Shares eke out gains
Australia’s two major indices closed slightly higher Thursday as the majority of sectors closed within 1% either side of the gain line. The big four banks recovered some of their recent losses, while consumer related stocks fell out of favour.
According to Reserve Bank of Australia figures, $19.25 billion was spent on credit and charge cards in September, up from $18.87 billion the previous month.
At the end of the day, the All Ords had gained 8.2 to 4,767.8, while the ASX/200 rose 10.2 to 4,749.2. About 2.5 billion shares worth around $4.3 billion had changed hands.
The Banks and Financials sector put on 0.6%.
The big four banks posted gains, with NAB and CBA the best performers having rallied 1.4% and 1.6% to $29.00 and $53.14 respectively.
The insurers showed more volatility throughout the day. IAG, the source of takeover speculation, climbed 19c to $4.20, while QBE lost 41c to $22.60.
Property Trusts were mainly higher, with Westfield leading the sector 0.5% into the black, gaining 1.6% to $12.73.
Mirvac lost 3c to $1.545, despite reaffirming guidance of a 20% increase in profit to $250 million this financial year.
Goodman Group put on 2.4% to 63c, while Stockland fell 1.5% to $4.07.
Among the heavyweight miners, BHP Billiton added 17c, or 0.4% to $40.77, while Rio Tinto was flat at $72.60. Reports surfaced suggesting Rio Tinto was not too keen to pursue the Pilbara joint venture with BHP.
The Materials and Resources sector put on 0.4%.
The gold miners benefited from the rise in the price of gold. Newcrest added 55c to $36.01.
Aquarius Platinum jumped 42c, or 7.2% to $6.28.
The Energy sector was 0.1% lower despite a 1.2% gain to $50.10 from Woodside and Oil Search adding 7c to $5.92.
Origin countered, losing 19c, or 1.2% to $16.06, while Paladin and Felix slumped over 3.5% each.
Industrials finished 0.2% lower.
Brambles added 4c to $6.76 as the company reported a 3% drop in sales for the four months to 31 October 2009 compared to the previous corresponding period.
Leighton gained 7c to $37.21.
Toll rose 12c to $8.29, while airliner Qantas shed 2c to $2.71.
Among Consumer Staples, Wesfarmers and Woolworths lost 20c and 12c to $29.19 and $28.30 respectively.
Meanwhile, a 0.9% gain to $10.63 from Coca-Cola was more than offset by Foster’s, which fell 2.3% to $5.57.
The sector weakened 0.6%.
The Consumer Discretionary sector was trading 0.9% lower, with retailers losing ground on a report by the National Retailers Association that more than one-third of shoppers were planning to cut back on Christmas spending.
JB Hi-Fi was off 46c to $22.50, while Billabong sank 20c to $10.15.
Among media stocks, Fairfax shed 3.5c to $1.695, while Newscorp eased 8c, or 0.5% lower to $15.86. Both publishers have expressed an interest in charging for online content, with the contention being how and not if.
Among Healthcare stocks, Sonic Healthcare edged 2c higher to $14.20 after reaffirming profit guidance. Larger rival CSL advanced 1c to $31.77. The sector was flat.
Telstra lost 1c to trade at $3.31. The broader Telecommunications was 0.2% below the line.
Around the region, the Nikkei 225 lost 174.5 to 9,502.3, while the Straits Times Index added 27.5 to 2,772.5. Across the Tasman, the NZSE50 put on 12.8 to 3,141.2. The Hang Seng dropped 121.2 to 22,719.2.
Spot gold was trading at US$1,141.12 per ounce, and the Aussie was buying US$0.9235.
Iluka's Jacinth-Ambrosia ahead of schedule
Iluka Resources said its Jacinth-Ambrosia project has completed first production of heavy mineral concentrate ahead of schedule. The company said capital expenditure is expected to be less than $390 million, compared with an approved budget of $420 million.
At the end of the day, Iluka shares were unchanged at $3.40.
Brambles sales down 3% to start FY10
Brambles said that, in the four months to 31 October 2009, the company posted sales revenue of $1.4 billion, down 3% from the previous corresponding period.
By the finish, Brambles shares were up 4c at $6.76.
Monadelphous wins $60m contract
Monadelphous Group said it has been awarded a $60m contract associated with the construction of the Gorgon Project on Barrow Island in Western Australia. The company said the initial term of the facilities management services contract is for three years, with the option for two further one-year extensions.
At the end, Monadelphous shares were down 2c to $13.43.
St Barbara sees growth ahead
St Barbara, at its Annual General Meeting, said that the future growth for the company would be underpinned by company’s Gwalia mine, near the town of Leonora in Western Australia. The company is developing the mine to gain access to deeper parts of the orebody and said it was on track to achieve forecast guidance of between 205,000 and 240,000 ounces of gold in the current financial year.
At the end of the day, St Barbara shares were up 0.5c to 35.5c.
Mirvac reaffirms profit guidance
Mirvac Group reiterated its FY10 profit guidance at its annual general meeting today. The group said it expects to report a profit of $253 million, an increase on the $200.8 million profit posted in FY09.
By the final whistle, Mirvac shares were down 2.5c to $1.55.
F&P post record profit
Fisher & Paykel Healthcare Corporation announced a record profit of NZ$37m for the six months ended 30 September 2009, 31% above the previous corresponding period. The company attributed the strong performance to very strong revenue growth in its obstructive sleep apnea product group, continuing strong demand for its respiratory products and favourable foreign exchange hedging results.
By the close, Fisher & Paykel shares were up 10c at $2.43.
Hastie acquires two businesses
Hastie Group announced the acquisitions of the North Queensland based James + More and Tweed Heads based Cool-it. The building services and refrigeration systems group said the combined revenue of the businesses is about $35 million.
At the end of the day, Hastie shares were up 1.5c at $1.865.
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