The Australian share market shrugged off negative offshore leads and fiscal cliff fears to start the week 0.3 per cent higher. The mining sector supported the session’s gains in muted and shortened Christmas Eve trade ahead of two public holidays. The ASX will resume trade on Thursday when the US fiscal cliff will come back into the spotlight. With one week remaining to the year-end deadline investors remain hopeful US politicians will strike a deal to avert automatic tax rises and spending cuts which threaten to topple the US into a recession.
Figures
The S&P/ASX 200 lifted 12 points today to finish at 4,635.
The value of trades was $846 million on volume of 187 million shares at the close of trade.
The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Telstra Corporation Limited
(ASX:TLS) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 30 points stronger.
Company news Leighton Holdings Limited’s
(ASX:LEI) subsidiary John Holland has scored two major contracts from Sydney Water for water infrastructure services. The construction company has also been awarded a third $150 million contract extension to deliver sewerage works around Sydney. Shares in Leighton Holdings dipped 0.17 per cent today, closing at $17.81.
Macmahon Holdings Limited
(ASX:MAH) looks set to gain just $2 million from the sale of its construction business to Leighton Holdings after accounting for $12 million in redundancy costs. The mining contractor announced the divestment earlier this month and says it will now refocus its business on full service mining operations. Shares in Macmahon Holdings dropped 4.26 per cent today, closing at $0.23.
Billabong International Limited
(ASX:BBG) has granted company director Paul Naude and his associates the right to conduct non-exclusive due diligence after Mr Naude offered $1.10 cash per share to buy the troubled surfwear retailer last week.
Skywest Airlines Limited
(ASX:SXR) has scored a new three-year Fly In Fly Out contract from Rio Tinto Limited
(ASX:RIO) to provide the mining company with air charter services in the Pilbara region of Western Australia.
Best and worst performers
All major sectors closed higher: The best performing sector was utilities adding 57 points to close at 5,283.
The sector with the smallest gains was industrials, adding 0.6 points to close at 3,525 points.
The best performing stock in the S&PASX 200 was Alacer Gold Corp
(ASX:AQG), rising 6.67 per cent to close at $4.80. Shares in Saracen Mineral Holdings Limited
(ASX:SAR) and Seven West Media Limited
(ASX:SWM) also closed higher.
The worst performing stock was Maverick Drilling and Exploration Limited
(ASX:MAD), dropping 6 per cent to close at $0.70. Shares in Lynas Corporation Limited
(ASX:LYC) and Emeco Holdings Limited
(ASX:EHL) also closed lower.
Commodities
Gold is trading at $US1,657 an ounce.
Light crude is $0.12 lower at $US88.54 a barrel.
The Australian dollar
The Australian dollar is buying $1.04.
