Market retreats 0.7%
June 28, 2010
Australian shares got off to a disappointing start to the week as the broader indices closed 0.7% in the red. While it was relatively mixed among the mid and smaller capped stocks, consistent falls from the blue chips weighed.
At the bell, the All Ords lost 29.7 to 4,409.7, while the ASX/200 fell 28.5 to 4,384.5. Around 1.6 billion shares worth around $3.9 billion had changed hands.
BHP Billiton and Rio Tinto retreated 31c and $1.00 to $38.49 and $68.60 respectively.
Steel stocks were also sold. Bluescope, Onesteel and metal recycler Sims Group retreated 1.8%, 1.6% and 2.7% respectively.
Fortescue Metals Group reversed early losses to close 6c, or 1.4% higher at $4.42.
Many smaller gold plays once again countered the broader decline among Materials and Resources stocks.
St Barbara rose 2.8%, while newcomer, Eldorado Gold tacked on 2.3%.
However, Newcrest and Lihir, the two biggest gold miners, lost 8c and 3c to $35.92 and $4.41 respectively.
The sector retreated 0.8%.
Oil Search added 2c to $5.72, however the broader Energy sector gave up 0.4% as several majors lost ground.
Santos and Origin weakened 0.3% and 0.7% respectively.
Coal miner Whitehaven tumbled 18c to $4.84, while WorleyParsons jumped 35c to $22.15 after signing a deal with Brazilian mining giant Vale for engineering work on an iron project in that country.
The Banks and Financials sector lost 0.7%.
Among the big four banks, CBA edged 5c lower to $49.95, while NAB and Westpac were both down 1.1% to $23.53 and $21.51.
ANZ shed 0.8%, while investment banks Macquarie retreated 55c, or 1.4% to $38.95.
Meanwhile, insurer QBE gained 12c to $18.47.
The Property Trusts sector was 0.7% lower, with Westfield virtually flat, and GPT and Goodman Group 1.7% and 3.1% below the gain line.
The Consumer Staples sector was flat. Wesfarmers added 9c, or 0.3% to $29.19.
Coca-Cola and Foster’s retreated 11c and 5c to $11.92 and $5.64 respectively.
Beleaguered rural services company, Elders was 4.1% higher at 38c. The company hit an all-time high of $28.30 on this day three years ago.
The Consumer Discretionary sector retreated 0.7%.
The retailers were weaker. Billabong, Pacific Brands and Harvey Norman dropped 1.1%, 2.7% and 1.7% respectively.
Media stock Newscorp fell 32c, or 1.9% to $16.83.
The Industrials sector was down 1.2%. Brambles continues to suffer after losing a key US customer several weeks ago. Its shares lost 21c to $5.56.
Leighton shed 66c to $30.00, while Auckland International Airport slumped 3.8% to $1.53.
Telstra shed 1c to $3.29 as the Telecommunications sector weakened 0.5%.
Around the region, the Nikkei 225 fell 43.5 to 9,693.9, the Straits times Index gained 10.9 to 2,862.5 and the NZSE50 retreated 25.7 to 3,008.4. The Hang Seng advanced 72.4 to 20,763.2.
Spot gold was trading at US$1,255.47 per ounce, while the Aussie was buying US$0.8735.
Asciano restructures bank facilities, plans to simplify corporate structure
Asciano Group said it has completed the restructuring of its bank facilities. The ports and rail operator said the restructure provides for the release of security held by the bank syndicate and removes prohibitions on borrowing outside the existing facilities.
At the close, Asciano shares were up 1.5c to $1.69.
WorleyParsons secures Vale contract
Engineering firm WorleyParsons said that Brazilian mining giant Vale had awarded a “significant cost reimbursable” contract to a consortium of WorleyParsons and SNC-Lavalin for engineering and project management work at Vales’s multi-billion dollar S11D project in Brazil. WorleyParsons, in a statement to the Australian Stock Exchange, declined to put a figure on the expected value of the contract.
At the bell, WorleyParsons shares were up 35c to $22.15.
Wattyl accepts Valspar offer
Wattyl has recommended shareholders accept The Valspar Corporation’s takeover bid, which values the Australian paint maker at approximately $142m. The US paint and coatings company offered shareholders $1.67 per share.
