The Australian share market has closed 0.5 per cent higher, buoyed by gains among resources stocks to hit a fresh 19 month high.
The S&P/ASX 200 index closed 23 points up to finish at 4,671. Over the shortened trading week the index gained 48 points in relatively low volume trade, despite persisting concerns surrounding the US fiscal cliff.
The value of trades was $1.62 billion on volume of 311 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited (ASX:BHP), Rio Tinto Limited (ASX:RIO) and Commonwealth Bank of Australia (ASX:CBA).
On the futures market, the SPI is 18 points up.
Figures
Wall Street finished lower over its four trading days this week: The Dow Jones Industrial Average lost 215 points. The S&P 500 index dropped 26, the Nasdaq shed 65 and the 100 Index fell by 61 points.
Company news
Leighton Holdings Limited (ASX:LEI) engineering firm Thiess plans on slashing 95 coal mining jobs at one of Xstrata’s cold mines by the end of January, as insulation against low prices and high costs in the industry. Thiess says it intends to redeploy a number of employees to an open cut mine in Queensland however can not entirely avoid job cuts amid a falling coal market.
Also today, Leighton Holdings Limited (ASX:LEI) wholly owned subsidiary Leighton Contractors won two separate infrastructure contracts valued at a combined $1.2 billion today. Both contracts are linked to the Icthys liquefied natural gas project in Darwin and due to be completed by July 2016. CEO Hamish Tyrwhitt says Leighton sees LNG and coal seam methane markets offering significant opportunities for the Leighton group. Shares in Leighton Holdings closed 0.28 per cent higher at $17.89.
Qantas Airways Limited (ASX:QAN) is reportedly set to reveal more details about its strategy for a push into Asia in coming weeks.
Crown Limited (ASX:CWN) non-executive director John Alexander sold off just under 250 thousand shares in the casino company for $2.56 million in the week leading up to Christmas.
Best and worst performers
The best performing sector was Materials adding 110 points to close at 10,678.
The worst performing sector was Telco Services, losing 3 points to close at 1,503 points.
The best performing stock in the S&PASX 200 was Breville Group Limited (ASX:BRG), rising 8.86 per cent to close at $7.00. Shares in Boart Longyear Limited (ASX:BLY) and Silver Lake Resources Limited (ASX:SLR) also closed higher.
The worst performing stock was Maverick Drilling and Exploration Limited (ASX:MAD), dropping 7.14 per cent to close at $0.71. Shares in Billabong International Limited (ASX:BBG) and Nufarm Limited (ASX:NUF) also closed lower.
IPOs
Mineral Explorer Krakatoa Resources Limited (ASX:KTA) started trading today, listing with an issue price of $0.20, opened at $0.20 and closed at $0.20.
Commodities
Gold is trading at $US1,662 an ounce, and is up $21.40 over the week. Light crude is $0.41 higher at $US91.28 a barrel.
The Australian dollar
The Australian dollar is buying $1.037 and is $0.0073 down over the week.
