The Australian share market has posted a 15 per cent gain over the year but ended the last day of the year in the red. Local stocks slipped early and hovered near the opening mark through a subdued session of trade. Most sectors finished lower, weighed down by energy and gold stocks after the price of the precious weakened overnight. Today’s shortened trading session will now be followed by a New Years public holiday tomorrow ahead of trade resuming on Thursday.
Figures
The S&P/ASX 200 index lost 5 points to finish the session at 5,352 – advancing from a starting point of 4,649 at the beginning of 2013.
The value of trades was $1.5 billion on volume of 317 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 3 points higher.
Economic news
The Reserve Bank of Australia (RBA) has shown demand for credit from Australian households and businesses remained subdued last month. The RBA reports private sector credit grew at a steady rate of 0.3 per cent in November for an annual growth rate of 3.8 per cent. Demand for housing credit rose 0.5 per cent in November for an annual growth rate of 5.1 per cent
Company news
BHP Billiton Limited
(ASX:BHP) is just one of Western Australia’s major miners who will keeping a close eye on Tropical Cyclone Christine as it crosses the coast. Most of Australia’s iron ore exports came to a standstill over the weekend with authorities having since issued a Red Alert for Karratha and Port Hedland last night. Shares in BHP Billiton ended 2013 0.08 per cent lower at $37.99.
With its website still offline after it crashed on Boxing Day Myer Holdings Limited
(ASX:MYR) has gone into repair mode to compensate frustrated customers. The department store retailer will offer internet shoppers free postage and more online discounts when its website gets back into action. Shares in Myer Holdings ended 2013 0.72 per cent lower at $2.75.
Questions have been raised over Fortescue Metals Group Limited’s
(ASX:FMG) safety record after the miner yesterday reported the third fatality at its operations in three years. The West Australian Department of Mines and Petroleum has now issued special directions geared to improving Fortescue’s safety procedures.
As the Initial Public Offering (IPO) market heated up this year Macquarie Group (ASX:MQGDA) took the lead for Australian equity underwriters for the first time since 2004. The nation’s largest investment bank took a 29 per cent market share in equity capital market transactions, according to Bloomberg data.
Forge Group Limited’s
(ASX:FGE) chief has shrugged off speculation the engineering company is a takeover target following its significant share price spike over the past week. CEO David Simpson reportedly denied the rumours when asked by media and instead pointed to the company’s latest contract awards as reason for the gains.
Shares in Neon Energy Limited
(ASX:NEN) plunged almost 30 per cent after the oil and gas explorer told the market one of its exploration wells offshore Vietnam has not shown commercial potential.
Best and worst performers
The best performing sector was industrials, adding 4 points to close at 3,969.
The worst performing sector was energy, losing 48 points to close at 13,623 points.
The best performing stock in the S&PASX 200 was Forge Group Limited
(ASX:FGE), rising 9.78 per cent to close at $1.74. Shares in Acrux Limited
(ASX:ACR) and Slater & Gordon Limited
(ASX:SGH) also closed higher.
The worst performing stock was Atlas Iron Limited
(ASX:AGO), dropping 3.77 per cent to close at $1.15. Shares in Lynas Corporation Limited
(ASX:LYC) and Horizon Oil Limited
(ASX:HZN) also closed lower.
Commodities
Gold has posted one of its biggest annual losses in three decades. Snapping four days of upward momentum the price of the precious metal continued to pull back today and is currently buying $US1,198 an ounce [Started 2013 at $US1,676 an ounce].
Light crude has slipped $1.03 today to $US99.29 a barrel [Started 2013 at $US98.82 a barrel]
The Australian dollar
The Australian dollar is buying $US0.8923 [Started 2013 at $US1.039]
