The Australian share market finished the last trading day before Christmas 1.21 per cent higher, thanks to encouraging jobs data in the US and a rally in Europe.
The S&P/ASX200 Index added 50 points to finish at 4,140. For the week, the index lost 19 points. On the futures market, the SPI is 48 points higher.
Wall Street
Over its four trading days this week: The Dow Jones Industrial Average gained 303 points. The S&P 500 Index gained 34 points, the Nasdaq was up 44 points, and the 100 Index is up 29 points.
Company news
Shares in Gloucester Coal Limited (ASX:GCL) soared 21.62 per cent today, on the back of the miner’s announcement it’s entered into a merger proposal with China owned Yancoal Australia to create a newly listed company. Yancoal will control 77 per cent of the new entity, and Gloucester the remaining 23 per cent. The merger’s expected to be finished by the end of February. Gloucester closed the day as the best performer on the ASX200, at $8.55.
Harvey Norman Holdings Limited (ASX:HVN) boss Gerry Harvey’s been critical of the rise of international online shopping; he says it’s threatening Aussie jobs and businesses and that online purchases under $1,000 create an uneven playing field for local retailers because they don’t attract GST. In light of the criticism treasurer Wayne Swan told ABC radio he “can’t remember a Christmas where Gerry Harvey wasn’t whingeing.”
Shares in Harvey Norman rose 0.82 per cent today and finished the week at $1.85.
Murchison Metals Limited (ASX:MMX) has settled its legal stoush with Chameleon Mining Limited, and will pay $25 million to its rival in two lots. The result clears a major hurdle for Murchison to proceed with the sale of its stake in the Oakajee port and rail project to Japanese group Mitsubishi.
Rio Tinto Limited (ASX:RIO) has extended its offer for Canadian uranium producer Hathor Exploration, so the remaining shareholders in the exploration company can sell their shares. Rio says it’s extended its bid to buy Hathor for $C4.70 ($A4.54) in cash per common share until January 6, 2012.
Sectors and stocks
The best performing sector was real estate investment trusts, gaining 14 points to close at 805. The worst performing sector was consumer staples, but it still gained 22 points to close at 7,485 points.
The best performing stock in the S&PASX 200, as we saw earlier was Gloucester, followed by St Barbara and Medusa.
The worst performing stock was Oceanagold dropping 3.21 per cent to close at $2.11. Shares in Flight Centre and Sydney Airport also closed lower.
Commodities
Gold is trading at $US1,612.60 an ounce and rose $15.11 over the week. Light crude is up by five cents to $US99.58 a barrel.
The Australian dollar is buying $1.01.79 US cents, gaining 2.11 cents over the week.
