Aussie market down on choppy trade
November 5, 2009
The local share market jumped out of the box following modest gains on Wall Street overnight, before drifting lower throughout the morning to be 0.4% lower by lunch. In choppy trade materials stocks and consumer staples weighed the market, while energy stocks capped losses.
Myer and David Jones both hit the market with quarterly earnings reports, with Myer taking the honours with sales rising by 2.9% over the quarter to $717.1 million, while David Jones posted a slightly lower 2.2% rise in like-for-like sales to around $450 million.
Total sales for Myer and David Jones rose 5.2% and 4.5% respectively.
At lunch, Myer shares were down 2c at $3.82, while David Jones had dipped 7c to $5.35.
For the market at noon, the All Ords had lost 7.5 to 4,540.1, while the ASX/200 shed 11.3 to 4,528.8. About 1.2 billion shares worth around $2 billion had changed hands.
The major miners were largely unchanged with BHP Billiton down 9c to $36.85, while Rio Tinto edged 2c higher to $63.45.
However, the home materials and chemical manufacturers were heavily sold dragging the Materials and Resources sector down 0.5%.
Orica shed 21c to $22.24 and Incitec Pivot lost 3c to $2.56.
James Hardie and Boral lost 0.8% and 1.1% to $7.09 and $5.50 respectively.
Energy stocks were stronger as the sector paced a rise in the price of crude back above US$80 per barrel. The sector added 1%. Woodside Petroleum jumped 81c to $48.03.
Among the banks ANZ lost 55c to $22.18 as it traded ex-dividend today. The other big banks were stronger with CBA up 72c, or 1.4% to $52.09. NAB added 35c to $28.50.
The Banks and Financials sector shed 0.4%.
The insurers were mixed. QBE rose 10c to $21.36.
Macquarie Group added 1c to sit at $48.10.
The Property Trusts sector was down 1.7%. Westfield, which represents around 1/3 of the sector, lost 10c to $11.90, while Stockland dipped 7c to $3.67.
Among other Consumer Discretionary stocks Newscorp spiked 4.4% as it posted double digit profit growth for the last quarter to just over $1 billion.
Its shares climbed 67c to $15.82.
Gamers were mixed with Crown up just 6c to $8.24. The island of Macau reported a 42% jump in gambling revenue in October from the same month a year ago.
West Australian News was hit by profit-taking following a couple of strong sessions for the stock. The Consumer Discretionary rose 0.3%.
The Consumer Staples sector slumped 1%. Wesfarmers shed 36c, or 1.3% to $26.41 and Woolworths lost 16c to $27.74.
Industrials were mixed, with the sector up 1.1% overall.
Brambles lost 12c to $7.05. Meanwhile, Leightons, by market capitalisation virtually the same size as Brambles, added 7c to $34.05.
Transurban shares jumped 17.8% after rejecting a $6 billion takeover bid from two Canadian Pension Funds.
Telstra retreated 3c to $3.20. The broader Telecommunications sector lost 0.8%.
Around the region, the Nikkei 225 shed 82.8 to 9,761.5, while the Straits Times Index lost 7.6 to 2,641.1. Across the Tasman, the NZSE50 dipped 8.7 to 3,158.0.
Spot gold was trading at US$1089.12 per ounce, and the Aussie was buying US$0.9086.
David Jones sales up 2.2% in 1Q
David Jones reported sales revenue of $452.1m for the period 26 July to 24 October, up 2.2% from total sales of $442.3 million in the equivalent 2008 quarter. The retailer said that there were positive factors from the first quarter trading which augurs well for the Christmas trading season.
At noon, David Jones shares were trading down 11c to $5.31.
News Corp first quarter profit up 11%
News Corporation reported an 11% increase in first quarter net profit to US$571m versus the previous corresponding period. The media company said first quarter consolidated operating income increased 9% in the same period to US$1.04 billion.
At lunch, New Corp shares were up 65c to $15.80.
Leighton positive about future
Leighton Holdings said that the 2010 financial year has started well for the company with total revenue for the first quarter to 30 September 2009 up 10% to $4.5bn. The company said it had generated profit after tax (unaudited) of $131m, an increase of 25% on the prior first quarter.
At midday, Leighton shares were down 1c to $33.97.
Myer 1Q sales climb 5.2%
Myer reported sales revenue for the quarter to the 24 October of $717.1m, up 5.2% from the 2008 quarter. Like-for-like sales grew at 4.5%, including the company’s refurbished stores.
At lunchtime, Myer shares were down 2c to $3.82.
FIRB approves Chinese stake in Centrex
Centrex Metals said that the Foreign Investment Review Board had given the green light for Wuhan Iron & Steel to take a 60% stake in iron ore rights in five of Centrex’s iron mineral tenements in South Australia. Under the deal, WISCO would pay $186 million for the rights to the tenements, as well as 15% of the issued equity in the Aussie miner.
At noon, Centrex shares were up 6c to 70c.
RCI receives competing offer
Rocklands Richfield announced that its board has determined that Chinese commercial coke producer Meijin Energy Group’s recent takeover proposal is superior to the Jindal Proposal offered in September. Earlier this week Meijin proposed to acquire 100% of the shares in RCI at an offer price of 52c cash per share.
