Market adds 1% for the week
March 19, 2010
The Australian market closed at two-month highs Friday following a late run from the banks and several other blue chip stocks. Sectors were mixed with most within 0.7% either side of the gain line.
At the bell, the All Ords had edged 12.4 to 4,890.1, while the ASX/200 gained 9.1 to 4,872.2. Over 2.7 billion shares worth around $5.2 billion had changed hands.
Among the big four banks, ANZ was the best performer, up 0.9% to $25.11.
NAB and Westpac advanced 0.6% and 0.5%, while CBA shed 40c to $56.21.
The Banks and Financials sector was 0.2% above the line.
It was a similar story among the insurance stocks. QBE added 20c to $20.96, while IAG and Suncorp-Metway dipped 4c and 9c to $3.94 and $8.44.
Investment bank Macquarie’s shares weakened 24c, or 0.5% to $49.42.
The Property Trusts sector gained 0.7%, with Westfield climbing 10c, or 0.8% to $12.20.
Stockland and Mirvac added 7c and 2c to $4.04 and $1.495 respectively. GPT lost 1c to 56c.
BHP Billiton was little changed, as it was throughout the day, despite its London listed stock losing ground and base metal prices falling overnight. The miner’s shares closed at $43.20.
Rio Tinto dipped 80c, or 1% to $76.19 as the company signed a memorandum of understanding with Chinalco to establish a joint venture covering the development and operation of the Simandou iron ore project in Guinea.
Fortescue lost 5c to $4.85, despite announcing a 300 million tonnes upgrade to reserves at its Solomon Project in the Pilbara.
Onesteel and Sims Metal rallied 2.3% and 1.7% to $3.92 and $20.63.
Among the chemicals makers, Incitec Pivot was the sector’s major mover, slumping 16c, or 4.3% to $3.54.
The Materials and Resources sector dipped 0.2%.
Energy shares were in favour, with the sector gaining 0.7%.
Woodside climbed 48c, or 1% to $46.73, while Coal and Allied lead the coal stocks higher for the second straight session. Its shares were up $2.97, or 3.4% to $90.80.
Whitehaven and Centennial Coal were 2% and 1.7% higher, while New Hope spiked 3.4% higher to $5.14 per share.
Arrow Energy shares were in a trading halt pending a market update on the takeover offer received from PetroChina and Royal Dutch Shell.
Uranium specialist Extract Resources surged 14.4%.
The Consumer Discretionary sector was also mixed, and finished flat.
Among the retailers David Jones retreated 17c, or 3.3% to $4.92, while Billabong advanced 17c to $10.83.
Flight Centre rose 55c, or 2.7% to $20.93.
A 69c, or 2.2% rise in Wesfarmers' shares to $31.80 helped the Consumer Staples sector to a 0.9% gain.
Second-tier supermarket chain Metcash lost 0.7% to $4.12 after saying it would shut down its Campbell Cash & Carry business.
Woolworths, Coca-Cola and Fosters were all within 0.4% above the gain line.
A series of gains from the larger capped Industrials sectors saw the sector add 0.2%.
Leighton gained 47c, or 1.2% to $39.57 and Brambles put on 6c, or 0.8% to $7.49.
Downer EDI spiked 13c, or 1.7% to $7.60.
MAp Group shed 3c to $3.05. The operator Sydney Airport said passenger numbers had increased 12% in February.
Asciano and Transurban lost 1.6% and 1.5%.
Telstra was flat, while the broader Telecommunications sector slid 0.1%
Around the region, the Nikkei 225 gained 66.2 to 10,810.2, while the NZSE50 added 9.7 to 3,230.4. The Straits Times Index put on 9.8 to 2,923.7. The Hang Seng shed 42.4 to 21,288.3.
Spot gold was trading at US$1,123.80 per ounce, while the Aussie was buying US$0.9218.
