The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has added 0.5% today, ending at 4,738.4, buoyed by the financials and healthcare sectors, and despite falls by our two major miners. Improving investor confidence in 2013 and low deposit interest rates, may be prompting an inflow of funds into the market.
The Australian dollar is down slightly against the US dollar, currently buying around 105.5 US cents.
These three stocks were the best performers in the ASX 200, rising more than 7%.
Boral Limited (ASX: BLD) added an astonishing 10.1% to end at $4.80, after Australia's largest building materials group finally bit the bullet and announced a restructure of its businesses, with an associated loss of 700 jobs. The job cuts are estimated to save the company $90 million, with most coming from management level, and an additional 300 jobs will be shed as the company closes plants and outsources some of its processes.
FKP Property Group (ASX: FKP) was up 9.9%, closing at $1.505. Property trusts, or A-REITs as they are now known, may be experiencing a comeback, after a number went to the wall during the global financial crisis. Since 2009, many have restructured their businesses, sold off assets to pay down debts and simplified their businesses. FKP is still going through that process, with plans to float its retirement village assets and cut 10% in overhead costs, after reporting a $360 million loss in the 2012 financial year.
Perennial yo-yo Energy World Corporation (ASX: EWC) was up 7.6%, or 2.5 cents to close at 35.5 cents. Despite today's price rise, the company's shares are still trading below levels 3 years ago. In 2012, the share price fell 47%, amid concerns that the company has nothing to show for the capital it has raised since 1997, and questions over the validity of its accounts. Energy World looks like a stock to steer clear of in 2013.
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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.
