SYDNEY: The Australian sharemarket advanced 7.1 per cent in 2017, posting its second straight annual rise, supported by commodity producers and high-flying growth stocks.
On Friday, the last trading day of the year, the S&P/ASX 200 Index fell 23 points or 0.4 per cent to close at 6065.1 points. The NZX 50 slid 10 points to 8398.08. For the quarter, Australian shares advanced 6.8 per cent, the best performance since March 2015, and for the month, 1.6 per cent. The annual gain was the best since 2013.
QBE Insurance agreed to pay $132.5 million to settle a class actionover 2013 share price plunge, in an after-market statement on Thursday. In December 2013 QBE’s share price dropped by more than 22 per cent in a single day and 30 per cent over two days, wiping $4 billion off the company’s value. The stock fell 0.3 per cent to $10.69.
Crown Resorts will sell its 62 per cent interest in CrownBet for $150 million, to an entity linked to the online wagering business’s management team. Crown shares fell 0.2 per cent to $13.02. Fonterra Shareholders’ Fund declined 2.7 per cent to $5.73 after the co-op downgraded its forecast for New Zealand milk collections to 1,480 kilograms of milk solids from 1,525kg for 2017-18. The revised volume is 4 per cent lower than in 2016-17.
Myer Holdings rose 4.8 per cent to 66¢; Saracen Mineral Holdings fell 4 per cent to $1.69. Shares of confectioner Yowie Group were halted ahead of a trading update.
Buru Energy flagged that rain linked to Cyclone Hilda had impacted its Ungani field, causing oil production from the Ungani field to be shut for up to three days and potential delays in completion of the Ungani 5 well. Buru shares fell 1.6 per cent to 31¢.
Aruma Resources was pinged by the ASX over a share price spike which sent the microcap surging 57 per cent to 3.3¢. Aruma is awaiting drilling results but had no further information to disclose.
Japanese stocks rose in thin trading ahead of the New Year’s holiday with the Topix heading for its best annual performance since 2013. The Topix index has gained about 20 per cent this year, while the Nikkei 225 Stock Average has 19 per cent, heading for the best year since 2013.
The MSCI Asia Pacific Index is sitting on an annual gain of about 28 per cent, backed by the region’s world-beating growth and a go-slow approach by major central banks in withdrawing record monetary stimulus.
The Australian dollar was on track for a third straight week of gains on Friday, and its best annual performance in seven years, as optimism for global growth and strong commodity prices helped offset its shrinking yield advantage.
The Australian dollar was trading at US78.02¢, having touched a 10-week top of US78.10¢ overnight. That left the commodity currency with gains of more than 8 per cent for the year, its best showing since 2010.
