Miners rise as banks retreat
December 21, 2009
A late sell off saw the Aussie market drop below the line after being in positive territory for most of the day. While BHP led the materials and resources sector higher, falls elsewhere including financial and energy stocks outpaced those gains.
In economic news, according to the Australian Bureau of Statistics motor vehicle sales increased 5.5% in November compared to October. The rise has been attributed to the government’s 50% investment tax allowance. In the year to date, car sales had jumped 15.8%.
At the bell, the All Ords lost 6.9 to 4,665.0, while the ASX/200 weakened 7.2 to 4,643.3. About 1.8 billion shares worth around $3.5 billion had changed hands.
BHP Billiton gained 35c or 0.9% to $40.95 as the broader Materials and Resources sector added 0.7%.
Rio Tinto dipped 52c, or 0.7% to $70.57 after being in the black in morning trade.
The gold miners were improved as the price of the metal edged higher in New York on Friday.
Newcrest and Lihir gained 1.8% and 1.9% to $34.78 and $3.18 respectively.
Metal recycler Sims Group put on 58c, or 2.8% to $21.47 after one of its subsidiary businesses was acquired by Macquarie Harbour Mining. The latter’s shares rose 1c, or 4.2% to 25c.
Australia’s third-largest iron-ore producer Fortescue advanced 1.6% to $4.33.
The Energy sector lost 0.5% on the back of solid gains among mid capped sector players. Aquila Resources and WorleyParsons climbed 4.6% and 1.7% to $9.30 and $27.93.
Woodside slid 47c, $47.15 and Oil Search gained 8c to $5.87.
The big four banks were mainly lower, with Westpac edging 14c lower to $23.35 and ANZ down 39c lower to $20.95.
CBA reversed early gains to finish 71c, or 1.3% below the line at $52.15. Reports surfaced this morning the bank was considering its position relating to its Maltese tax haven.
NAB added 1c to $26.00 and
The Banks and Financials sector shed 0.4%, with insurers hovering close to either side of the gain line.
Soul Pattinson rallied 55c, or 4.2% to $13.56.
In the Property Trusts sector, Lend Lease put on 1.3% to $9.42 after announcing it had secured the rights to develop the $6 billion Barangaroo development in Sydney’s CBD.
Stockland gained 4c to $3.84 and Goodman Group lost 2.5c to 57.5c.
The sector weakened 0.4%.
The Consumer Staples was down 1.5% at the end of the day.
Woolworths and Wesfarmers retreated 1.6% and 1.5% respectively, while Foster’s dropped 2.7% to $5.36.
Consumer Discretionary advanced 0.2%.
Newscorp added 0.7% to $17.47, while Pacific Brands rallied 2.7% to $1.135. Sky City and Aristocrat fell 3% and 2.2% to $2.60 and $3.98 respectively.
The Industrials sector added 0.6% with Qantas adding over one point to the market after its shares surged 5.1% to $2.88. The airline said its outlook was improving and pre-tax profit should come in between $50 million and $150 million.
Brambles advanced 3% to $6.42, while gains were capped by declines from Asciano and Transurban, down 2.8% and 1.4%.
Telstra sank 14c, or 4.1% to $3.29 as investors booked profits from several days of gains. The Telecommunications sector dropped 3.8%.
Qantas flying into better conditions
Qantas Airways said that improving conditions had seen the airline raise its expectations of pre-tax profit to between $50m and $150m for the six months to 31 December. “Operating conditions have improved when compared to the second half of the 2008/09 financial year with passenger volumes and yield improving,” the airline said in a statement.
At the close, Qantas shares were up 14c to $2.88.
Lend Lease awarded $6bn Barangaroo project
Lend Lease said it has agreed to make a series of payments totaling several hundred million dollars to the State government over eight years in order to secure the development rights of the $6bn Barangaroo project in Sydney. The company said payments would include about $100 million in the first 18 months.
At the finish, Lend Lease shares were up 12c to $9.42.
Arrow purchases 35% in Chinese CSG block
Arrow Energy subsidiary Arrow Energy International has signed an agreement with Fortune Oil subsidiary, Fortune Green Energy, to acquire a 35% stake in Fortune Liulin Gas. The company said the cost of the acquisition was US$13.3 million, while there are also conditional options to increase its stake to 75%.
At the end of the day, Arrow shares were unchanged at $3.95.
CER, CNP re-work debt
Centro Retail Trust and Centro Properties Group announced today that they had both extended loans set to expire this month. CNP said that as part of the extension, about $45 million of the loan would be repaid through proceeds from asset sales with the outstanding $325 million extended to December 2010 ($52 million) and December 2011 ($273 million).
By the finish, CER shares were unchanged at 15c, while CNP were unchanged at 24c.
Po Valley announces first Italian gas flows
Po Valley Energy said its first flows of gas into Italy’s energy grid commenced over the weekend. The company said that flows from its Castello gas field east of Milan had built up to around 1.5 million cubic feet of gas per day after initial start-up late last week.
