Market Wrap: Aus shares close flat on Friday

Market Reports

After weak leads from the US and option expiry yesterday in Australia, the local share market opened down over 60 points this morning but has since managed to recoup those losses and close the day flat. Commodity prices took another beating overnight, with the big miners BHP and Rio Tinto weighing heavily on the index. 
Today, the S&P/ASX 200 index closed 5 points higher to finish at 5,107. Over the week the index added 77 points. 
The value of trades was $8.1 billion on volume of 1.2 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), BHP Billiton Limited (ASX:BHP) and ANZ Banking Group (ASX:ANZ).
On the futures market the SPI is 6 points higher.

US Markets
Looking at Wall Street, US major indexes have all risen over the four trading days this week: The Dow Jones Industrial Average has added 1.3 per cent. The S&P 500 Index has gained 1.45 per cent. The NASDAQ has added 1.4 per cent. The 100 Index has added 1.3 per cent. 
Company news

MMA Offshore Limited (ASX:MRM) has announced the company has been awarded a five year contract by ConocoPhillips. The contract will see MMA’s contract supply vessel “Mermaid Inscription” provide platform supply and static tow services in support of the company’s operations in the Timor Sea. Shares in MMA Offshore closed 4.44 per cent lower at $0.21. 
Oil Search Limited (ASX:OSH) has refinanced its two existing US$125 million bilateral revolving credit facilities provided by ANZ and CBA. The company says the refinancing forms part of Oil Search’s ongoing active capital management program to fund development costs of priority growth projects. Shares in Oil Search closed 1.31 per cent lower at $6.03. 
Sydney Airport Holdings Limited (ASX:SYD) says international passenger traffic grew a whopping 5.6 per cent in November. 
Villa World Limited (ASX:VLW) will pay $24 million for a 54 hectare site at Strathpine, north of the Brisbane CBD. 
Best and worst performers

The best performing sector was Consumer Discretionaries adding 0.9 per cent to close at 1,917. The worst performing sector was Materials, losing 0.9 per cent to close at 6,687 points.
The best performing stock in the S&P/ASX 200 was Greencross, rising 11.34 per cent to close at $6.48. Shares in Corporate Travel Management and Bega Cheese also closed higher.
The worst performing stock was Liquefied Natural Gas, dropping 8.67 per cent to close at $0.69. Shares in Oz Minerals and AWE also closed lower. 

Class Limited (ASX:CL1) started trading today. The administration software solutions and services company listed with an issue price of $1.00, opened at $1.25 and a closed at $1.41.    
Commodities and the dollar

The price of gold is trading at $US1,054 an ounce, and is down $22.47 over the week. Light crude is $0.48 lower at $US36.27 a barrel. The Australian dollar is buying US$0.7132 and is down half a cent over the week. 

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