The Australian share market has pulled back from the session’s high to end almost where is started. Trimming a shortened trading week of buoyant Christmas gains stocks ran out of puff as the session wore on. Trading volumes were light in line with the holiday period and ahead of another shortened trading week split for the New Year public holiday mid-week.
Across the board the miners were the standout performers and gold stocks were back in favor after commodity prices strengthened. The retail sector ended higher as cash registers rang in the busy summer sale period and the National Retailers’ Association forecast bumper Boxing Day sales growth.
Figures
The S&P/ASX 200 index lost 3 points today, trimming the weekly gain of 59 points to finish the week at 5,324.
The value of trades was $1.5 billion on volume of 274 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 ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 15 points lower.
Wall Street
America’s major indices have continued to nudge and hit new records over the shortened Christmas trading week: The Dow Jones Industrial Average has gained 301 points, the S&P 500 Index has gained 32 points, the Nasdaq has gained 109 points and the 100 Index has gained 86 points.
Company news
Myer Holdings Limited
(ASX:MYR) was dealt a Boxing Day blow with the department store retailers site crashing yesterday and remaining shut-down today. The company has conceded it is experiencing significant issues and has closed the site until further notice. Myer’s shares pulled back from highs, in line with the broader bourse today, but still managed to end 0.37 per cent higher at $2.74.
BlueScope Steel Limited
(ASX:BSL) will pour $50 million into expanding its Taharoa iron sands export operations in New Zealand through introducing a third shipping vessel in 2016. Managing Director and CEO Paul O’Malley says the company’s iron sands operations are a valuable part of the business and make an excellent contribution to earnings. Shares in BlueScope Steel rose 1.42 per cent today to end the week at $5.72.
Shares in Forge Group Limited
(ASX:FGE) continued to climb today, extending a gain of 25 per cent on Christmas Eve. Responding to a price query
from the ASX the engineer had no reasons for the price spike and could only point to last week’s $40 million worth of contract awards. Shares in Forge Group climbed 15.17 per cent today to end the week at $1.02.
Shares in KGL Resources Limited
(ASX:KGL) surged after selling its Murchison Gold Project in Western Australia for $15 million. The gold and base metals explorer plans to finalise the deal in early February 2014 and put the funds to advancing its Jervois copper project in the Northern Territory. Shares in KGL Resources surged 36.36 per cent today to end the week at $0.12.
Best and worst performers
The best performing sector was materials, adding 53 points to close at 10,102.
The worst performing sector was real estate investment trusts, losing 10 points to close at 985 points.
The best performing stock in the S&PASX 200 was Forge Group Limited
(ASX:FGE), climbing 15.17 per cent to close at $1.02. Shares in Medusa Mining Limited
(ASX:MML) and Resolute Mining Limited
(ASX:RSG) also closed higher.
The worst performing stock was Sky Network Television Limited
(ASX:SKT), dropping 4.25 per cent to close at $5.41. Shares in Nufarm Limited
(ASX:NUF) and Metcash Limited
(ASX:MTS) also closed lower with Metcash trading ex-dividend.
Commodities
Gold is buying $US1,211 an ounce, up $8.66 over the week.
Light crude is $0.33 higher at $US99.55 a barrel.
The Australian dollar
The Australian dollar is buying $US0.8903, slightly down over the week.
