Market Wrap: ASX up 1.5% to close week positive

Market Reports

The local market booked a healthy 1.5 per cent gain today as energy stocks maintained positive momentum and the iron ore price ticked higher. 
 
The tech heavy NASDAQ index hit a 15 year high overnight on Wall Street and while major local tech stocks pushed higher they didn’t match the market average.
 
Today, the S&P/ASX 200 index closed 89 points up to finish at 5,933. 
Over the week the index gained 55 points.
 
The value of trades was $7 billion on volume of 843 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 94 points up.
 
Looking at Wall Street, US major indexes have gained over the four trading days this week: The Dow Jones Industrial Average has added 1.3 per cent. The S&P 500 Index is up 1.5 per cent. The NASDAQ pushed 2.5 per cent higher. The 100 Index is up 2.8 per cent.
 
Company news
 
Mount Gibson Iron Limited (ASX:MGX) says it’s on track to meet full year guidance as it achieved $60 million of iron ore sales revenue in the March quarter. The junior miner has continued its focus on reducing costs and preserving capital and says it retains over $324 million in cash. Mount Gibson is up 7.69 per cent at $0.21
 
Metgasco Limited (ASX:MEL) shares have soared more than 40 per cent on news the Supreme Court has ruled in its favour.  The coal seam gas explorer says the Court lifted its drilling suspension which was imposed in May last year at its Rosella site. Shares in Metgasco have gained 46.43 per cent to $0.082
 
ResMed Inc. (ASX:RMD) has reported a 6 per cent jump in third quarter revenue to $422.5 million.
 
Actinogen Limited (ASX:ACW) says it has raised $10 million through an institutional placement that will go towards a Phase II trial of its promising Alzheimer drug Xanamem. 
 
Best and worst performers

All major sectors gained today, the best performing sector was energy adding 2.7 per cent to close at 11,896. The secotr with the least gains was health care, up 0.5 per cent to close at 19,469 points.
 
The best performing stock in the S&P/ASX 200 was Liquefied Natural Gas Limited (ASX:LNG), rising 15.66 per cent to close at $4.80. Shares in Sundance Energy Australia Limited (ASX:SEA) and Senex Energy Limited (ASX:SXY) also closed higher.
 
The worst performing stock was ResMed Inc (ASX:RMD), dropping 9.71 per cent to close at $8.46. Shares in Spotless Group Holdings Limited (ASX:SPO) and Ten Network Holdings Limited (ASX:TEN) also closed lower. 
 
Commodities

The price of gold is trading at $US1,192 an ounce, and is down $9.51 over the week.
Light crude is $1.58 higher at $US57.74 a barrel.
The Australian dollar is buying $0.7773 and is down slightly over the week, dropping $0.0024.