The Australian share market closed 0.3 per cent down after a decidedly listless session absence any Wall Street leads given US markets were closed for the thanksgiving holiday. Locally the biggest story was undoubtedly Graincorp, which plunged to the days worst performer after Federal treasurer Joe Hockey blocked the drawn out takeover tilt from US giant Archer Daniels Midland.
Today, the S&P/ASX 200 index closed 14 points down to finish at 5,320. Over the week the index lost 16 points. The value of trades was $5.6 billion on volume of 735 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Rio Tinto Limited
(ASX:RIO).
On the futures market the SPI is 30 points down.
US Indices
US stocks have risen over the three trading days this week: The Dow Jones Industrial Average added 87 points, the S&P 500 Index went up by 11 points, the Nasdaq gained 76 points and the 100 Index added 68 points.
Economic news
The Reserve Bank of Australia says credit growth in the private sector rose 0.3 per cent in October, following an identical 0.3 per cent lift in both September and August. Annual growth came in at 3.5 per cent, slightly higher than the 3.3 per cent rise over the year to August. Housing credit increased by 0.5 per cent in October, and 5 per cent over the year to September. Business credit edged up 0.1 per cent for the month, and 1.4 per cent over the year.
Company news
Lynas Corporation Limited
(ASX:LYC) avoided a first strike, but only just, at today’s AGM, with 24.6 per cent of shareholder votes disagreeing with its remuneration report. More than 25 per cent of votes were against the report based on proxies lodged prior to the meeting, however votes from the floor saved the board from the first strike. Shares in Lynas closed flat at $0.30.
Crown Resorts Limited
(ASX:CWN) today announced that director Chris Corrigan has resigned from the board of James Packer’s casino operator heavyweight. No specific reason was offered for the resignation by Crown. Mr Corrigan was a central figure in the 1998 Patrick Corp waterfront dispute and has been a member of Crown’s board since 2007. Shares in Crown closed 0.53 per cent down at $16.90.
Rio Tinto Limited
(ASX:RIO) shares finished 2.55 per cent stronger after the mining giant announced its intention to suspend alumina production at its Gove refinery in the Northern Territory.
Graincorp Limited
(ASX:GNC) shares emerged from a trading halt and tumbled 22.14 per cent on the back of treasurer Joe Hockey’s rejection of US giant Archer Daniels Midland’s takeover bid.
Best and worst performers
The best performing sector was Materials adding 52 points to close at 9,977.
The worst performing sector was Energy, losing 174 points to close at 13,188.
The best performing stock in the S&PASX 200 was Resolute Mining Limited
(ASX:RSG), rising 11.11 per cent to close at $0.50. Shares in Forge Group Limited
(ASX:FGE) and Perseus Mining Limited
(ASX:PRU) also closed higher.
The worst performing stock was Graincorp Limited
(ASX:GNC), dropping 22.14 per cent to close at $8.72. Shares in Kingsgate Consolidated Limited
(ASX:KCN) and OZ Minerals Limited
(ASX:OZL) also closed lower.
Commodities
Gold is trading at $US1,243 an ounce, and is down $1.00 over the week. Light crude is $0.05 lower at $US92.25 a barrel.
The Australian dollar
The Australian dollar is buying $0.9091 and is $0.009 down over the week.
