The local share market has ended the week on a high note, recording its first weekly gain in three weeks with energy stocks leading the way on heightened interest in the sector.
The S&P/ASX 200 Index closed up 39 points to finish at 4,396, up 158 points on the week. And on the futures market, the SPI200’s up 38 points.
Looking to the U.S. and on Wall Street, the Dow Jones industrial index closed 452 points up for the four trading days this week. The S&P500 Index up 48 points, the NASDAQ is up 84 points and the 100 index is up 70.
To company news around this afternoon: In response to media speculation today, energy company Santos Ltd (ASX:STO) says it is in detailed discussions with a number of parties in relation to LNG sales from its Gladstone LNG project, selling equity in the project and as well as collaborating with others groups. The statement, released to the ASX, has fuelled speculation that a multi-billion deal with Royal Dutch Shell may be reached soon. Korea Gas and Sinopec are also believed to be involved in the bidding process that could result in a potentially multi-billion dollar deal. Santos has stated that the discussions are incomplete and there is no certainty that definitive agreements will be finalised by the interested parties. Santos (ASX:STO) closed 9.72% at $14.00. Orica Ltd (ASX:ORI) says the Supreme Court of Victoria has give the green light to the demerger of paint group Dulux from the company. DuluxGroup is expected to commence trading on the Australian Securities Exchange on Monday. Peter Kirby, a non-executive director of Orica, has retired from the board to accept the role of Chairman of DuluxGroup. Patrick Houlihan will resign from Orica’s senior management team to become CEO and of DuluxGroup. Shares in Orica closed down 0.12% at $25.68.
Rare earths explorer Lynas Corporation Ltd (ASX:LYC) says it will benefit from China’s tightening of export quotas. The company’s Mt Weld mine in Western Australia holds one of the richest known deposits outside of China, which Lynas hopes will give it the opportunity to meet the supply deficit.
And according to the Australian Associated Press, AGL Energy Ltd (ASX:AGK) CEO Michael Fraser is trying to drum up support for the Emissions Trading Scheme saying that a price on carbon is needed to guarantee the security of Australia’s energy future.
Toll Holdings Ltd (ASX:TOL) has acquired UK-based freight forwarding companies WT Sea Air Group and Genesis Forwarding Group for $150 million.
Retailer David Jones (ASX:DJS) has terminated its lease with Westfield at Fountain Gate, and has announced a new store for Whitford, and an option for a new store at Westfield’s Innaloo centre.
In the best and worst performers: All sectors closed in the black today. The index with the biggest gain was the Energy Sector up 406 points at 14,677. The index with the smallest gain was the Telco Services sector up 1 point at 1,092.
The best performing stock in the S&P/ ASX200 was Santos, shares rose 9.72% at $14. Shares in Biota Holdings and Platinum Asset Management also closed higher.
The worst performing stock was Perseus Mining, shares fell 3.54% to close at $2.18. Shares in Eldorado Gold and Gunns also closed weaker today.
The Aussie dollar is trading at 87.74 US cents - and is up over 3 cents on the week. In commodities, gold is trading at $1,199.20 U.S an ounce and is down $8.55 on the week, and light crude is up 46 cents at $75.90 U.S a barrel.
