Banks are back: Aus shares close 0.31% higher

Market Reports

by Carolyn Herbert

It has been a positive end to the trading week for the Australian share market, reaching ever closer to that 5,600 level. The local bourse started the day in the black and managed to stay there for the rest of the session before closing 0.31 per cent higher. The financials space was one of the star performers this session with the big four banks continuing on their stellar ascent following the election of Donald Trump as the next US President. However, consumer discretionaries had a hard time of it today, with losses across the board.

At the closing bell the S&P/ASX 200 index closed 17 points up to finish at 5,561.

The value of trades was $5.6 billion on volume of 767million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), ANZ Banking Group (ASX:ANZ) and BHP Billiton Limited (ASX:BHP).

On the futures market the SPI is 21 points up.

US markets

Looking at Wall Street, US major indexes were higher the four trading days this week: The Dow Jones Industrial Average has added 2.37 per cent. The S&P 500 Index has added 2.05 per cent. The NASDAQ has gained 1.73 per cent. The 100 Index has added 1.08 per cent.

Company news

SAI Global Limited (ASX:SAI) says the Federal Court of Australia has made orders approving the scheme of arrangement between the company and its shareholders under which Baring Asia Private Equity Fund will acquire 100 per cent of the shares of SAI. The private equity fund will acquire the shares at $4.75 each. It’s expected that trading of SAI shares will be suspended from close of trade on Monday, 12th of December. Shares in SAI Global Limited closed 0.21 per cent up at $4.75.

Freedom Foods Group Limited (ASX:FNP) has announced it has completed the institutional component of its entitlement offer and placement.

Helloworld Limited (ASX:HLO) has announced it will sell its two airline representation businesses to World Aviation Holding.

AWE Limited (ASX:AWE) has announced its joint venture with Origin Energy, the Waitsia gas project, is on track to deliver a Final Investment Decision (FID) in late 2017.

Best and worst performers

The best performing sector was Energy adding 1.09 per cent to close at 8,990. The worst performing sector was Consumer Discretionaries, losing 1 per cent to close at 2,073 points.

The best performing stock in the S&P/ASX 200 was Mayne Pharma, rising 6.62 per cent to close at $1.53. Shares in Seven West media and Resolute Mining also closed higher.

The worst performing stock was Sirtex Medical, dropping 37.23 per cent to close at $16.00. Shares in Crown Resorts and Aconex also closed lower.

IPOs

GetSwift Limited (ASX:GSW) started trading today. The software business floated at $0.20, opened at $0.265 and closed at $0.29.

Commodites and the dollar

Gold is trading at $US1,168 an ounce its down $7.07 over the week.
Light crude is $1.19 higher at $US50.96 a barrel.
The Australian dollar is buying $US74.63, it’s flat over the week.





 

Carolyn Herbert

Finance News Network
Carolyn joined FNN in August 2015 as the Head of News and also presented the Market at Midday and the Market Wrap. With more than five years of broadcast journalism experience, Carolyn has worked as a finance anchor on the Sky News Business channel and as an anchor and reporter for ABC News. She is also a qualified corporate lawyer specialising in IPOs, takeovers and mergers and acquisitions.