Market Wrap: ASX hits 21 month high

Market Reports

The Australian share market has closed 0.5 per cent up to finish the week at a 21 month high, supported by firm gains in the financial sector. The local market finished its eighth straight trading day higher after rising at open on the back of positive investor sentiment following favourable economic data out of China and the US.  The S&P/ASX 200 index closed 25 points up to finish at 4,835. Over the week the index added 64 points. 
 
The value of trades today was $6.3 billion on volume of 872 million 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 20 points higher.
 
US Indicies

Wall Street, over its shortened trading week: The Dow Jones Industrial Average added 229 points. The S&P 500 Index gained 14, the Nasdaq lost 6 and the 100 Index dropped 24 points. 
 
Company news
 
Australian Agricultural Company Limited (ASX:AAC) CFO Philip Beale has resigned from his post, with CEO David Farley saying he has played a critical role in bringing the company’s three year strategy to fruition. The company will now begin an executive search for the replacement, with Mr Beale to remain in his current role for three months to assist the transition. Shares in Australian Agricultural Company closed flat at $1.17. 
 
Whitehaven Coal Limited’s (ASX:WHC) Tarrawonga Coal Mine expansion has received approval from the New South Wales Planning Assessment Commission (PAC). CEO Tony Haggarty says Whitehaven is committed to working within the stringent conditions that have been placed on the project. The project now awaits approval from the Federal Department of Sustainability, Environment, Water Population and Communities. Shares in Whitehaven Coal closed flat at $3.50. 
 
Specialty Fashion Group Limited (ASX:SFH) expects to report a net profit of between $17 and $18 million for the six months to the end of December.
 
Atlas Iron Limited (ASX:AGO) shipped a record 1.75 million tonnes of iron ore in the three months to the end of  December, a ten per cent increase on the previous quarter.
 
Best and worst performers 

The best performing sector was Industrials adding 51 points to close at 3,717.
The worst performing sector was Materials, losing 38 points to close at 10,676 points.
 
The best performing stock in the S&PASX 200 was Karoon Gas Australia Limited (ASX:KAR), rising 14.10 per cent on the back of its Santos basin oil discovery announcement and closing at $6.15. Shares in Maverick Drilling and Exploration Limited (ASX:MAD) and Pacific Brands Limited (ASX:PBG) also closed higher.
 
The worst performing stock was Resolute Mining Limited (ASX:RSG), dropping 6.69 per cent to close at $1.40. Shares in Kingsgate Consolidated Limited (ASX:KCN) and PanAust Limited (ASX:PNA) also closed lower. 
 
Commodities

Gold is trading at $US1,667 an ounce, and is down $21.90 over the week. Light crude is $0.13 lower at $US95.82 a barrel.

The Australian dollar

The Australian dollar is buying $1.045 and is $0.008 down over the week. 

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