At the end of the day, Po Valley shares were up 21c to $1.60.
In economic news, according to the Australian Bureau of Statistics motor vehicle sales increased 5.5% in November compared to October. The rise has been attributed to the government’s 50% investment tax allowance. In the year to date, car sales had jumped 15.8%.
At the bell, the All Ords lost 6.9 to 4,665.0, while the ASX/200 weakened 7.2 to 4,643.3. About 1.8 billion shares worth around $3.5 billion had changed hands.
BHP Billiton gained 35c or 0.9% to $40.95 as the broader Materials and Resources sector added 0.7%.
Rio Tinto dipped 52c, or 0.7% to $70.57 after being in the black in morning trade.
The gold miners were improved as the price of the metal edged higher in New York on Friday.
Newcrest and Lihir gained 1.8% and 1.9% to $34.78 and $3.18 respectively.
Metal recycler Sims Group put on 58c, or 2.8% to $21.47 after one of its subsidiary businesses was acquired by Macquarie Harbour Mining. The latter’s shares rose 1c, or 4.2% to 25c.
Australia’s third-largest iron-ore producer Fortescue advanced 1.6% to $4.33.
The Energy sector lost 0.5% on the back of solid gains among mid capped sector players. Aquila Resources and WorleyParsons climbed 4.6% and 1.7% to $9.30 and $27.93.
Woodside slid 47c, $47.15 and Oil Search gained 8c to $5.87.
The big four banks were mainly lower, with Westpac edging 14c lower to $23.35 and ANZ down 39c lower to $20.95.
CBA reversed early gains to finish 71c, or 1.3% below the line at $52.15. Reports surfaced this morning the bank was considering its position relating to its Maltese tax haven.
NAB added 1c to $26.00 and
The Banks and Financials sector shed 0.4%, with insurers hovering close to either side of the gain line.
Soul Pattinson rallied 55c, or 4.2% to $13.56.
In the Property Trusts sector, Lend Lease put on 1.3% to $9.42 after announcing it had secured the rights to develop the $6 billion Barangaroo development in Sydney’s CBD.
Stockland gained 4c to $3.84 and Goodman Group lost 2.5c to 57.5c.
The sector weakened 0.4%.
The Consumer Staples was down 1.5% at the end of the day.
Woolworths and Wesfarmers retreated 1.6% and 1.5% respectively, while Foster’s dropped 2.7% to $5.36.
Consumer Discretionary advanced 0.2%.
Newscorp added 0.7% to $17.47, while Pacific Brands rallied 2.7% to $1.135. Sky City and Aristocrat fell 3% and 2.2% to $2.60 and $3.98 respectively.
The Industrials sector added 0.6% with Qantas adding over one point to the market after its shares surged 5.1% to $2.88. The airline said its outlook was improving and pre-tax profit should come in between $50 million and $150 million.
Brambles advanced 3% to $6.42, while gains were capped by declines from Asciano and Transurban, down 2.8% and 1.4%.
Telstra sank 14c, or 4.1% to $3.29 as investors booked profits from several days of gains. The Telecommunications sector dropped 3.8%.
Qantas flying into better conditions
Qantas Airways said that improving conditions had seen the airline raise its expectations of pre-tax profit to between $50m and $150m for the six months to 31 December. “Operating conditions have improved when compared to the second half of the 2008/09 financial year with passenger volumes and yield improving,” the airline said in a statement.
At the close, Qantas shares were up 14c to $2.88.
Lend Lease awarded $6bn Barangaroo project
Lend Lease said it has agreed to make a series of payments totaling several hundred million dollars to the State government over eight years in order to secure the development rights of the $6bn Barangaroo project in Sydney. The company said payments would include about $100 million in the first 18 months.
At the finish, Lend Lease shares were up 12c to $9.42.
Arrow purchases 35% in Chinese CSG block
Arrow Energy subsidiary Arrow Energy International has signed an agreement with Fortune Oil subsidiary, Fortune Green Energy, to acquire a 35% stake in Fortune Liulin Gas. The company said the cost of the acquisition was US$13.3 million, while there are also conditional options to increase its stake to 75%.
At the end of the day, Arrow shares were unchanged at $3.95.
CER, CNP re-work debt
Centro Retail Trust and Centro Properties Group announced today that they had both extended loans set to expire this month. CNP said that as part of the extension, about $45 million of the loan would be repaid through proceeds from asset sales with the outstanding $325 million extended to December 2010 ($52 million) and December 2011 ($273 million).
By the finish, CER shares were unchanged at 15c, while CNP were unchanged at 24c.
Po Valley announces first Italian gas flows
Po Valley Energy said its first flows of gas into Italy’s energy grid commenced over the weekend. The company said that flows from its Castello gas field east of Milan had built up to around 1.5 million cubic feet of gas per day after initial start-up late last week.
At the end of the day, Po Valley shares were up 21c to $1.60.
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