The Australian share market’s pre-Christmas rally continued today, rising 0.67 per cent, led by strong offshore leads with Wall Street hitting record highs following an upbeat US growth outlook from the International Monetary Fund. Health care stocks led the gains on the local market
Figures
The S&P/ASX 200 index closed 35 points up to finish at 5,327.
Volume has been thin this week, with many traders taking a breather for the Christmas holiday. Today, the value of trades was $1.88 billion on volume of 299 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 National Australia Bank Limited
(ASX:NAB)
On the futures market the SPI is 38 points higher.
Company news
National Australia Bank Limited
(ASX:NAB) has entered into an enforceable undertaking with ASIC following an inquiry into an October 2012 share price spike on the ASX. The undertaking relates specifically to NAB's responsibility for potential market misconduct undertaken by the trading personnel of a contractor, which led to the spike, according to ASIC. Shares in NAB lifted 0.46 per cent today to close at $34.78
Cash Converters International Limited
(ASX:CCV) will invest $5 million to buy a 25 per cent stake in New Zealand Master Franchisor. As part of the deal, both parties have agreed on terms for either party to buy 100 per cent of Cash Converters New Zealand in five years time. Shares in Cash Converters fell 0.58 per cent today to close at 86 cents.
Goodman Fielder Limited
(ASX:GFF) is selling its biscuits business in Australia to Green's Foods, with net proceeds to total $17 million. But the company will record a non-cash impairment of between $50 million and $55 million in its half year accounts as a result of the sale. Shares in Goodman Fielder ended today flat at 67 cents.
Northern Star Resources Limited
(ASX:NST) has agreed to buy Barrick Gold Corp’s Western Australian Plutonic gold mine for $25 million. The acquisition of Plutonic will see Northern Star’s annual gold production rise to more than 200,000 ounces and increase its total reserves to 4 million ounces. Shares in Northern Star lifted 6.21 per cent to close at 77 cents.
Best and worst performers
The best performing sector was health care adding 138 points to close at 14,354.The worst performing sector was Real Estate Investment Trusts, losing 1 point to close at 996 points.
The best performing stock in the S&PASX 200 was Forge Group Limited
(ASX:FGE), rising 25 per cent to close at 89 cents. Shares in Ausdrill Limited
(ASX:ASL) and Northern Star Resources Limited
(ASX:NST) also closed higher.
The worst performing stock was Resolute Mining Limited
(ASX:RSG), dropping 4.5 per cent to close at 53 cents. Shares in Fairfax Media Limited
(ASX:FXJ) and BC Iron Limited
(ASX:BCI) also closed lower.
Commodities
Gold is trading at $US1,199 an ounce. Light crude is $0.41 down at $US98.91 a barrel. The Australian dollar is buying 89.15 US cents.
