Following positive leads the Australian share market leapt almost 1 per cent today, adding to the weekly gain. Stocks rose over a week of economic news including stronger domestic jobs data, weaker GDP (gross domestic product) figures and a rate cut from the RBA (Reserve Bank of Australia). Attention will turn to America tonight ahead of the highly anticipated US monthly jobs report.
Figures
The S&P/ASX 200 index advanced 43 points today, extending the weekly gain of 46 points to finish at 4,552.
The value of trades was $3.6 billion on volume of 737 million shares at the close of trade. The top three stocks by value were Wesfarmers Limited
(ASX:WES), BHP Billiton Limited
(ASX:BHP) and Commonwealth Bank of Australia
(ASX:CBA). On the futures market, the SPI is 45 points stronger.
Wall Street: US markets are mixed over the four trading days this week: The Dow Jones Industrial Average has gained 52 points. The S&P 500 Index has lost 2 points, the Nasdaq has lost 23 points and the 100 Index has lost 24 points.
Economic news
Australia’s trade deficit widened more than expected in October, hit by lower resource export revenues. The Australia Bureau of Statistics showed the balance on goods and services came in at a deficit of $2.1 billion in October, from $1.4 billion the month before. Exports remained unchanged while imports increased 3 per cent.
Australia’s construction sector improved last month, though continues to remain soft. According to the Australian Industry Group and Housing Industry Association the Performance of Construction Index increased 1.2 points to 37 in November, but remained below 50 which indicates contracting activity.
Company news ANZ Banking Group
(ASX:ANZ) is stepping up its Asian expansion and moving into Myanmar early next year. ANZ is the first Australian bank to receive the green light to expand into the country, also known as Burma, through opening a representative office. Shares in ANZ Banking Group lifted 0.69 per cent today, ending the week at $24.89.
Lynas Corporation Limited
(ASX:LYC) will again face opposition to its rare earths processing facility in a Malaysian court later this month. The Save Malaysia Stop Lynas group have secured a hearing on December 19, 2012 to fight the rare earths producer’s right to produce. In spite of the news, Lynas has affirmed its perations are still progressing as planned. Shares in Lynas Corporation rose 0.83 per cent today, ending the week at $0.60.
Myer Holdings Limited
(ASX:MYR) has blamed its soft performance on economic conditions, the carbon tax and a GST loophole on goods bought overseas at its annual meeting today. The department store retailer’s net profit dropped almost 13 per cent over the last financial year.
After Ten Network Holdings Limited
(ASX:TEN) confirmed its $230 million capital raising yesterday the last of Ten’s four major shareholders, Gina Rinehart, has today indicated she will participate in the raising.
Best and worst performers
All sectors advanced: The best performing sector was health care gaining 210 points to close at 11,666.
The sector with the smallest gains was utilities, adding 2 points to close at 5,086 points.
The best performing stock in the S&PASX 200 was Mesoblast Limited
(ASX:MSB), rising 6.4 per cent to close at $5.65. Shares in Australand Property Group
(ASX:ALZ) and Imdex Limited
(ASX:IMD) also closed higher.
The worst performing stock was Gindalbie Metals Limited
(ASX:GBG) dropping 6.25 per cent to close at $0.23. Shares in Beadell Resources Limited
(ASX:BDR) and Iluka Resources Limited
(ASX:ILU) also closed lower.
IPOs Mandalong Resources Limited
(ASX:MDD) started trading today: The exploration company floated with an issue price of $0.20, opening at $0.19 and closing at $0.21.
Commodities
Gold is trading at $US1704 an ounce, down $25.60 over the week.
Light crude is $0.28 higher at $US86.54 a barrel.
The Australian dollar
The Australian dollar is buying $1.048, up $0.006 over the week.
