The local bourse had a steady climb today, finishing 1.4 per cent higher. It opened lower at 4,228 but didn’t stay there for long, making most gains in the last hour of the day led by consumer staples and healthcare.
The S&P/ASX200 Index rose 59 points to finish at 4,288. For the week, the index rose 303 points. On the futures market, the SPI is now 19 points higher.
Wall Street
Over its four trading days this week: The Dow Jones Industrial Average was 788 points higher. The S&P 500 Index was 86 points higher, Nasdaq was 185 points higher, and the 100 Index was 158 points higher.
Company news
Foster’s Group Limited (ASX:FGL) ceased trading today. SAB Miller has been approved to acquire the brewer in a $10.48 billion takeover. Victorian Supreme Court Justice Anne Ferguson signed orders approving the deal today, after more than 99 per cent of shareholders voted in favour yesterday.
Foster’s Group Limited (ASX:FGL) last traded at $5.38.
Also in the courts today, the NSW Supreme Court approved the schemes of arrangement necessary for Centro Retail Group (ASX:CER) and Centro Properties Group (ASX:CNP) to combine, to create a new listed Australian retail property trust, to be called Centro Retail Australia. It will begin trading on a deferred settlement basis on Monday, and normal settlement of the new stock is to start trading on December 15. Shares in Centro Properties (ASX:CNP) were in a trading halt at market close but last traded at four cents.
David Jones Limited (ASX:DJS) boss Paul Zahra told shareholders today the retailer’s aware the Christmas period’s going to be challenging, but it’s also focussed on ensuring long-term success through the launch of an online store, new brands, and payment systems. Last week, David Jones restated its expectations of a 15 to 20 per cent decline in first half, after tax profit.
Charter Hall Office REIT Limited (ASX:CQO) shares have been in a trading halt all day and will be until Tuesday, ahead of an announcement on an anticipated takeover by a Macquarie Group-led consortium.
Sectors and stocks
The best performing sectors was Consumer staples adding 143 point to close at 7,743. The worst performing sector was telcos, but it was still up six points closing at 1,094 points.
The best performing stock in the S&P/ASX 200, was Intrepid Mines, shares jumped 14.88 per cent to close at $1.235 cents. Shares in Adelaide Brighton and Cudeco also finished the week higher.
The worst performing stock was Alumina, shedding 2.81 per cent to close at $1.385. Shares in Gunns and Western Areas also closed lower.
Commodities and currency
Gold is trading at $US1,744 an ounce and rose by $64.73 over the week. Light crude is five cents higher at $US100.25 a barrel.
The Australian dollar is buying $1.0224 US cents and gained five cents over the week.
