The Australian share market ended a strong week of gains in negative territory. Stocks lifted to fresh 17-month highs at open but retreated as US fiscal cliff jitters hit sentiment.
Figures
The S&P/ASX 200 index lost 11 points today, trimming the weekly gain of 41 points to finish at 4,624.
The value of trades was $8.1 billion on volume of 1.3 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 17 points lower.
US stocks gained over the four trading days this week: The Dow Jones Industrial Average gained 141 points. The S&P 500 Index gained 24 points, the Nasdaq gained 58 points and the 100 Index gained 40 points.
Company news Fairfax Media Limited
(ASX:FXJ) has bought Australian technology-investment company Netus in the same week it sold its remaining stake in New Zealand online auction house Trade Me. While the Netus purchase price has not been disclosed Fairfax publications speculate the deal is worth tens of millions of dollars. Shares in Fairfax Media fell 3.09 per cent today, ending the week at $0.47.
Origin Energy Limited
(ASX:ORG) has inked a $US300 million deal to sell future oil and condensate production at a price linked to the current oil forward pricing curve. The energy provider says the production will be taken from its Australian East Coast and New Zealand production assets from 2015 and the funds will be put to paying down debt. Shares in Origin Energy dipped 1.2 per cent today, ending the week at $11.57.
Sydney Airport Limited
(ASX:SYD) has been threatened with a $79 million tax bill after an audit by the Australian Tax Office on the tax deductibility of distributions on certain preference shares.
Engineering company Downer EDI Limited
(ASX:DOW) has scored a $66 million contract for design and construction services to connect flats and units to the National Broadband Network.
Best and worst performers
The best performing sector was financials excluding real estate investment trusts adding 26 points to close at 5,438.
The worst performing sector was real estate investment trusts, losing 17 points to close at 972 points.
The best performing stock in the S&PASX 200 was Emeco Holdings Limited
(ASX:EHL), rising 5.98 per cent to close at $0.62. Shares in Cardno Limited
(ASX:CDD) and Sigma Pharmaceutical Limited
(ASX:SIP) also closed higher.
The worst performing stock was Linc Energy Limited
(ASX:LNC), dropping 12.6 per cent to close at $1.11. Shares in Macmahon Holdings Limited
(ASX:MAH) and Aquila Resources Limited
(ASX:AQA) also closed lower.
IPOs MYOB Finance Australia Limited
(ASX:COM) started trading today. The accounting software provider listed with an issue price of $100 per security, opened at $100 and a closed at $100.15.
Commodities
Gold is trading at $US1,641 an ounce, down $56.80 over the week
Light crude is $0.96 lower at $US89.17 a barrel.
The Australian dollar
The Australian dollar is buying $1.045, down $0.0089 over the week
