Santa's gift - cheaper petrol: ASX closes 0.5% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. After opening in the red the local bourse managed to gain momentum. Bellamy's (ASX:BAL) didn’t do so well today also WiseTech (ASX:WTC) was down but MYOB Group (ASX:MYO) shares are up 13 per cent. The price of Brent crude oil dropped below $US60 for the first time in a year, which could mean cheaper petrol this Christmas period. As for the sectors, telcos did the best with utilities dragging behind. At the closing bell the S&P/ASX 200 index closed 26 points up, or 0.5 per cent higher to finish at 5,494.

Futures market

Dow futures are suggesting a rise of 101 points.
S&P 500 futures are eyeing a rise of 14 points.
The Nasdaq futures are eyeing lift of 24 points.
And the ASX200 futures are eyeing aflat start for the 27th .

Company news

Seven West Media's (ASX:SWM) chief executive Tim Worner has picked up over 500, thousand extra shares. (507,813 shares). Indirect interests in Seven West Media fully paid ordinary shares held by Sargon CT as trustee. The shares are held on behalf of Mr Worner in the Seven West Media's Equity Incentive Plan Trust and were under the 2016 Long Term Incentive Plan. Seven West Media's (ASX:SWM) 0.9 per cent lower at $0.53

Shares dropped in Speedcast (ASX:SDA) after saying full year underlying EBITDA will be between $US$130 million and $US135 million which is "slightly below current consensus". The change is primarily due to the Carnival renewal taking longer than expected.

Vocus (ASX:VOC) has renewed a five-year agreement with Optus Wholesale for access to its mobile phone network, called a Mobile Virtual Network Operator.

Business services software MYOB Group (ASX:MYO) shares are up over 13 per cent after the board recommended it accept Kohlberg Kravis Roberts & Co offer at $3.40 cash per share..

Best and worst performers

The best performing sector was Telco Services adding 1.2 per cent while the worst performing sector was Utilities, shedding 0.8 per cent.

The best performing stock in the S&P/ASX 200 was MYOB Group (ASX:MYO), rising 14.6 per cent to close at $3.29. Shares in IOOF Holdings (ASX:IFL) and Pilbarra Minerals (ASX:PLS) followed higher.

The worst performing stock in the S&P/ASX 200 was Bellamy's (ASX:BAL), dropping 3.4 per cent to close at $6.81. Shares in Wisetech Global (ASX:WTC) and Ausnet Services (ASX:AST) followed lower.

Asian markets

Mixed:Japan’s Nikkei has lost 1.1 per cent, Hong Kong’s Hang Seng has lost 0.7 per cent and the Shanghai Composite has gained 0.2 per cent.

Commodities and the dollar

Gold is trading at $US1,264 an ounce.
Iron ore futures are pointing to a fall of 1.3 per cent
Light crude is $0.29 lower at $US45.59 barrel.
One Australian dollar is buying 70.63 US cents.