Shares edge up as bear run fades

The sharemarket had a roller-coaster ride this week as the profit season swung into action.
The ASX 200 closed weaker for the second week in a row, down 12.3 points to 4871.5, after investors dumped shares mid-week on commodity price jitters.
The benchmark index rose 6.1 points on Friday while the All Ordinaries index edged up just 2.5 points to 4817.70, giving a loss for the week of 14.4 points.
"I think people hit the panic button a little," Nomura Australia equity markets strategist Eric Betts said, after gold, oil and metal prices plummeted on Tuesday night. In just one day's trading, gold shed 3.4 per cent and crude oil 3.1 per cent.
But the bear run was more "herd mentality" than anything more serious, Mr Betts said.
"A bit more sanity has prevailed in the last day or two.
"I think 5000 will probably happen in the next few weeks, but it's impossible to determine when."
The head of investment strategy at AMP, Shane Oliver, said commodity prices could go through a short period of correction, but "the longer-term outlook remains positive on the back of strong structural demand from China and other emerging markets and constrained supply conditions."
Newcrest Mining shed 71c for the week to $25.38 on the gold dive. Excel Coal rebounded on better prices, rising 34c to $7.97. But BHP Billiton was lower ahead of next week's profit statement, falling 78c to $24.75.
The biggest casualty of the week was BlueScope Steel, which issued a second earnings downgrade due to overproduction in China and low steel prices. Shares fell more than 9 per cent, or 94c, to a 20-month low of $6.51.
OneSteel went along for the ride, shedding 7 per cent, or 26c, to $3.46.
"People are obviously focusing on earnings," Mr Betts explained, "and anything that is seen to fall short gets pounded upon and punished."
Soft-drinks retailer Coca-Cola Amatil also failed to impress with its profits. Not even a flashy advertising campaign for the new Coke "Zero" could distract investors from the fact the drink group's $320.5 million profit was mainly driven by lower tax outlays. Shares fell 67c to 6.92.
Shares in the troubled AWB rose 4 per cent, or 17c, this week to $4.69 after the Cole inquiry claimed its first scalp - that of managing director Andrew Lindberg - but uncertainty over AWB's future as Australia's monopoly exporter remains.
But it was not all bad news.
Shares in discount flight seller Flight Centre got some welcome relief after the company announced second quarter profits would be "broadly in line" with the previous corresponding quarter. Shares jumped 21 per cent, or $1.91, to $11.10.
Likewise, investors also got sick of punishing Telstra, ignoring a 10 per cent fall in first-half net profit, and focusing instead on a 20c a share dividend offering. Shares fell just 1c over the week to close at $4.02.
Banks in general had a good week as investors fled resources, with NAB up 1 per cent, or 50c, to $35, Westpac up 1 per cent, or 23c, to $23.58 and St George up 6c to $29.83. Macquarie rose $2.99, or 5 per cent, to $64.49.