at $32.70 on heavy volumes of 3.03 million. ResMed fell nearly two percent to $62.09 while Cochlear lost 30 cents to close at $69.50. The ear implant specialist reported a strong net profit and record reveneus for FY09/10 on Tuesday, yet investors failed to be impressed. Analysts noted that the results were in line with expectations and that investors were looking for more detailed future guidance.

Elsewhere in the sector, troubled pharmaceutical products company Sigma Pharmaceuticals was the heaviest traded stock today with 9.24 million shares changing hands, to edge the price up 1.5 cents to $0.50. The company issued a statement to the maket yesterday denying media speculation that South African suitor Aspen Pharmacare Holdings has made an unconditional takeover offer of $0.65 per share.