News: Market Wrap: Aus shares jump 2.5%

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At the end of the last full week of trading for the year the Santa rally arrived with the local market pushing up more than 2.5 per cent at the close of trade.

 

In line with gains on Wall Street the ASX headed higher, led by the industrials sector. The energy sector maintained strength today but Senex Energy reversed its run of gains to fall to the day’s worst performer. 

 

Today, the S&P/ASX 200 index closed 128 points up to finish at 5,339. 

Over the week the index gained 119 points. 

 

The value of trades was $9.7 billion on volume of 1.4 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), BHP Billiton Limited (ASX:BHP) and Rio Tinto Limited (ASX:RIO).

 

On the futures market the SPI is 121 points up.

 

Looking at Wall Street, US major indexes have jumped over the four trading days this week: The Dow Jones Industrial Average has added 3.4 per cent. The S&P 500 Index has is up 3.5 per cent. The NASDAQ has added 3 per cent. The 100 Index has gained 2.6 per cent. 

 

Company news

 

Cover-More Group Limited (ASX:CVO) saw gains today on news of a partnership with Insurance Australia Group in New Zealand. The company says it will provide specialised travel insurance services for IAG brands. CEO Bruce Morrison says the partnership with IAG establishes Cover-More as the predominant travel insurer and assistance provider in New Zealand. Shares in Cover More closed 9.34 per cent up at $1.99 

 

nearmap Limited (ASX:NEA) is also up almost 10 per cent as it affirms its revenue guidance, noted strong US expansion and says its R&D program is already bearing fruit. The visual analytics company expects to increase first half revenue by between 43 and 47 per cent to between $11.3 and $11.6 million. Shares in nearmap closed 9.48 per cent up at $0.64. 

 

Santos Limited (ASX:STO) says it has secured an additional three-year $1 billion bilateral bank loan facility with ANZ Banking Group (ASX:ANZ).  

 

Singapore Telecommunications Limited (ASX:SGT) has inked a deal to buy Australia-based Ensyst Pty Ltd. for about $13 million.  

 

Best and worst performers 

All major sectors are up today, the best performing sector was industrials adding 3.3 per cent to close at 4,311. The sector with the least gains was telco services, gaining 1.3 per cent to close at 2,058 points.

 

The best performing stock in the S&P/ASX 200 was Mesoblast limited (ASX:MSB), rising 9.63 per cent to close at $4.44. Shares in Ardent Leisure Group (ASX:AAD) and Cover-More Group Limited (ASX:CVO) also closed higher.

 

The worst performing stock was Senex Energy Limited (ASX:SXY), dropping 7.25 per cent to close at $0.32. Shares in Medusa Mining Limited (ASX:MML) and Resolute Mining Limited (ASX:RSG) also closed lower. 

 

IPOs 

Catapult Group International Limited (ASX:CAT) started trading today. The sportswear technology developer floated with an issue price of $0.55, opened at $0.585 and closed at $0.55. 

 

CBG Capital Limited (ASX:CBC) also started trading today. The investment manager listed with an issue price of $1.00, opened at $0.975 and a closed at $0.975.

 

Commodities

The price of gold is trading at $US1,198 an ounce, and is down $0.24 over the week.
Light crude is $2.43 lower at $US54.36 a barrel.
The Australian dollar is buying $0.8189 and is down a little under a cent over the week.