{"id":62078,"date":"2013-06-28T17:25:23","date_gmt":"2013-06-28T07:25:23","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2013\/06\/28\/australian-stocks-what-happened-today-119\/"},"modified":"2013-06-28T17:25:23","modified_gmt":"2013-06-28T07:25:23","slug":"australian-stocks-what-happened-today-119","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2013\/06\/28\/australian-stocks-what-happened-today-119\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

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

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

\n\tThe Australian market (XJO<\/span>) closed down -8.7 points or 0.18% to 4802.6 today. It was a rollercoaster day on the market today with the XJO<\/span> spending time in both positive and negative territory. The Dow Jones rose 114.35 points or 0.77% to 15,024.50 and we opened strong for 15 minutes then sold off to hit a low of 4795.6 at 11:30am<\/span> and then moved to a high of 4832.1 just after 3pm<\/span>. The market closed the financial year matching down over 8 points. Market sectors finished mixed today, the best performer was the ASX<\/span> A-REIT sector gaining 0.99% and the worst was Information Technology, falling -1.55%.<\/p>\n

\tWesTrac<\/span>, a division of Seven Group Holdings Limited ((SVW<\/span>)) reports that they are cutting 350 jobs in NSW and ACT as part of a restructure. WesTrac<\/span> is chaired by Kerry Stokes and is a heavy machinery dealer, supplying Caterpiller<\/span> machinery such as bulldozers and trucks to miners and builders. WesTrac<\/span> Australia employs more than 3500 employees across 30 branches in Western Australia, NSW and the ACT. WesTrac<\/span> said it had already introduced a series of efficiency and productivity initiatives over the past eight months in an effort to streamline its costs. ''But these measures alone have not been sufficient in view of continuing challenging market conditions.''<\/p>\n

\n\tCSL<\/span> Limited's ((CSL<\/span>)) CEO Brian McNamee<\/span> is finishing up at the company today, after 23 years at the health care products supplier. McNamee<\/span> is set to earn $.9 million in one off payments in October when all ties with CSL<\/span> are severed. The ex CEO could also be entitled to shares worth over $18 million over the next few years under long term incentive plans. While McNamee<\/span> has been at the helm, CSL<\/span> has grown from a small government enterprise to being a publicly listed company worth over $30 billion.<\/p>\n

\tKingsgate<\/span> Consolidated Limited ((KCN<\/span>)) will take a $300 million write-off against its Challenger gold mine in South Australia as it slashes output at the mine to cope with the slumping gold price. KCN<\/span> bought Challenger for $376 million, with operations at the mine hit by a series of operating issues subsequently, which has restricted output and earnings from the mine. As a result of the Gold price moving lower, KCN<\/span> said it will cut output at the mine to 70,000-80,000 ounces of gold annually, down from output which had been targeted at around 100,000 ounces annually.<\/p>\n

\tThe price of Gold has now moved lower than U.S. $1200, its lowest in nearly three years. Gold has slid nearly U.S. $200 an ounce in 10 days. It is down more than 28% for the year and is headed for a 25% loss for the second quarter, its biggest quarterly decline since at least 1968.<\/p>\n

\n\tAUD is currently trading at $0.9275, up $0.0005 against the USD.<\/p>\n

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

\n\tDiscovery Metals Limited ((DML<\/span>)) up $0.015 or 12.50% to $0.135
\n\tEmeco<\/span> Holdings Limited ((EHL<\/span>)) up $0.02 or 7.69% to $0.28
\n\tPaladin Energy Limited ((PDN<\/span>)) up $0.055 or 6.71% to $0.875
\n\tDrillsearch<\/span> Energy Limited ((DLS<\/span>)) up $0.065 or 6.53% to $1.05
\n\tMount Gibson Iron Limited ((MGX<\/span>)) up $0.025 or 5.68% to $0.465<\/p>\n

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

\tCaltex<\/span> Australia Limited ((CTX<\/span>)) down -$2.34 or -11.43% to $18.13<\/span><\/p>\n

\n\tCudeco<\/span> Limited ((CDU<\/span>)) down -$0.25 or -11.06% to $2.01<\/span><\/p>\n

\n\tBillabong<\/span> International Limited ((BBG<\/span>)) down -$0.015 or -9.09% to $0.15<\/span><\/p>\n

\n\tKingsgate<\/span> Consolidated Limited ((KCN<\/span>)) down -$0.105 or -7.72% to $1.255<\/span><\/p>\n

\n\tPanaust<\/span> Limited ((PNA<\/span>)) down -$0.115 or -5.93% to $1.825<\/span><\/p>\n

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

\n\tWith a lot of tax loss selling today hard to get any sort of grasp on what today's price action means for the market. It will be interesting to see how U.S. exchanges trade tonight and how the futures are looking for Monday morning.<\/p>\n

\tNot surprised to see the banks were the out performers today, and no real selling to speak off.<\/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":8,"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\/62078"}],"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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=62078"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/62078\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=62078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=62078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=62078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}