The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has fallen 0.6%, to close at 4,503.6 following offshore markets down. Overnight, both the Dow Jones Industrial Average and the S&P 500 fell 0.5% on weaker than expected US manufacturing data.
The Australian dollar has risen against the US dollar, currently buying 104.4 cents, despite the RBA’s 0.25% rate cut today.
These three stocks added more than 3%.
Linc Energy Limited (ASX: LNC) rose 6.9%, adding to the 4.4% of gains yesterday, to end at 77.5 cents. The company recently signed an agreement with South African company Exxaro Resources to jointly pursue Linc’s underground coal gasification (UCG) technology as a commercial business in Sub-Saharan Africa. Linc will receive fees as well as royalties under the agreement.
Graincorp Limited (ASX: GNC) climbed 3.2% to $12.32, after its suitor, US firm Archer Daniels Midland, raised its takeover offer from $11.75 per share to $12.20 a share. With the current price at a premium to the offer price, investors may be expecting a higher bid. Graincorp management have advised the market that they are reviewing the offer, but analysts expect the board to reject it and hold out for a higher offer.
Wotif.com Holdings Limited (ASX: WTF) shares rose 3.1% to close at $5.05, after broker CIMB said the company’s October announcement that it was raising its commission rate from 10% to 12% was a ‘game-changer’. The move should increase earnings certainty for the company, according to the broker, and Wotif still has further room to increase the commission rate, as 12% is still much cheaper than the majority of its competitors.
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Motley Fool writer/analyst Mike King doesn’t own shares in any company 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.
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