The Australian share market has trimmed its 2012 topping gains to finish 0.17 per cent higher today, after being led by resources stocks which dominated the headlines as major miners BHP Billiton
(ASX:BHP) and Rio Tinto Limited
(ASX:RIO) both struck deals to offload assets.
The S&P/ASX 200 index closed 8 points up to finish at 4,584. The value of trades was $4.8 billion on volume of 1 billion shares at the close of trade. The top three stocks by value were Goodman Group
(ASX:GMG), BHP Billiton Limited
(ASX:BHP) and Telstra Corporation Limited
(ASX:TLS) On the futures market, the SPI is currently 16 points higher.
Economic news The Australian Bureau of Statistics has reported an increase in commercial lending and a slight dip in personal lending commitments for October. The ABS lending finance data report indicated a 4.8 per cent rise in total business finance commitments for the month, reaching $31.7 billion. Total personal lending figures fell 0.9 per cent to $7.34 billion for the month.
The Westpac and Melbourne Institute’s index of consumer sentiment fell 4.1 per cent to 100 in the month, falling below the plus 100 reading which indicates consumer optimism.
Company news
Coca-Cola Amatil Limited
(ASX:CCL) expects to generate between 4 and 5 per cent growth in its net profit for the 2012 calendar year despite a challenging trading environment in Australia and New Zealand. Managing Director Terry Davis says Indonesian and Papua New Guinean divisions continue to deliver strong performance, driven by an increased demand for commercial beverages, a strong product innovation pipeline, improved operational capability and marketing programs. Shares in Coca Cola Amatil closed 2.59 per cent down at $13.56.
Linc Energy Limited
(ASX:LNC) denies it has withheld sensitive information from the market regarding talks with Russian billionaire Roman Abramovich, as its share price soared in today’s trading session after lifting by 17 per cent yesterday. CEO Peter Bond earlier this week confirmed the Brisbane based coal and gas company was in talks with Abramovich regarding opportunities for the company in Russia. Shares in Linc Energy spiked 25 per cent today to finish at $1.30, today’s best performing stock.
Gaming company Echo Entertainment Group Limited
(ASX:EGP) is set to appoint former US based gaming and entertainment executive John Redmond as its new CEO, subject to regulatory approvals.
Fixtures and fittings supplier GWA International Limited
(ASX:GWA) shares rose over 10 per cent today, with the company announcing it will terminate 230 employees in a bid to achieve savings of around $4 million.
BHP Billiton Limited
(ASX:BHP) will sell its interests in the East Browse and West Browse joint ventures in Western Australia for $1.63 billion.
International gaming and entertainment company Crown Limited
(ASX:CWN) is reportedly in talks with Tourism Australia and tourism bodies in Victoria and Western Australia to embark on a marketing campaign in China.
Best and worst performers
The best performing sector was Healthcare adding 234 points to close at 11,694.
The worst performing sector was Telco Services, losing 20 points to close at 1,465 points.
The best performing stock in the S&PASX 200 was Linc Energy Limited
(ASX:LNC), rising 25 per cent as we saw earlier to close at $1.30. Shares in Aquila Resources Limited
(ASX:AQA) and GWA International Limited
(ASX:GWA) also closed higher.
The worst performing stock was Coalspur Mines Limited
(ASX:CPL), dropping 4.27 per cent to close at $0.79. Shares in DEXUS Property Group
(ASX:DXS) and St. Barbara Limited
(ASX:SBM) also closed lower.
Commodities
Gold is trading at $US1,709 an ounce. Light crude is $0.02 higher at $US85.81 a barrel.
The Australian Dollar
The Australian dollar is buying $US1.052.
