{"id":62009,"date":"2013-06-17T17:31:30","date_gmt":"2013-06-17T07:31:30","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/06\/17\/australian-stocks-what-happened-today-112\/"},"modified":"2013-06-17T17:31:30","modified_gmt":"2013-06-17T07:31:30","slug":"australian-stocks-what-happened-today-112","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/06\/17\/australian-stocks-what-happened-today-112\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

\n\tBy Stephen Hogan<\/a>, Senior Private Client Adviser, Equities\/Derivatives<\/p>\n

\tAustralian Market<\/strong><\/p>\n

\tThe Australian market (XJO) closed up 34.1 points or 0.71% to 4825.9 today. What started off the day looking negative has closed with a nice gain. The market made a low of 4743.3 just before 11am and swiftly turned around to rally hard and push back into the green, closing at the day's high of 4825.9. The sectors finished mixed today, the best performer was Financial-X-A-REIT rising 1.73% and the worst being the Information Technology sector, dropping -1.74%. On Friday the Dow Jones fell-105.90 points or 0.70% to 15,070.20.<\/p>\n

\n\tSundance Resources ((SDL)) said it will look to make further US oil and gas acquisitions. Sundance is capable of making another deal the size of the Texon transaction, valued at about $100 million, and will consider adding acreage through drilling leases or purchases. Sundance, which also bought acres in Colorado in 2012, plans to invest about $225 million drilling wells in the US this year and expects spending to increase next year. The company is focusing on oil and gas basins in Texas, Colorado, Oklahoma and North Dakota. "Something the size of Texon is a manageable acquisition for us, and it could even be slightly larger," Managing Director Eric McCrady said. "The main focus right now is drilling up the assets we have today."<\/p>\n

\n\tSkilled Group Limited ((SKE)) has made a $75.5 million acquisition within the oil and gas sector today. The company reached a deal with private company Broadsword Marine Contractors to buy its business, which supplies equipment and boats to offshore oil and gas companies. Skilled will pay $48.8 million now and a further $26.7 million over the next three years for a total purchase price of $75.5 million. The acquisition is tipped to deliver up to $17 million in earnings before interest, tax, depreciation and amortisation in the 2014 financial year.<\/p>\n

\n\tAGL energy Limited ((AGK)) will raise gas prices in NSW by 9.2% after winning government approval, reasonably higher than the 5.2-5.8% rises Origin Energy Limited was awarded for southern NSW. Separately, regulated customers of AGL's half-owned Actew-AGL will be hit with a rise of 5.5%.The increases were approved by the NSW government pricing regulator the Independent Pricing and Regulatory Tribunal, and take effect from July 1. The rises for gas overshadow the rise of an average of 1.7% for electricity, although prices from Energy Australia will rise around 3.2% for customers, mostly are around central Sydney and the Hunter Valley.<\/p>\n

\n\tNew car sales were marginally higher in May, following two straight months of falls, providing further evidence that demand had flattened out albeit at historically high levels. Figures from the Australian Bureau of Statistics showed new vehicle sales edged up to a seasonally adjusted 93,209 in May, from 93,182 in April. Annual growth also slowed with sales up a bare 0.2% on May last year. Sales of passenger vehicles fell 1.2% in the month, while those for sports utilities dipped 0.1%. Sales of other vehicles, including trucks, bounced 3.5% after a couple of soft months.<\/p>\n

\n\tAustralia's gold output fell 5% in the first quarter on weather-related disruption and a weaker currency would likely have cushioned a sharper fall in the current quarter when the metal's price plunged. Gold, which tumbled into a bear market in April, is on track for the first annual drop since 2000.<\/p>\n

\n\tAUD is currently trading at $0.9636, up $0.0070 against the USD.<\/p>\n

\tTop Performers<\/strong><\/p>\n

\tResolute Mining Limited ((RSG)) up $0.082 or 11.97% to $0.767<\/p>\n

\n\tMaverick Drilling and Exploration Limited ((MAD)) up $0.035 or 10.61% to $0.365<\/p>\n

\n\tTroy Resources Limited ((TRY)) up $0.20 or 10.55% to $2.095<\/p>\n

\n\tSkilled Group Limited (SKE) up $0.175 or 8.03% to $2.355<\/p>\n

\n\tCoalspur Mines Limited ((CPL)) up $0.02 or 7.41% to $0.29
\n\t 
\n\tBottom Performers<\/strong><\/p>\n

\t  Discovery Metals Limited ((DML)) down -$0.02 or -10.00% to $0.18<\/p>\n

\n\tLend Lease Group ((LLC)) down -$0.72 or -7.70% to $8.63<\/p>\n

\n\tFKP Property Group ((FKP)) down -$0.095 or -7.69% to $1.14<\/p>\n

\n\tHorizon Oil Limited ((HZN)) down -$0.03 or -7.69% to $0.36<\/p>\n

\n\tImdex Limited ((IMD)) down -$0.055 or -7.33% to $0.695<\/p>\n

\tOur Comments<\/strong><\/p>\n

\n\tIt was nice to see an 80 point trading range today, good to see however that we did finish at the highs. Clear indication that there is a lot of domestic cash sitting on the side lines looking to buy into the market. Banks strongly out performing as per our recent comments.<\/p>\n

\n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.)
\n\t <\/p>\n

\n\tRe-published with permission. Views expressed are not by association FNArena's<\/span> (see our disclaimer).<\/em><\/p>\n

\n\tStephen Hogan is an Authorised<\/span> Representative of Novus<\/span> Capital. Authorised<\/span> Representative No.345411 – http:\/\/www.stephenhogan.com.au<\/a><\/em><\/p>\n

\n\tNovus<\/span> Capital Limited ("Novus<\/span>") is holder of Australian Financial Services Licence<\/span> No 238 168. Novus<\/span>, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and\/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this e-mail or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised<\/span> and also may change without notice to you, particularly if based on past performance or relate to a future matter.<\/em><\/p>\n

\n\tNovus<\/span> believes that any information or advice (including any financial product recommendation) contained in this document is accurate when issued but do not warrant its accuracy or reliability. Novus<\/span> is not obliged to provide you with updated information or advice if circumstances change. Novus<\/span>, its directors, officers, associates and employees exclude to the full extent permitted by law, all liability of any kind whether in negligence, contract, under a fiduciary duty or otherwise, for any loss or damage, whether direct, indirect, consequential or otherwise, whether foreseeable or not, arising from or in connection with this e-mail or an attached document.<\/em><\/p>\n

\n\tFind out why FNArena<\/span> subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A wrap of the day’s activity on the Australian stock market.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62009"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=62009"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62009\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=62009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=62009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=62009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}