Rio and Chinalco form Guinea iron ore JV
Rio Tinto and Chinalco have signed a non-binding memorandum of understanding (“MoU”) to establish a joint venture covering the development and operation of the Simandou iron ore project in Guinea. The company said Chinalco would acquire a 47% interest in the new JV by providing US$1.35 billion on an earn-in basis through sole funding of ongoing development work over the next two to three years.
By the final whistle, Rio shares were down 80c to $76.19.
AGL to sell pipeline for $82.6m
AGL Energy said it has entered into an agreement to sell the Berwyndale to Wallumbilla Pipeline for $82.6m to APA Group. The company said it has also entered into a 17 year Gas Transportation Agreement (“GTA”) with APA in relation to the BWP.
At the end of the day, AGL shares were up 12c to $15.09, while APA shares were down 9c to $3.36.
Significant gap between Telstra and NBN
Telstra Corporation said there is currently a significant gap between Telstra and NBN Co on what each party considers to be an acceptable financial outcome in regards to the negotiations regarding the future of Telstra’s fixed local access network and associated matters. The company said there are also a range of commercial matters that are yet to be agreed.
By the finish, Telstra shares were unchanged at $3.17.
Ore reserve exceeds Western Areas' expectations
Western Areas announced that the ore reserve for the first stage of the planned underground mine at Spotted Quoll has exceeded the company’s expectations. The company said a Probable Ore Reserve of 1,725,000 tonnes at an average grade of 4.1% nickel containing approximately 70,200 tonnes nickel has been estimated from below the Tim King Pit to 525m vertical depth.
At the finish, Western Areas were up 3c to $4.95.
Metcash axes Campbells Cash & Carry
Metcash has decided to axe its Campbells Cash & Carry business as it struggles to compete with branded convenience stores such as 7 Eleven. Metcash said the company would set aside $15.4 million in restructure provisions.
By the end of the day, Metcash shares were down 3c to $4.12.
Sydney Airport visitors up 12% in Feb
MAp Group this morning reported an increase in traffic across its portfolio of airports, including a 12.3% increase at its flagship Sydney Airport. The increase in numbers was, once again, driven by visitors from the US, which saw a 20% increase in passenger numbers.
At the close, MAp shares were down 3c to $3.05.
At the bell, the All Ords had edged 12.4 to 4,890.1, while the ASX/200 gained 9.1 to 4,872.2. Over 2.7 billion shares worth around $5.2 billion had changed hands.
Among the big four banks, ANZ was the best performer, up 0.9% to $25.11.
NAB and Westpac advanced 0.6% and 0.5%, while CBA shed 40c to $56.21.
The Banks and Financials sector was 0.2% above the line.
It was a similar story among the insurance stocks. QBE added 20c to $20.96, while IAG and Suncorp-Metway dipped 4c and 9c to $3.94 and $8.44.
Investment bank Macquarie’s shares weakened 24c, or 0.5% to $49.42.
The Property Trusts sector gained 0.7%, with Westfield climbing 10c, or 0.8% to $12.20.
Stockland and Mirvac added 7c and 2c to $4.04 and $1.495 respectively. GPT lost 1c to 56c.
BHP Billiton was little changed, as it was throughout the day, despite its London listed stock losing ground and base metal prices falling overnight. The miner’s shares closed at $43.20.
Rio Tinto dipped 80c, or 1% to $76.19 as the company signed a memorandum of understanding with Chinalco to establish a joint venture covering the development and operation of the Simandou iron ore project in Guinea.
Fortescue lost 5c to $4.85, despite announcing a 300 million tonnes upgrade to reserves at its Solomon Project in the Pilbara.
Onesteel and Sims Metal rallied 2.3% and 1.7% to $3.92 and $20.63.
Among the chemicals makers, Incitec Pivot was the sector’s major mover, slumping 16c, or 4.3% to $3.54.
The Materials and Resources sector dipped 0.2%.
Energy shares were in favour, with the sector gaining 0.7%.
Woodside climbed 48c, or 1% to $46.73, while Coal and Allied lead the coal stocks higher for the second straight session. Its shares were up $2.97, or 3.4% to $90.80.
