The local share market followed Wall Street higher today to post its seventh straight day of gains to close 0.8 per cent up.
Energy and mining stocks led the way, a volatile night of trade the oil price was marginally higher.
Speculation on the likelihood of a rate cut by the RBA continued to fuel optimism.
The S&P/ASX 200 index closed 19 points up to finish at 5,588. Over the week the index gained 87 points and over the first month of the year the market is up 177 points from a close of 5,411 on New Years Eve last year.
The value of trades was $8.72 billion on volume of 1.09 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), National Australia Bank Limited
(ASX:NAB) and BHP Billiton Limited
(ASX:BHP).
On the futures market the SPI is 30 points up.
Looking at Wall Street, US major indexes have fallen over the four trading days this week: The Dow Jones Industrial Average has lost 1.5 per cent. The S&P 500 Index has lost 1.5 per cent. The NASDAQ is down 1.6 per cent. The 100 Index has lost 2.3 per cent.
Company news
Shares in Crown Resorts Limited
(ASX:CWN) have slipped after Sri Lanka's new government delivered on an election pledge and formally blocked the company’s casino project. The gaming company’s plans to build a $US400 million casino and hotel development with a local joint-venture partner had received significant local opposition. Shares in Crown Resorts closed 1.31 per cent down at $13.61
Shares in Beach Energy Limited
(ASX:BPT) have gained after reports Seven Group Holdings Limited
(ASX:SVW) has lifted its stake in the oil and gas producer. Media speculate the Kerry Stokes-led investment group secured between 3.5 per cent to 4.9 per cent of Beach Energy after the market closed yesterday and is eyeing an even bigger stake. Shares in beach closed 6.67 per cent up at $0.96
Amid falling coal prices Whitehaven Coal
(ASX:WHC) has extended its first half net loss.
BC Iron Limited
(ASX:BCI) has released its quarterly production figures showing the Nullagine Joint Venture has pushed back to a run rate of 6Mtpa during November and December.
Best and worst performers
The best performing sector was energy adding 1.25 per cent to close at 10,852. The worst performing sector was utilities, losing 0.5 per cent to close at 6,275 points.
The best performing stock in the S&P/ASX 200 was Beach Energy Limited
(ASX:BPT), rising 6.67 per cent to close at $0.96. Shares in Nine Entertainment Co Holdings Limited
(ASX:NEC) and Fortescue Metals Group Limited
(ASX:FMG) also closed higher.
The worst performing stock was Beadell Resources Limited
(ASX:BDR), dropping 9.52 per cent to close at $0.29. Shares in Evolution Mining
(ASX:EVN) and Northern Star Resources Limited
(ASX:NST) also closed lower.
Commodities
The price of gold is trading at $US1,261 an ounce, and is down $35.82 over the week. Light crude is $0.08 higher at $US44.53 a barrel. The Australian dollar is buying $0.7787 and is $0.019 down over the week.
