The Australian share market defied expectation and made gains on the energy sector despite a dropping oil prices closing 0.26 per cent higher.
The S&P/ASX 200 index closed 14.4 points up to finish at 5,450.
The value of trades was $2.55 billion on volume of 506 million shares at the close of trade. The top three stocks by value were Woolworths Limited
(ASX:WOW), Commonwealth Bank of Australia
(ASX:CBA) and BHP Billiton Limited
(ASX:BHP)
On the futures market the SPI is 9 points higher.
Economic news
The AIG has reported a big drop in manufacturing for December. The index fell by 3.2 points to 46.9, well below the 50 level that separates contraction from expansion and showing a continued decline in manufacturing activity.
Company news
Liquefied Natural Gas Limited
(ASX:LNG) has entered into a joint venture with a wholly owned subsidiary of KBR Inc. over its Magnolia LNG project. The companies have also executed a Technical Services Agreement to undertake cost verification and support services to service the increased capacity of the project. This means that LNG is still on track to reach financial close on the project by mid-2015 despite falling oil prices placing many other US LNG projects at risk. Shares in LNG slid 4.12 per cent to $2.33.
CuDeco Limited
(ASX:CDU) has emerged from a trading halt confirming the copper miner will go ahead with a proposed dual listing on the Hong Kong stock exchange. Cudeco says it does not immediately intend to raise any fresh equity through the Hong Kong listing however the dual listing fits with the company’s long term plan of providing access to global institutional investors.
Shares in CuDeco plunged 14.87 per cent to $1.66.
Skilled Group Limited
(ASX:SKE) says new chief Angus McKay has taken the reins two weeks early so he can immediately participate in a review of the ‘opportunistic’ merger proposal put forward by Programmed Maintenance Services.
After an exhaustive international search process Bank of Queensland Limited
(ASX:BOQ) has settled on former Chief Operating Officer and current Acting CEO Jon Sutton as Managing Director and CEO replacing former boss Stuart Grimshaw who quit last August.
Crown Resorts Limited
(ASX:CWN) took a dip after news that almost $100 billion has been wiped of Macau casino stocks after a corruption crackdown by Chinese authorities.
And Insurance Australia Group Limited (ASX:ÏAG) has finalised $7 billion of catastrophe reinsurance protection for the 2015 calendar year.
Best and worst performers
The best performing sector was utilities adding 1.8 per cent to close at 6,042. The worst performing sector was staples, losing 0.7 per cent to close at 9,128 points.
The best performing stock in the S&P/ASX 200 was Atlas Iron, rising 10.87 per cent to close at $0.26. Shares in Evolution Mining and Karoon Gas also closed higher.
The worst performing stock was Lynas Corporation, dropping 5.56 per cent to close at $0.07. Shares in Transfield Services and Liquefied Natural Gas also closed lower.
Commodities
Gold is trading at $US1,192 an ounce. Light crude is $0.58 down at $US 52.69 a barrel. The Australian dollar is buying 80.62 US cents.