Whitehaven and Centennial Coal were 2% and 1.7% higher, while New Hope spiked 3.4% higher to $5.14 per share.
Arrow Energy shares were in a trading halt pending a market update on the takeover offer received from PetroChina and Royal Dutch Shell.
Uranium specialist Extract Resources surged 14.4%.
The Consumer Discretionary sector was also mixed, and finished flat.
Among the retailers David Jones retreated 17c, or 3.3% to $4.92, while Billabong advanced 17c to $10.83.
Flight Centre rose 55c, or 2.7% to $20.93.
A 69c, or 2.2% rise in Wesfarmers' shares to $31.80 helped the Consumer Staples sector to a 0.9% gain.
Second-tier supermarket chain Metcash lost 0.7% to $4.12 after saying it would shut down its Campbell Cash & Carry business.
Woolworths, Coca-Cola and Fosters were all within 0.4% above the gain line.
A series of gains from the larger capped Industrials sectors saw the sector add 0.2%.
Leighton gained 47c, or 1.2% to $39.57 and Brambles put on 6c, or 0.8% to $7.49.
Downer EDI spiked 13c, or 1.7% to $7.60.
MAp Group shed 3c to $3.05. The operator Sydney Airport said passenger numbers had increased 12% in February.
Asciano and Transurban lost 1.6% and 1.5%.
Telstra was flat, while the broader Telecommunications sector slid 0.1%
Around the region, the Nikkei 225 gained 66.2 to 10,810.2, while the NZSE50 added 9.7 to 3,230.4. The Straits Times Index put on 9.8 to 2,923.7. The Hang Seng shed 42.4 to 21,288.3.
Spot gold was trading at US$1,123.80 per ounce, while the Aussie was buying US$0.9218.
Rio and Chinalco form Guinea iron ore JV
Rio Tinto and Chinalco have signed a non-binding memorandum of understanding (“MoU”) to establish a joint venture covering the development and operation of the Simandou iron ore project in Guinea. The company said Chinalco would acquire a 47% interest in the new JV by providing US$1.35 billion on an earn-in basis through sole funding of ongoing development work over the next two to three years.
By the final whistle, Rio shares were down 80c to $76.19.
AGL to sell pipeline for $82.6m
AGL Energy said it has entered into an agreement to sell the Berwyndale to Wallumbilla Pipeline for $82.6m to APA Group. The company said it has also entered into a 17 year Gas Transportation Agreement (“GTA”) with APA in relation to the BWP.
At the end of the day, AGL shares were up 12c to $15.09, while APA shares were down 9c to $3.36.
Significant gap between Telstra and NBN
Telstra Corporation said there is currently a significant gap between Telstra and NBN Co on what each party considers to be an acceptable financial outcome in regards to the negotiations regarding the future of Telstra’s fixed local access network and associated matters. The company said there are also a range of commercial matters that are yet to be agreed.
By the finish, Telstra shares were unchanged at $3.17.
Ore reserve exceeds Western Areas' expectations
Western Areas announced that the ore reserve for the first stage of the planned underground mine at Spotted Quoll has exceeded the company’s expectations. The company said a Probable Ore Reserve of 1,725,000 tonnes at an average grade of 4.1% nickel containing approximately 70,200 tonnes nickel has been estimated from below the Tim King Pit to 525m vertical depth.
At the finish, Western Areas were up 3c to $4.95.
Metcash axes Campbells Cash & Carry
Metcash has decided to axe its Campbells Cash & Carry business as it struggles to compete with branded convenience stores such as 7 Eleven. Metcash said the company would set aside $15.4 million in restructure provisions.
By the end of the day, Metcash shares were down 3c to $4.12.
Sydney Airport visitors up 12% in Feb
MAp Group this morning reported an increase in traffic across its portfolio of airports, including a 12.3% increase at its flagship Sydney Airport. The increase in numbers was, once again, driven by visitors from the US, which saw a 20% increase in passenger numbers.
At the close, MAp shares were down 3c to $3.05.
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