Aussie shares rebound
October 30, 2009
Better than expected GDP figures out of the US spurred global metal and equity markets to strong gains. Consumer staples, healthcare and the telecommunications sector, which performed strongly this week, were sold as investors returned to the blue chip financials and miners.
At midday, the All Ords rose 59.8 to 4,635, while the ASX/200 added 57.7 to 4,632.4. Over 1.4 billion shares worth around $4.1 billion had changed hands.
The Materials and Resources sector climbed 1.5%.
BHP Billiton added 44c to $37.57, while Rio Tinto spiked $2.62 to $63.60 as they followed their UK counterparts higher.
In London overnight BHP said that it would look to joint venture possibilities in the coming year, rather than takeover opportunities.
Base metals surged in London last night including a 6.2% gain in the price of lead.
Bluescope added 9c to $3.01, while rival Onesteel put on 5c to $3.15.
Newcrest and Lihir Gold rose 41c to $32.87 and 7c to $3.05 respectively.
Fortescue surged 15c, or 4% to $3.86.
Junior iron ore miner Gindalbie Metals spiked 4.5c to 87.5c as final approval for a new West Australian mine was given.
Energy stocks were 1.3% stronger. Woodside climbed 96c to $47.65.
Origin added 20c to $15.87, while Santos tacked 30c, or 2% to $15.19.
The coal miners were mostly flat, with the exception of Whitehaven Coal which added 8c to $3.86.
The major banks all made ground Friday. CBA rallied $1.18 to $52.63, while NAB tacked on 67c to $29.72.
The broader Banks and Financials sector climbed 1.9%.
Macquarie Group added 81c to just over $50 per share. The bank reported a first half profit of $479 million, down 79% from the previous corresponding period. It is expecting a similar result for the second half.
All the insurers made ground with the exception of AXA Asia Pacific which was 4c, or $4.21 below the line.
Property Trusts surged. The sector slumped 4.4% yesterday but made back 3.8% this morning.
Dexus and Goodman Group were more than 7% higher, while Stockland added over 5%.
Heavyweight Westfield rallied 41c, or 3.4% to $12.52.
Consumer Staples were 0.3% down, with little movement from the major players.
Woolworth’s added 6c to $28.71, while Wesfarmers eked out an 8c gain to $28.03.
Coca-Cola Amatil fell 5c to $10.46.
The Consumer Discretionary sector was up 0.6%. The retailers were mixed, with Harvey Norman up 8c, or 2% to $4.10 after going ex-div today.
David Jones fell 6c to $5.43 after rival Myer announced yesterday that its float price would be $4.10 – at the lower end of expectations.
Crown added 15c to $8.25.
Industrials were 1.5% higher. Macquarie Airports added 1.1%, while fellow Macquarie satellite, Macquarie Infrastructure put on 7c, or 5.1% to $1.435 after announcing it would split its portfolio of toll-roads between two new separately listed companies.
Qantas added 7c to $2.79.
Telstra lost 1c to $3.30 with the broader Telecommunications sector off by 0.4%.
Among Healthcare stocks, CSL slumped 35c to $31.55, while Sonic Healthcare shed 18c to $14.07.
The sector lost 1.2%.
Around the region, the Nikkei 225 rose 110.9 to 10,002.0. Across the Tasman, the NZSE50 added 13.2 to 3,208.8
Spot gold was trading at US$1045.65 per ounce, and the Aussie was buying US$0.9144.
Macquarie 1H profit down 21% to $479mMacquarie Group posted a $479m net profit for the six months to 30 September, up 79% from the prior six months. The investment bank foreshadowed that it was expecting a similar result for the second half of the year.
At midday, Macquarie shares were trading up 79c to $50.04.
Sims profit down 77% on a year ago
Sims Metal Management reported a 77% drop in profit in the September quarter versus the previous corresponding period. The metal recycler said profit for the quarter totalled $33.3 million, which was on the back of a 49% fall in revenue to $1.8 billion in the same period.
At lunch, Sims shares were trading down 70c $19.50.
AWE lowers production guidance
Australian Worldwide Exploration lowered its production guidance for FY10 from 7m barrels of oil equivalent to 6.5m BOE due to recent adverse weather at Tui and the planned extended shutdown at BassGas. The company also reported revenue of $109 million for the September quarter, up 25% on the previous quarter.
At noon, AWE shares were up 4c to $2.63.
Gindalbie given green light for mine
Gindalbie Metals said that the Commonwealth Government had given environmental approval for the Karara Iron Ore project in Western Australia. This represents the final regulatory approval required by the miner and as a result construction would begin next week, the company said.
At lunchtime, Gindalbie Metals shares were up 4.5c to 87.5c.
IAG reaffirms FY guidance
Insurance Australia Group expects to deliver an insurance margin towards the upper end of its 9–11% guidance for FY10 if the operating conditions experienced in the first quarter continue. Managing director and CEO, Michael Wilkins, said he was pleased with the group’s progress to date.
At midday, IAG shares were trading up 11c to $3.81.
Sky City on track
Sky City Entertainment Group said it was on target to deliver double-digit NPAT growth in the current financial year based on first quarter results. However, the gamer said it would be challenging in the current economic environments, both in Australia and New Zealand.
At lunchtime, Sky City shares were up 8c to $2.77.
Macquarie Infrastructure aims to split
The board of Macquarie Infrastructure Group said that it would split into two separate entities and divide the current assets amongst the two new companies. The board of the toll-road operator said that, following the split, there would be $226 million in surplus cash, which would entitle shareholders to a special distribution of 10c per security.
