The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) closed flat on Friday, after an early spike, closing at 4,460.1. And that's despite strong gains on Wall Street the previous night, with the Dow Jones Industrial Average and the S&P 500 both up more than 1%.
The Australian dollar was up again versus the US dollar, currently buying 104.1 cents.
These three stocks trounced the market.
Ten Network Holdings (ASX: TEN) climbed 9.3% to close at 29.5 cents, a day after selling its outdoor advertising business, Eye Corp, for $113 million to CHAMP private equity. The shares may also have risen on hopes of a takeover, after one of its major shareholders, Perpetual Limited (ASX: PPT) sold out of the company. With several media billionaires already owning shares in Ten, they could be right.
Drillsearch Energy Limited (ASX: DLS) added 7.8% to end at $1.595, after the oil and gas company announced that it has secured majority ownership of fellow Bowen Basin driller, Acer Energy (ASX: INP). Drillsearch has been producing oil for some years now, but production is expected to accelerate in 2013, with the company targeting 1.3 million barrels of oil equivalent. The acquisition of Acer could boost that even further.
Boart Longyear Limited (ASX: BLY) rose 6.3% to end at $1.525 as the big miners rose almost 2%, and mining services companies benefitted. Boart had seen its shares heavily sold off in September, after the company gave a weaker outlook than investors had expected. The share price has fallen 35% since August, and claimed the company's CEO. Still, directors have been buying shares in the company recently, and Boart is expected to report earnings per share of more than 30 cents in the 2013 financial year.
The Foolish bottom line
If you thought last week was exciting (wasn't it?), this week we have a blockbuster Tuesday. Not only is it Melbourne Cup day, but it's also the day the Reserve Bank of Australia (RBA) release its rates decision – with many expecting a cut the official rate. Apparently 1 in 3 Australians are expected to be glued to the TV that evening, when the $100 million OzLotto jackpot is drawn, while Tuesday night, our time, is US election day.
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Motley Fool writer/analyst Mike King owns shares in Drillsearch. 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.
