The Australian share market has advanced over the day and almost 2 per cent over the week to a hit a fresh 15-month high. Despite opening in negative territory local stocks bounced back to end on positive ground as investors applauded outcomes from the EU summit. Energy and mining stocks led the gains while the financials dragged after National Australia Bank Limited's
(ASX:NAB) bearish outlook.
Figures
The S&P/ASX 200 index gained 12 points today to finishing the week 85 points stronger at 4,571. On the futures market the SPI is 16 points higher.
US stocks have gained over this week: The Dow Jones Industrial Average has added 223 points, the S&P 500 Index has added 25 points, the Nasdaq has added 23 points and the 100 Index has added 25 points with one trading day remaining.
Company news Consolidation in the agricultural sector has again hit the headlines as GrainCorp Limited
(ASX:GNC) revealed it is being pursued. The grain handler says US agribusiness Archer Daniels Midlands has bought a 10 per cent stake in the company and is keen to start talks for a possible takeover. Though no formal proposal has been received shares in GrainCorp entered into a trading halt today, amid speculation a bidding war could erupt, having last traded at $8.85.
Woodside Petroleum Limited
(ASX:WPL) is moving into Myanmar through inking a deal to buy a 40 per cent stake in an oil and gas exploration block. Subject to approvals the oil and gas giant will undertake exploration with Daewoo International Corporation in the western offshore area of Myanmar over the next two years. Shares in Woodside Petroleum gained 2.22 per cent today, finishing the week at $35.98.
Shares in National Australia Bank Limited
(ASX:NAB) dropped 2.7 per cent by close after the bank told the market it has been forced to raise provisions for bad debts by $250 million because of its weaker outlook for economic growth next year.
Shares in Atlas Iron Limited
(ASX:AGO) jumped 6.65 per cent as investors responded to news the iron ore miner has boosted its annual production guidance, cut its cost forecast and supported its growth strategy through securing a $US325 million loan.
Best and worst performers
The best performing sector was telco services adding 23 points to close at 1,396.
The worst performing sector was financials excluding real estate investment trusts, losing 46 points to close at 5,375 points.
The best performing stock in the S&PASX 200 was Iluka Resources Limited
(ASX:ILU), rising 7.46 per cent to close at $10.81. Shares in Mirabela Nickel Limited
(ASX:MBN) and Atlas Iron Limited
(ASX:AGO) also closed higher.
The worst performing stock was Ten Network Holdings Limited
(ASX:TEN), sinking 8.2 per cent to close at $0.28. Shares in Saracen Mineral Holdings Limited
(ASX:SAR) and Gryphon Minerals Limited
(ASX:GRY) also closed lower.
Commodities
Gold is trading at $US1,738 an ounce, down $15.60 over the week.
Light crude is trading steady at $US92.53 a barrel.
The Australian dollar
The Australian dollar is buying $1.036, up $0.0127 over the week.
