News: Market Wrap: Aus shares gain despite weak GDP

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After an early dip into the red the Australian share market recovered ground and finished 0.8 per cent higher. 

 

The gains came despite the release of a weak GDP growth figure of just 0.3 per cent for the September quarter. The read came in below expectations and it led the Aussie dollar to slip below the $US0.84 mark.

 

A further sign of weakness came from the Performance of Services index which AiGroup reported as lifting only 0.2 points in October 

 

The S&P/ASX 200 index closed 41 points up to finish at 5,322. 

 

The value of trades was $4.61 billion on volume of 775 million shares at the close of trade. The top three stocks by value were Woodside Petroleum Limited (ASX:WPL), Commonwealth Bank of Australia (ASX:CBA) and BHP Billiton Limited (ASX:BHP).

 

On the futures market the SPI is 38 points up.

 

Company news

 

Ten Network Holdings Limited (ASX:TEN) took losses today as it confirmed it has received non-binding indicative proposals from a number of parties. The broadcaster has appointed Citigroup to consider strategic options and warned that if transactions eventuate it could result in a change of control of Ten or a refinancing of existing debt facilities.Ten Network closed 6.25 per cent down at $0.23. 

 

Shares in Suncorp Group Limited (ASX:SUN) gained today as it explained that it’s now received 24,500 home, motor and commercial claims as a result of storms in Brisbane last Thursday. Suncorp says that it expects more claims and whilst it’s too early to estimate finals costs for the event, early indications suggest it will reach maximum financial impact of $250 million.Shares in Suncorp closed 0.07 per cent up at $14.39. 

 

Recall Holdings Limited (ASX:REC) has continued its aggressive expansion strategy with its sixth acquisition since the start of this financial year.

 

UniLife Corporation (ASX:UNS) (NASDAQ:UNIS) has signed a 10 year commercial supply agreement with a global pharmaceutical company for the use of its Depot-ject delivery system for ocular injection therapy.

 

CuDeco Limited (ASX:CDU) has signed a memorandum of understanding with China state-owned Sinosteel whereby Sinosteel can increase its shareholding in CuDeco.

 

Senex Energy Limited (ASX:SXY) latest drilling efforts have shown mixed results.

 

Best and worst performers

All major sectors closed higher today. The best performing sector was utilities adding 2 per cent to close at 6,067. The sector with the least gains was telco services, gaining 0.3 per cent to close at 1,999 points.

 

The best performing stock in the S&P/ASX 200 was Liquefied Natural Gas Limited (ASX:LNG), rising 13.94 per cent to close at $2.86. Shares in Mesoblast limited (ASX:MSB) and Whitehaven Coal (ASX:WHC) also closed higher.

 

The worst performing stock was Resolute Mining Limited (ASX:RSG), dropping 6.38 per cent to close at $0.22. Shares in Ten Network Holdings Limited (ASX:TEN) and Nufarm Limited (ASX:NUF) also closed lower.

 

Commodities

Gold is trading at $US1,200 an ounce.
Light crude is $2.12 down at $US66.88 a barrel.
The Australian dollar is buying $US0.8403