The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has dropped 0.3% today, to close at 4,336.8, ending a dismal week, losing 3% and hitting two month lows as the usual suspects, European debt issues and the US Fiscal cliff weigh on investors' minds.
The Australian dollar was down against the US dollar, currently buying 103.2 cents.
These three stocks were the best performers in the ASX 200 index, rising more than 5%.
Buru Energy Limited (ASX: BRU) climbed 8.5% to close at $2.94, after reporting encouraging drilling results at its Ungani North 1 well, located 100kms east of Broome, in the Canning Basin, Western Australia. Buru has teamed up with Japanese giant, Mitsubishi, and last week signed an agreement with the West Australian government to develop a supply project for gas users in WA, a gas pipeline and an LNG project in the longer term.
Ten Network Holdings Ltd (ASX: TEN) added 5.4% to end at 29.5 cents, despite the ad market for free-to-air (FTA) television falling 5% in October, and Ten continuing to lose market share in the FTA market. Ten's ad revenues dropped 22% over the year to just 21%. In contrast, Seven Network holds 43% of the market and the Nine Network holds 36%. As I mentioned earlier this week, there may not be room for three commercial FTA networks, and Ten looks like the odd one out.
Transpacific Industries Group Ltd (ASX: TPI) rose 5.2%, closing at 70.5 cents, after the company announced plans to reduce its debt. Transpacific repurchased $11 million of convertible notes on market, and will redeem another $37.3 million worth on December 7. With $890 million of long-term debt at the end of June 2012, the company has a fair way to go to get its debt back to manageable levels.
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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.
