Market Wrap: ASX cruises higher into Xmas week

Market Reports

Continuing last week’s momentum the Australian share market cruised 0.5 per cent higher into the Christmas week. Local stocks advanced in the morning on the back of better than expected US growth figures but lost some steam as the session wore on. 
 
Strength in health care and energy helped to offset weakness among utilities while the real estate sector bore the brunt of a number of companies trading ex-dividend. The Big Four Banks remained strong throughout the session, helping to offset losses from the major miners.
 
Trading volumes were light, taking on a holiday vibe ahead of tomorrow’s shortened trading day and the Christmas and Boxing Day public holidays on Wednesday and Thursday.  
 
Figures
 
The S&P/ASX 200 index gained 27 points by session’s end to finish at 5,292. 
 
The value of trades was $3.2 billion on volume of 552 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 44 points higher.
 
Company news
 
Provider of transport and logistics Toll Holdings Limited (ASX:TOL) says it has strengthened its rail relationship with Asciano Limited (ASX:AIO) though a new 13-year deal. Under the agreement Asciano’s subsidiary Pacific National Rail will take over Toll’s North Queensland rail service from February 1, 2014. Pacific National Rail will also pay about $70 million to acquire five Queensland rail terminals from Toll. Shares in Toll Holdings firmed 0.91 per cent today, ending the session at $5.57. 
 
Australia’s biggest gold miner Newcrest Mining Limited (ASX:NCM) could face a class action from shareholders concerning its massive write-down in June. Law firm Slater & Gordon Limited (ASX:SGH) says it has been engaged by aggrieved shareholders who allege Newcrest engaged in misleading and deceptive conduct and breached its continuous disclosure obligations. While no proceedings have yet started Slater & Gordon has invited Newcrest to enter into talks. Newcrest says it is considering its position. Shares in Newcrest Mining fell 2.08 per cent today, ending the session at $7.54. 
 
Casino owner Echo Entertainment Group Limited (ASX:EGP) is on the hunt for a new Managing Director for Sydney’s The Star casino after Frederic Luvisutto resigned to take up a new job overseas 
 
Cement manufacturer James Hardie Industries PLC (ASX:JHX) has reached a commercial settlement with the New Zealand Ministry of Education relating to weathertightness defect claims made earlier this year. 
 
Contract awards
 
Construction giant Leighton Holdings Limited (ASX:LEI) says its subsidiary Thiess has been awarded a $230 million one-year contract extension at the Mt Owen Coal Mine in New South Wales. 
 
Property developer Watpac Limited (ASX:WTP) has scored a contract worth more than $80 million to build a 30-story residential tower on St Kilda Road in Melbourne.  
 
Best and worst performers
 
The best performing sector was health care, adding 150 points to close at 14,216.
The worst performing sector was utilities, losing 28 points to close at 5,325 points.
 
The best performing stock in the S&PASX 200 was Forge Group Limited (ASX:FGE), rising 14.52 per cent to close at $0.71. Shares in Horizon Oil Limited (ASX:HZN) and Wotif.com Holdings Limited (ASX:WTF) also closed higher.
 
The worst performing stock was Alacer Gold Corp CDI (ASX:AQG), dropping 7.39 per cent to close at $2.13. Shares in Regis Resources Limited (ASX:RRL) and APA Group (ASX:APA) also closed lower. 
 
IPOs 
 
Investment entity, Sandon Capital Investments Limited (ASX:SNC) floated with an issue price of $1.00, opened at $0.95 and closed at $0.95.    
 
Tin and gemstone focused mining company, Elsmore Resources Limited (ASX:ELR) floated with an issue price of $0.20, opened at $0.21 and closed at $0.20.    
 
Drug developer, Innate Immunotherapeutics Limited (ASX:IIL) floated with an issue price of $0.20, opened at $0.20 and closed at $0.20.    
 
Commodities

Gold is trading at $US1,202 an ounce. 
Light crude is $0.28 higher at $US99.32 a barrel. 
 
The Australian dollar
 
The Australian dollar is buying $US0.8947 

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