Local shares gain ground
June 29, 2010
Local shares pushed higher Tuesday morning, buoyed by the major miners and the banks. Investors were encouraged by speculation the new Prime Minister will seek to end the impasse with the mining industry over the RSPT quickly, while stronger metal prices also strengthened the sector.
With only day to go before the new financial year, the ASX/200 was 0.4% stronger by lunch.
At midday, the All Ords added 12.1 to 4,421.8, while the ASX/200 put on 14.6 to 4,399.1. Around 1.1 billion shares worth around $4.9 billion had changed hands.
BHP Billiton and Rio Tinto gained 0.8% and 1.7% respectively. RBS this morning speculated that Rio shareholders might vote against the proposed merger of iron ore operations with BHP in the Pilbara region.
Newcrest and Lihir were down 1.9% and 1.8% respectively to $35.24 and $4.33 respectively.
Steel stocks, Bluescope and Onesteel edged around 1% higher, while Nufarm was upgraded to Neutral by Credit Suisse, sending that company’s shares 27c higher to $5.47.
The broader Materials and Resources sector gained 0.3%.
The Banks and Financials sector rose 0.6%. Of the major banks, Westpac put on 26c to $21.77, while NAB added 19c to $23.72.
Investment bank Macquarie eased 0.1% lower, extending its worst five-day loss in over 15 months. The banks have been hit by deteriorating business conditions and the loss of key staff.
AMP and QBE were 0.7% and 0.3% lower, countering modest gains from the other insurers.
The Property Trusts were subdued, easing to a 0.4% gain for the morning. Goodman Group was the only significant mover, up 2c to 64c.
A 21c decline in the price of Woodside shares couldn’t stop a 0.2% overall rise from the Energy sector. Santos countered with a 15c rally to $12.81.
Linc Energy was 4.1% stronger after saying it is experiencing success in the development of a hydrogen fuel cell.
Downer EDI tumbled 20c, or 5% to $3.79 after responding to media reports, saying the company had ample liquidity with in excess of $600 million in available funds.
The Industrials sector eased 0.4% lower, despite Brambles and Leighton - the sectors two biggest companies - edging higher.
Elsewhere Asciano, Toll and Transurban were between 1% and 1.5% lower.
The Consumer Staples and Discretionary sectors were 0.3% and 0.2% stronger.
Newscorp helped media stocks higher with a 1.8% gain to $17.14, while Tatts Group eased just 1c lower to $2.24, despite writing off $165 million, mainly from its UK businesses.
Wesfarmers rallied 36c to $29.55, countered by a 17c fall in the price of Woolworths shares to $27.30
Around the region, the Nikkei 225 gained 47.7 to 9,741.6, the Straits times Index added 9.9 to 2,879.9 and the NZSE50 retreated 13.1 to 2,995.3.
Spot gold was trading at US$1,236.90 per ounce, while the Aussie was buying US$0.8717.
With only day to go before the new financial year, the ASX/200 was 0.4% stronger by lunch.
At midday, the All Ords added 12.1 to 4,421.8, while the ASX/200 put on 14.6 to 4,399.1. Around 1.1 billion shares worth around $4.9 billion had changed hands.
BHP Billiton and Rio Tinto gained 0.8% and 1.7% respectively. RBS this morning speculated that Rio shareholders might vote against the proposed merger of iron ore operations with BHP in the Pilbara region.
Newcrest and Lihir were down 1.9% and 1.8% respectively to $35.24 and $4.33 respectively.
Steel stocks, Bluescope and Onesteel edged around 1% higher, while Nufarm was upgraded to Neutral by Credit Suisse, sending that company’s shares 27c higher to $5.47.
The broader Materials and Resources sector gained 0.3%.
The Banks and Financials sector rose 0.6%. Of the major banks, Westpac put on 26c to $21.77, while NAB added 19c to $23.72.
Investment bank Macquarie eased 0.1% lower, extending its worst five-day loss in over 15 months. The banks have been hit by deteriorating business conditions and the loss of key staff.
AMP and QBE were 0.7% and 0.3% lower, countering modest gains from the other insurers.
The Property Trusts were subdued, easing to a 0.4% gain for the morning. Goodman Group was the only significant mover, up 2c to 64c.
A 21c decline in the price of Woodside shares couldn’t stop a 0.2% overall rise from the Energy sector. Santos countered with a 15c rally to $12.81.
Linc Energy was 4.1% stronger after saying it is experiencing success in the development of a hydrogen fuel cell.
Downer EDI tumbled 20c, or 5% to $3.79 after responding to media reports, saying the company had ample liquidity with in excess of $600 million in available funds.
The Industrials sector eased 0.4% lower, despite Brambles and Leighton - the sectors two biggest companies - edging higher.
Elsewhere Asciano, Toll and Transurban were between 1% and 1.5% lower.
The Consumer Staples and Discretionary sectors were 0.3% and 0.2% stronger.
Newscorp helped media stocks higher with a 1.8% gain to $17.14, while Tatts Group eased just 1c lower to $2.24, despite writing off $165 million, mainly from its UK businesses.
Wesfarmers rallied 36c to $29.55, countered by a 17c fall in the price of Woolworths shares to $27.30
Around the region, the Nikkei 225 gained 47.7 to 9,741.6, the Straits times Index added 9.9 to 2,879.9 and the NZSE50 retreated 13.1 to 2,995.3.
Spot gold was trading at US$1,236.90 per ounce, while the Aussie was buying US$0.8717.
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