In the wake of a shock decision by OPEC to maintain oil output the local market traded lower all day and closed 1.6 per cent down.
Energy stocks were the major drag on the market today with Senex Energy the day’s worst performer.
Qantas bucked the trend to push higher on forecasts of lower fuel costs as well as its announcements of investments in Jetstar Japan.
Today, the S&P/ASX 200 index closed 88 points down to finish at 5,313.
Over the week the index is 9 points up.
The value of trades was $6.34 billion on volume of 783 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 National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is 88 points down.
Wall Street
US major indexes have risen over the three trading days this week that included the Thanksgiving holiday: The Dow Jones Industrial Average has added 0.06 per cent. The S&P 500 Index has added 0.16 per cent. The NASDAQ has added 0.7 per cent. The 100 Index has added 0.8 per cent.
Company news
Shares in Qantas Airways Limited
(ASX:QAN) are up just shy of 7 per cent after a healthy rise in passenger numbers and announcing an investment in Jetstar Japan ahead of its international launch.
Passenger numbers for October increased 1.6 per cent on last year taking passenger numbers for the year to date up 2.7 per cent on the same period last year. Shares in Qantas closed 6.96 per cent up at $1.92.
Sedgman Limited
(ASX:SDM) also saw a share price lift as it has been awarded a $59.8 million contract by Alcoa.
The deal to engineer and construct a filtration plant at Alcoa’s Kwinana refinery in Western Australia is scheduled for completion in April 2016. Shares in Sedgman closed 0.97 per cent up at $0.52.
NewSat Limited
(ASX:NWT) has come to an agreement with a European satellite operator to the procure and install 2 antennas in its Adelaide facility.
Greencross Limited
(ASX:GXL) says the ACCC has discontinued its informal merger review into the City Farmers acquisition.
Best and worst performers of the day
All major sectors are lower today. The sector with the least losses was real estate investment trusts losing 0.04 per cent to close at 1,153. The worst performing sector was energy, losing 7.6 per cent to close at 11,805 points.
The best performing stock in the S&P/ASX 200 was Qantas Airways Limited
(ASX:QAN), rising 6.96 per cent to close at $1.92. Shares in BlueScope Steel Limited
(ASX:BSL) and Fortescue Metals Group Limited
(ASX:FMG) also closed higher.
The worst performing stock was Senex Energy Limited
(ASX:SXY), dropping 16.25 per cent to close at $0.34. Shares in Sundance Energy Australia Limited
(ASX:SEA) and Drillsearch Energy Limited
(ASX:DLS) also closed lower.
IPO eCargo Holdings Limited
(ASX:ECG) started trading today. The eCommerce enabler listed with an issue price of $0.40, opened at $0.395 and a closed at $0.355.
Mustera Property Group Limited
(ASX:MPX) started trading today. The property investment company listed with an issue price of $0.20, opened at $0.205 and a closed at $0.21
Commodities
The price of gold is trading at $US1,185 an ounce, and is down $9.73 over the week. Light crude is $4.64 lower at $US69.05 a barrel. The Australian dollar is buying $0.8491 and is $0.015 down over the week.
