3 large caps that trumped the market

ASX follows overseas markets down, but these three companies posted rises

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has fallen 37.3 points, or 0.8%, to close at 4,505.8, following the lead of global markets. The Dow Jones Industrial Average fell 1.8% overnight, while the S&P 500 lost 1.4%, after US corporate earnings disappointed and ratings agency, Moody’s cut its debt rating for five Spanish regions, citing weak financial positions and looming debt redemptions.

The Australian dollar was stronger against the US dollar, buying 103.1 cents.

Just 6 of the top 50 ASX stocks by market cap managed to post positive results today, here’s the best three.

Insurance Australia Group (ASX: IAG) rose 1.3% to close at $4.63, continuing its rise from under $3 earlier this year. It appears the group’s strategy of expanding into Asia is working out well for the insurer – and shareholders. The company has forecast gross written premium will grow by 9-11% in the next financial year, and expects to pay a fully franked dividend yield of around 5% next year (based on the current share price).

Dexus Property Group (ASX: DXS) added 1% to end at 98 cents, after the company announced that it had experienced a strong quarter of leasing and increased its occupancy levels. Valuation reviews of several of its properties saw some of them rise, while the company announced that it was looking to get out of the US industrial property market to focus on the Australian office and industrial sectors.

Fortescue Metals Group (ASX: FMG) ended at $4.25 after gaining 1%, as iron ore prices continue to recover. The miner saw its share price fall below $3 just last month, as spot iron ore prices fell under $US90 a tonne. A renegotiation and extension of some of its debt facilities helped the miner avoid an equity raising. Iron ore prices have since risen, and were trading between US$110-US$120 a tonne this week, and Fortescue could look to restart some expansion projects that had been put on hold.

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.

More reading

Motley Fool writer/analyst Mike King doesn’t own shares in any companies mentioned. 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.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

asx share price competitions represented by businessmen arm wrestling
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

person reading news on mobile phone
⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »