Australian Stock Market Report – Afternoon July 14, 2014
By Juliana Roadley, CommSec Market Analyst | July 14, 2014 5:41 PM EST
End of Day Report (4.30pm AEST)
The Australian market closed the first day of the trading week on a high, with the All Ordinaries opened up 16pts higher at the beginning of the session and by the close the markets had added 21.2pts and the ASX 200 up 24.6pts to 5,511.4pts.
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The market volume was once again light only $3.09Billion worth of shares traded today - quietest day since 26 May. Most sectors closed higher with Banking stocks, retailer and the Telcos did well while the Utilities closed lower.
The big 4 banks all higher today and the larger insurers also did well but investment manager AMP Limited (AMP) lost ground.
The retail sector in focus today, David Jones (DJS) shareholders voted to except the $2.2 billion takeover bid from South Africa´s Woolworths Holdings Limited. David Jones shareholders overwhelmingly backed the bid with almost 97% of shares voted to accept the $4.00 a share offer well above the 75% acceptance that was needed. David Jones share price lifted once it came out of a trading halt and closed at $3.98 up 1.27%. Rival department store retailer, Myer Holdings Limited (MYR) lost ground early in the day but by the close added 0.44% to $2.30. Harvey Norman Holdings Limited (HVN) fell away and closed down 0.6% and Mr Solomon Lew's Premier Investments Limited (PMV) ended down 0.2%.
Shares in Kresta Blinds (KRS) have jumped to a 2 year high today and closed up 9.5% on news of an "on-market" $34.5Million takeover offer from a chinse based trading firm. A subsidiary of Chinese sunshade maker Ningbo Xianfeng New Material Co. Kresta management said "shareholders should take no action in response to the offer while an independent expert´s report to assess the takeover bid is prepared."
In the Materials sector stocks were mixed, Fortescue (FMG) lost ground again this morning after falling by 7.2% last week, down another 2.30% today. BHP Billiton Limited (BHP) and Rio Tinto Limited (RIO) ended slightly higher.
Gold stocks were lower as the Gold price fell away US$10 in Asian trade to $1,326 an ounce. Weakness in PanAust Limited (PNA) is a copper-gold producer off 4.4% and Syrah Resources Limited (SYR) fell again today (off 10.6%) after coming back on the market late Friday after replying to its latest ASX enquiry saying "Syrah receives informal, confidential and non-binding enquiries from various parties regarding Syrah's interest in entering takeover discussions"
The US$ oil price fell away again on Friday night now at a 2 month low and lost a little more ground through the trading day today, now at US$100.47 a barrel
Woodside Petroleum Limited (WPL) announced it had bought a 70% of Beach Energy's (BPT) exploration acreage in Tanzania, Beach and Woodside shares started higher but after midday WPL shares fell back and ended down 0.36%.
In Economic data - Australian lending data for May showed new lending commitments (housing, personal, commercial and lease finance) fell by from a six-year high, down by 2.8% to $67.3Billion. Lending now stands 20.1% higher than a year ago.
The Australian dollar holding steady at 0.9393 up 0.7% in early trade.
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