Energy stocks took a fall this week: ASX closed 0.8% higher

Market Reports

by Rachael Jones

It has been a positive day of trade for the Australian share market. The local bourse managed to maintain momentum to close 0.8 per cent higher. NAB announced their new CEO Ross McEwan from the Royal Bank of Scotland. The CIMIC Group (ASX:CIM) saw strong declines in their shares this week after reporting weaker first-half profit on the back of a decline in the Hong Kong market. As for the sectors, Utilities headed the list this afternoon with energy falling behind.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 51 points higher to finish at 6,700.

Over the week, the market has gained 4 points or 0.1 per cent.

Futures market

Dow futures are suggesting a rise of 110 points.
S&P 500 futures are eyeing a rise of 8 points.
The Nasdaq futures are eyeing alift of 29 points.
And the ASX200 futures are eyeing a 1 per cent rise for Monday.

Company news

IMF Bentham (ASX:IMF) reports that a confidential partial settlement has been reached in an Australian case it has funded which is held on its balance sheet. The settlement terms remain confidential as the case carries on against the remaining defendant. IMF currently expects to receive revenue of approximately $7.5 million from this partial settlement. IMF is one of the leading global litigation funders, headquartered in Australia and with offices in the US, Canada, Singapore, Hong Kong and London. Shares in IMF Bentham (ASX:IMF) closed 0.6 per cent higher at $3.20.

Diversified mining services company Ausdrill (ASX:ASL) has finalised the funding for the $800 million, five year underground mining services contract in Botswana awarded to their subsidiary Barminco. The contract was subject to the Khoemacau Project funding closing.

Unibail-Rodamco-Westfield (ASX:URW) has just announced the successful refinancing of the Westfield in Stratford City in London. Westfield Stratford City Finance No.2 this week successfully priced a single tranche of £750 million secured fixed rate bond.

Power generation specialist Pacific Energy (ASX:PEA) is pleased to announce that its wholly owned KPS subsidiary has secured a new contract to supply electricity to the Jaguar copper/zinc mine in Kalgoorlie in WA. The mine is owned and operated by Round Oak Minerals.

Best and worst performers 

The best performing sector was Utilities adding 1.6 per cent while the worst performing sector was Energy gained the least 0.6 per cent.

The best performing stock in the S&P/ASX 200 was Resolute Mining (ASX:RSG), rising 7.1 per cent to close at $1.74. Shares in Northern Star Resources (ASX:NST) and St Barbara (ASX:SBM) followed higher.

The worst performing stock in the S&P/ASX 200 was Clinuvel Pharmaceuticals (ASX:CUV), dropping 7 per cent to close at $31.20. Shares in Costs Group Holdings (ASX:CGC) and Speedcast International (ASX:SDA) followed lower.

Japan’s Nikkei has added 2 per cent, Hong Kong’s Hang Seng has added 1.1 per cent and the Shanghai Composite hasgained 0.7 per cent.

US Indices over the week all lost The Dow lost 0.4 per cent, the S&P 500 lost 0.6 per cent and the NASDAQ has lost 0.5 per cent over the week.

Commodities and the dollar

Gold is trading at US$1,442 an ounce.
Iron ore price fell 1.1 per cent to US$119.90.
Iron ore futures are pointing to a rise of 2 per cent.
Light crude is US$1.15 up at US$55.77 a barrel.
One Australian dollar is buying 70.68 US cents.