At midday, Rocklands Richfield shares were up 4c to 38c.
Myer and David Jones both hit the market with quarterly earnings reports, with Myer taking the honours with sales rising by 2.9% over the quarter to $717.1 million, while David Jones posted a slightly lower 2.2% rise in like-for-like sales to around $450 million.
Total sales for Myer and David Jones rose 5.2% and 4.5% respectively.
At lunch, Myer shares were down 2c at $3.82, while David Jones had dipped 7c to $5.35.
For the market at noon, the All Ords had lost 7.5 to 4,540.1, while the ASX/200 shed 11.3 to 4,528.8. About 1.2 billion shares worth around $2 billion had changed hands.
The major miners were largely unchanged with BHP Billiton down 9c to $36.85, while Rio Tinto edged 2c higher to $63.45.
However, the home materials and chemical manufacturers were heavily sold dragging the Materials and Resources sector down 0.5%.
Orica shed 21c to $22.24 and Incitec Pivot lost 3c to $2.56.
James Hardie and Boral lost 0.8% and 1.1% to $7.09 and $5.50 respectively.
Energy stocks were stronger as the sector paced a rise in the price of crude back above US$80 per barrel. The sector added 1%. Woodside Petroleum jumped 81c to $48.03.
Among the banks ANZ lost 55c to $22.18 as it traded ex-dividend today. The other big banks were stronger with CBA up 72c, or 1.4% to $52.09. NAB added 35c to $28.50.
The Banks and Financials sector shed 0.4%.
The insurers were mixed. QBE rose 10c to $21.36.
Macquarie Group added 1c to sit at $48.10.
The Property Trusts sector was down 1.7%. Westfield, which represents around 1/3 of the sector, lost 10c to $11.90, while Stockland dipped 7c to $3.67.
Among other Consumer Discretionary stocks Newscorp spiked 4.4% as it posted double digit profit growth for the last quarter to just over $1 billion.
Its shares climbed 67c to $15.82.
Gamers were mixed with Crown up just 6c to $8.24. The island of Macau reported a 42% jump in gambling revenue in October from the same month a year ago.
West Australian News was hit by profit-taking following a couple of strong sessions for the stock. The Consumer Discretionary rose 0.3%.
The Consumer Staples sector slumped 1%. Wesfarmers shed 36c, or 1.3% to $26.41 and Woolworths lost 16c to $27.74.
Industrials were mixed, with the sector up 1.1% overall.
Brambles lost 12c to $7.05. Meanwhile, Leightons, by market capitalisation virtually the same size as Brambles, added 7c to $34.05.
Transurban shares jumped 17.8% after rejecting a $6 billion takeover bid from two Canadian Pension Funds.
Telstra retreated 3c to $3.20. The broader Telecommunications sector lost 0.8%.
Around the region, the Nikkei 225 shed 82.8 to 9,761.5, while the Straits Times Index lost 7.6 to 2,641.1. Across the Tasman, the NZSE50 dipped 8.7 to 3,158.0.
Spot gold was trading at US$1089.12 per ounce, and the Aussie was buying US$0.9086.
David Jones sales up 2.2% in 1Q
David Jones reported sales revenue of $452.1m for the period 26 July to 24 October, up 2.2% from total sales of $442.3 million in the equivalent 2008 quarter. The retailer said that there were positive factors from the first quarter trading which augurs well for the Christmas trading season.
At noon, David Jones shares were trading down 11c to $5.31.
News Corp first quarter profit up 11%
News Corporation reported an 11% increase in first quarter net profit to US$571m versus the previous corresponding period. The media company said first quarter consolidated operating income increased 9% in the same period to US$1.04 billion.
At lunch, New Corp shares were up 65c to $15.80.
Leighton positive about future
Leighton Holdings said that the 2010 financial year has started well for the company with total revenue for the first quarter to 30 September 2009 up 10% to $4.5bn. The company said it had generated profit after tax (unaudited) of $131m, an increase of 25% on the prior first quarter.
At midday, Leighton shares were down 1c to $33.97.
Myer 1Q sales climb 5.2%
Myer reported sales revenue for the quarter to the 24 October of $717.1m, up 5.2% from the 2008 quarter. Like-for-like sales grew at 4.5%, including the company’s refurbished stores.
At lunchtime, Myer shares were down 2c to $3.82.
FIRB approves Chinese stake in Centrex
Centrex Metals said that the Foreign Investment Review Board had given the green light for Wuhan Iron & Steel to take a 60% stake in iron ore rights in five of Centrex’s iron mineral tenements in South Australia. Under the deal, WISCO would pay $186 million for the rights to the tenements, as well as 15% of the issued equity in the Aussie miner.
At noon, Centrex shares were up 6c to 70c.
RCI receives competing offer
Rocklands Richfield announced that its board has determined that Chinese commercial coke producer Meijin Energy Group’s recent takeover proposal is superior to the Jindal Proposal offered in September. Earlier this week Meijin proposed to acquire 100% of the shares in RCI at an offer price of 52c cash per share.
At midday, Rocklands Richfield shares were up 4c to 38c.
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