Australia | May 20 2013
This story features NORTHERN STAR RESOURCES LIMITED.
For more info SHARE ANALYSIS: NST
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS
By Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives
Australian Market
The Australian market (XJO) closed up 28.2 points or 0.54% to 5209.0 today. Another strong open for the market with 5 year highs broken on the XJO in the morning. There was a daily high of 5246.9 at around 12:20 before dropping lower all afternoon til close. All ASX sectors managed to stay green today except for the gold sector, dropping -2.15%, and Health Care just falling by 0.01%. CommBank ((CBA)) created another all time high of $74.18. Last Friday night in the U.S. the Dow Jones rose 121.18 points or 0.80% to 15,354.40.
The price of iron ore has been on a longer, slower down trend. On Friday, it slipped to U.S. $123.10, down U.S. $1.90 from the previous close. The drop off started in early January but got serious from mid February.
Macquarie Group's ((MQG)) recent hybrid share offer was originally to raise $400 million, but had received such "strong support" that brokers and institutional investors have brought together $580 million worth of firm commitments. Macquarie has lifted its offer size up to $600 million. Hybrid shares have been a hit with investors because of their more predictable returns.
Construction Company Leighton Holdings ((LEI)) held it's AGM today, informing share holders it will appoint up to five new directors before the end of June. The company has also reiterated its full year profit guidance of $520-$560 million.
AUD is currently trading at $0.9764, up $0.0045 against the USD.
Top Performers
Energy World Corporation Limited ((EWC)) up $0.035 or 8.43% to $0.45
Mirabela Nickel Limited ((MBN)) up $0.01 or 6.45% to $0.165
Bluescope Steel Limited ((BSL)) up $0.25 or 4.88% to $5.37
Leighton Holdings Limited ((LEI)) up $0.65 or 3.61% to $18.66
Invocare Limited ((IVC)) up $0.39 or 3.28% to $12.27
Bottom Performers
Silver Lake Resources Limited ((SLR)) down -$0.11 or -13.33% to $0.715
Evolution Mining Limited ((EVN)) down -$0.085 or -9.66% to $0.795
Northern Star Resources Limited ((NST)) down -$0.068 or -9.25% to $0.667
Perseus Mining Limited ((PRU)) down -$0.085 or -7.46% to $1.055
Medusa Mining Limited ((MML)) down -$0.155 or -6.60% to $2.195
Our Comments
After such a great start to the day we finished quite poorly and gave away a lot of gains. We continue to really like the energy sector here and STO traded well today and has since our recent note on the stock. Will do some research on this new listing Sino, which is an oil and gas services play based in China and get back to everyone soon.
(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
Re-published with permission. Views expressed are not by association FNArena's (see our disclaimer).
Stephen Hogan is an Authorised Representative of Novus Capital. Authorised Representative No.345411 – http://www.stephenhogan.com.au
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