At the end of the day, Wattyl shares were trading up 35.5c to $1.615.
At the bell, the All Ords lost 29.7 to 4,409.7, while the ASX/200 fell 28.5 to 4,384.5. Around 1.6 billion shares worth around $3.9 billion had changed hands.
BHP Billiton and Rio Tinto retreated 31c and $1.00 to $38.49 and $68.60 respectively.
Steel stocks were also sold. Bluescope, Onesteel and metal recycler Sims Group retreated 1.8%, 1.6% and 2.7% respectively.
Fortescue Metals Group reversed early losses to close 6c, or 1.4% higher at $4.42.
Many smaller gold plays once again countered the broader decline among Materials and Resources stocks.
St Barbara rose 2.8%, while newcomer, Eldorado Gold tacked on 2.3%.
However, Newcrest and Lihir, the two biggest gold miners, lost 8c and 3c to $35.92 and $4.41 respectively.
The sector retreated 0.8%.
Oil Search added 2c to $5.72, however the broader Energy sector gave up 0.4% as several majors lost ground.
Santos and Origin weakened 0.3% and 0.7% respectively.
Coal miner Whitehaven tumbled 18c to $4.84, while WorleyParsons jumped 35c to $22.15 after signing a deal with Brazilian mining giant Vale for engineering work on an iron project in that country.
The Banks and Financials sector lost 0.7%.
Among the big four banks, CBA edged 5c lower to $49.95, while NAB and Westpac were both down 1.1% to $23.53 and $21.51.
ANZ shed 0.8%, while investment banks Macquarie retreated 55c, or 1.4% to $38.95.
Meanwhile, insurer QBE gained 12c to $18.47.
The Property Trusts sector was 0.7% lower, with Westfield virtually flat, and GPT and Goodman Group 1.7% and 3.1% below the gain line.
The Consumer Staples sector was flat. Wesfarmers added 9c, or 0.3% to $29.19.
Coca-Cola and Foster’s retreated 11c and 5c to $11.92 and $5.64 respectively.
Beleaguered rural services company, Elders was 4.1% higher at 38c. The company hit an all-time high of $28.30 on this day three years ago.
The Consumer Discretionary sector retreated 0.7%.
The retailers were weaker. Billabong, Pacific Brands and Harvey Norman dropped 1.1%, 2.7% and 1.7% respectively.
Media stock Newscorp fell 32c, or 1.9% to $16.83.
The Industrials sector was down 1.2%. Brambles continues to suffer after losing a key US customer several weeks ago. Its shares lost 21c to $5.56.
Leighton shed 66c to $30.00, while Auckland International Airport slumped 3.8% to $1.53.
Telstra shed 1c to $3.29 as the Telecommunications sector weakened 0.5%.
Around the region, the Nikkei 225 fell 43.5 to 9,693.9, the Straits times Index gained 10.9 to 2,862.5 and the NZSE50 retreated 25.7 to 3,008.4. The Hang Seng advanced 72.4 to 20,763.2.
Spot gold was trading at US$1,255.47 per ounce, while the Aussie was buying US$0.8735.
Asciano restructures bank facilities, plans to simplify corporate structure
Asciano Group said it has completed the restructuring of its bank facilities. The ports and rail operator said the restructure provides for the release of security held by the bank syndicate and removes prohibitions on borrowing outside the existing facilities.
At the close, Asciano shares were up 1.5c to $1.69.
WorleyParsons secures Vale contract
Engineering firm WorleyParsons said that Brazilian mining giant Vale had awarded a “significant cost reimbursable” contract to a consortium of WorleyParsons and SNC-Lavalin for engineering and project management work at Vales’s multi-billion dollar S11D project in Brazil. WorleyParsons, in a statement to the Australian Stock Exchange, declined to put a figure on the expected value of the contract.
At the bell, WorleyParsons shares were up 35c to $22.15.
Wattyl accepts Valspar offer
Wattyl has recommended shareholders accept The Valspar Corporation’s takeover bid, which values the Australian paint maker at approximately $142m. The US paint and coatings company offered shareholders $1.67 per share.
At the end of the day, Wattyl shares were trading up 35.5c to $1.615.
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