At noon, MIG shares were trading up 6.5c to $1.43.
At midday, the All Ords rose 59.8 to 4,635, while the ASX/200 added 57.7 to 4,632.4. Over 1.4 billion shares worth around $4.1 billion had changed hands.
The Materials and Resources sector climbed 1.5%.
BHP Billiton added 44c to $37.57, while Rio Tinto spiked $2.62 to $63.60 as they followed their UK counterparts higher.
In London overnight BHP said that it would look to joint venture possibilities in the coming year, rather than takeover opportunities.
Base metals surged in London last night including a 6.2% gain in the price of lead.
Bluescope added 9c to $3.01, while rival Onesteel put on 5c to $3.15.
Newcrest and Lihir Gold rose 41c to $32.87 and 7c to $3.05 respectively.
Fortescue surged 15c, or 4% to $3.86.
Junior iron ore miner Gindalbie Metals spiked 4.5c to 87.5c as final approval for a new West Australian mine was given.
Energy stocks were 1.3% stronger. Woodside climbed 96c to $47.65.
Origin added 20c to $15.87, while Santos tacked 30c, or 2% to $15.19.
The coal miners were mostly flat, with the exception of Whitehaven Coal which added 8c to $3.86.
The major banks all made ground Friday. CBA rallied $1.18 to $52.63, while NAB tacked on 67c to $29.72.
The broader Banks and Financials sector climbed 1.9%.
Macquarie Group added 81c to just over $50 per share. The bank reported a first half profit of $479 million, down 79% from the previous corresponding period. It is expecting a similar result for the second half.
All the insurers made ground with the exception of AXA Asia Pacific which was 4c, or $4.21 below the line.
Property Trusts surged. The sector slumped 4.4% yesterday but made back 3.8% this morning.
Dexus and Goodman Group were more than 7% higher, while Stockland added over 5%.
Heavyweight Westfield rallied 41c, or 3.4% to $12.52.
Consumer Staples were 0.3% down, with little movement from the major players.
Woolworth’s added 6c to $28.71, while Wesfarmers eked out an 8c gain to $28.03.
Coca-Cola Amatil fell 5c to $10.46.
The Consumer Discretionary sector was up 0.6%. The retailers were mixed, with Harvey Norman up 8c, or 2% to $4.10 after going ex-div today.
David Jones fell 6c to $5.43 after rival Myer announced yesterday that its float price would be $4.10 – at the lower end of expectations.
Crown added 15c to $8.25.
Industrials were 1.5% higher. Macquarie Airports added 1.1%, while fellow Macquarie satellite, Macquarie Infrastructure put on 7c, or 5.1% to $1.435 after announcing it would split its portfolio of toll-roads between two new separately listed companies.
Qantas added 7c to $2.79.
Telstra lost 1c to $3.30 with the broader Telecommunications sector off by 0.4%.
Among Healthcare stocks, CSL slumped 35c to $31.55, while Sonic Healthcare shed 18c to $14.07.
The sector lost 1.2%.
Around the region, the Nikkei 225 rose 110.9 to 10,002.0. Across the Tasman, the NZSE50 added 13.2 to 3,208.8
Spot gold was trading at US$1045.65 per ounce, and the Aussie was buying US$0.9144.
Macquarie 1H profit down 21% to $479mMacquarie Group posted a $479m net profit for the six months to 30 September, up 79% from the prior six months. The investment bank foreshadowed that it was expecting a similar result for the second half of the year.
At midday, Macquarie shares were trading up 79c to $50.04.
Sims profit down 77% on a year ago
Sims Metal Management reported a 77% drop in profit in the September quarter versus the previous corresponding period. The metal recycler said profit for the quarter totalled $33.3 million, which was on the back of a 49% fall in revenue to $1.8 billion in the same period.
At lunch, Sims shares were trading down 70c $19.50.
AWE lowers production guidance
Australian Worldwide Exploration lowered its production guidance for FY10 from 7m barrels of oil equivalent to 6.5m BOE due to recent adverse weather at Tui and the planned extended shutdown at BassGas. The company also reported revenue of $109 million for the September quarter, up 25% on the previous quarter.
At noon, AWE shares were up 4c to $2.63.
Gindalbie given green light for mine
Gindalbie Metals said that the Commonwealth Government had given environmental approval for the Karara Iron Ore project in Western Australia. This represents the final regulatory approval required by the miner and as a result construction would begin next week, the company said.
At lunchtime, Gindalbie Metals shares were up 4.5c to 87.5c.
IAG reaffirms FY guidance
Insurance Australia Group expects to deliver an insurance margin towards the upper end of its 9–11% guidance for FY10 if the operating conditions experienced in the first quarter continue. Managing director and CEO, Michael Wilkins, said he was pleased with the group’s progress to date.
At midday, IAG shares were trading up 11c to $3.81.
Sky City on track
Sky City Entertainment Group said it was on target to deliver double-digit NPAT growth in the current financial year based on first quarter results. However, the gamer said it would be challenging in the current economic environments, both in Australia and New Zealand.
At lunchtime, Sky City shares were up 8c to $2.77.
Macquarie Infrastructure aims to split
The board of Macquarie Infrastructure Group said that it would split into two separate entities and divide the current assets amongst the two new companies. The board of the toll-road operator said that, following the split, there would be $226 million in surplus cash, which would entitle shareholders to a special distribution of 10c per security.
At noon, MIG shares were trading up 6.5c to $1.43.
Leave a Reply