The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has closed up 0.1%, ending at 4,476.9, following flat markets on Wall Street on Friday. Volumes today were very low as investors maybe sitting on the sidelines, waiting for more direction from global markets. US markets are likely to be closed tonight our time, and possibly Tuesday night, thanks to Hurricane Sandy.
The Australian dollar was fairly flat against the US dollar, currently buying US 103.5 cents.
These three stocks posted rises of over 5% today.
Fairfax Media Limited (ASX: FXJ) added 7.8% to close at 41.5 cents, possibly on renewed confidence in management to turnaround the company and reduce costs. At the company's AGM last week, the board acknowledged that at some point in the future, it would be a digital only business. With net debt of over $900 million and $2.5 billion in intangible assets, the company (and shareholders) still face some hefty risks.
APN News & Media Limited (ASX: APN) saw its shares rise 7.1%, closing at 37.5 cents. Both Fairfax and APN visited India earlier this month to look at potentially outsourcing their finance and accounting functions as a means of reducing costs, according to the Australian Financial Review (owned by Fairfax). Speculation is also rife that consolidation in the media sector is inevitable, which may be increasing investors' willingness to buy shares in the media stocks.
Energy World Corporation (ASX: EWC) rose 5.7%, and closed at 37 cents. A perennial yo-yo stock, the company's share price is extremely volatile and appears to be at the mercy of speculators. The share price is only slightly above the price it was 13 years ago, showing it hasn't been a great investment for shareholders. This year the company has also had to fend off suggestions of improper conduct from the media.
If you only invest in one company this year, make it our "Top Stock for 2012-13". Operating in two hot markets — one set to double by 2012, the other predicted to grow 5x over the next five years — this stock is a solid growth play that also boasts strong recurring revenue, zero debt, and lots of cash. Get its name and full research case in this brand-new FREE report.
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Motley Fool writer/analyst Mike King owns shares in Fairfax. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
