The Australian share market closed lower today, as mining stocks led the market lower ahead of the Christmas trading break. The market saw very light trade today, with a little weakness in the industrials and financials as well. All the major miners closed in the red today.
The S&P/ASX200 Index is down 22 points to close at 4,777 while on the week it was 14 points higher. On the futures market, the SPI is 35 points lower.
Looking at the US and Wall Street, the Dow Jones Industrial Average was up 81 points over the last four trading days. The S&P 500 Index was up 13 points; NASDAQ was up 23 and the 100 Index was up 12.
Company news: Sundance Energy Ltd (ASX:SEA) has signed an agreement with US oil services giant Halliburton and Macquarie Group Ltd (ASX:MQG) to speed up drilling work at its Niobara project located in the United States. As per the agreement, Halliburton and Macquarie will participate in up to 40 per cent of the Sundance acreage located in the states of Wyoming and Colorado. Halliburton and Macquarie will pay Sundance a non-refundable participation payment of $2.4 million in cash as well as up to $3.9 million in development costs. Shares in Sundance Energy closed 8.57% higher to $0.76.
Macquarie Group Ltd’s (ASX:MQG) leasing arm, Macquarie Leasing, has won the tender to underwrite financial products which will be marketed through Honda Financial Services in Australia. The company will also offer finance to customers of Honda motor vehicles. Honda Financial Services offers a range of finance options such as consumer loans and personal leases as well as corporate plans for commercial customers. Shares in Macquarie Group closed 0.69% lower at $37.24.
Riversdale Mining Ltd (ASX:RIV) says it expects a positive reaction from its major shareholders to Rio Tinto’s $US3.9 billion takeover bid, but is yet to hear formally whether they will accept the offer.
Rio Tinto Ltd (ASX:RIO) has received its first official go-ahead from West Australian Premier Colin Barnett for its multi-billion dollar iron ore expansion in the state’s Pilbara region.
Origin Energy Ltd (ASX:ORG) has struck a deal with Service Stream Ltd (ASX:SSM) worth over $300 million to pursue market growth in residential solar energy systems.
Aurora Oil and Gas Ltd (ASX:AUT) has completed its purchase of extra working sites within a US shale filed for $120 million in cash.
In the best and worst performers: All sectors are in the red, though the sector with the smallest loss at close was Consumer Staples, with the index falling 9 points to close at 7,746. The worst performing sector was Materials, the index falling 114 points to close at 14,161. The best performing stock in the S&P/ ASX200 was Sundance Resources shares rallied 11.76% to close at $0.57. Shares in Mt Gibson and Resolute Mining also advanced today. The worst performing stock was OM Holdings shares lost 3.31 per cent to close at $1.315. Shares in Austar and FKP Property Group also closed in the red today.
In commodities, gold is trading at $US1,384 an ounce and is up $US9.61 on the week. Light crude is up $1.03 at $US91.41 a barrel on the week. Aussie dollar is buying over $US1, and is up over $0.01 on the week.
