Property stocks carry market higher
November 11, 2009
The Aussie market added another 0.6% this morning, making gains of 3.6% in just 2.5 sessions this week. The rise defied a flat lead in from overseas markets, with the property stocks outperforming on a day the banks and mid-cap miners were trading relatively flat.
In consumer economic news, the Westpac-Melbourne Institute consumer sentiment index dropped by 2.5% in November to 118.3, despite a 1.7% rise in the October. The decline comes on the back of two-rate rises in recent months taking a bite out of consumer discretionary spending.
At lunch, the All Ords had rallied 25.8 to 4,769.8, while the ASX/200 put on 27.9 to 4,761.5. About 1 billion shares worth around $1.8 billion had changed hands.
Among the banks, ANZ added 7c to $22.87, while CBA lost 23c to be trading at $55.32.
Macquarie lost 54c to slip below the $50 per share barrier, as the broader Banks and Financials sector put on 0.6%.
Insurers, the talk of much of the market this week, were mixed. AXA Asia Pacific put on 5c to $5.82 taking gains for the week to 35.3%.
IAG lost 5c to $3.95.
Property stocks jumped on news Investa was abandoning plans to list on the market and preventing the dilution of funds for other sector players.
Westfield climbed 35c to $12.52, while Dexus, Mirvac, GPT Group and Stockland all added between 4% and 5%. The sector was 3.0% higher.
Among the miners, BHP Billiton added 40c to $38.89, while Rio Tinto added 93c to $68.38.
Metals on the LME traded mixed and flat Tuesday thoug the broader Materials and Resources in Australia added 0.9%.
Gold miners Lihir, up 5c to $3.43 and Newcrest, up 25c to $35.40 showed strength as the price of gold continued its seemingly endless rise.
Home building materials suppliers were largely trading lower, with James Hardie down 7c, or 1% to $7.26.
The Industrials sector was up 0.1% on the back of a 76c, or 2% climb to $38.00 from sector heavyweight Leightons.
The gains were offset by modest declines from much of the transportation sector, with Transurban down 2c to $5.51 and rival toll-road operator Macquarie Infrastructure down 0.5c to $1.395.
The Energy sector was mixed, though posted gains of 0.4% overall. Uranium specialists Paladin and ERA were down 1.2% and 2.2% respectively, while Woodside added 45c to $49.76.
Consumer Discretionary stocks were mixed, though the sector edged 0.7% higher overall.
Pacific Brands outperformed its peers, adding 6c to $1.36.
Harvey Norman, Billabong and Aristocrat all posted modest declines, while the media stocks, including Fairfax, up 3.5c to $1.67, countered.
The Consumer Staples sector made 0.2% despite a 20c fall in the price of Wooworths shares to $28.23.
Wesfamers added 60c to $28.03 to close in on Woolworths share price, though still down 34% from mid-2007 highs.
Healthcare stocks rose 0.8%. CSL and Sonic added 11c and 22c to $14.22 and $32.06 respectively.
Victorian based electricity distributor, SP Ausnet, shed 2.5c to 87c after being downgraded by Credit Suisse.
AGL Energy added 22c to $13.86 with the Utilities sector up 1.1%.
A 1c fall in the price of Telstra shares to $3.25 saw the broader Telecommunications sector fall 0.2%.
Around the region, the Nikkei 225 rallied 56.8 to 9,927.5, while the Straits Times Index put on 13.5 to 2,721.1. Across the Tasman, the NZSE50 dipped 1.0 to 3,166.5.
Spot gold was trading at US$1106.50 per ounce, and the Aussie was buying US$0.9312.
In consumer economic news, the Westpac-Melbourne Institute consumer sentiment index dropped by 2.5% in November to 118.3, despite a 1.7% rise in the October. The decline comes on the back of two-rate rises in recent months taking a bite out of consumer discretionary spending.
At lunch, the All Ords had rallied 25.8 to 4,769.8, while the ASX/200 put on 27.9 to 4,761.5. About 1 billion shares worth around $1.8 billion had changed hands.
Among the banks, ANZ added 7c to $22.87, while CBA lost 23c to be trading at $55.32.
Macquarie lost 54c to slip below the $50 per share barrier, as the broader Banks and Financials sector put on 0.6%.
Insurers, the talk of much of the market this week, were mixed. AXA Asia Pacific put on 5c to $5.82 taking gains for the week to 35.3%.
IAG lost 5c to $3.95.
Property stocks jumped on news Investa was abandoning plans to list on the market and preventing the dilution of funds for other sector players.
Westfield climbed 35c to $12.52, while Dexus, Mirvac, GPT Group and Stockland all added between 4% and 5%. The sector was 3.0% higher.
Among the miners, BHP Billiton added 40c to $38.89, while Rio Tinto added 93c to $68.38.
Metals on the LME traded mixed and flat Tuesday thoug the broader Materials and Resources in Australia added 0.9%.
Gold miners Lihir, up 5c to $3.43 and Newcrest, up 25c to $35.40 showed strength as the price of gold continued its seemingly endless rise.
Home building materials suppliers were largely trading lower, with James Hardie down 7c, or 1% to $7.26.
The Industrials sector was up 0.1% on the back of a 76c, or 2% climb to $38.00 from sector heavyweight Leightons.
The gains were offset by modest declines from much of the transportation sector, with Transurban down 2c to $5.51 and rival toll-road operator Macquarie Infrastructure down 0.5c to $1.395.
The Energy sector was mixed, though posted gains of 0.4% overall. Uranium specialists Paladin and ERA were down 1.2% and 2.2% respectively, while Woodside added 45c to $49.76.
Consumer Discretionary stocks were mixed, though the sector edged 0.7% higher overall.
Pacific Brands outperformed its peers, adding 6c to $1.36.
Harvey Norman, Billabong and Aristocrat all posted modest declines, while the media stocks, including Fairfax, up 3.5c to $1.67, countered.
The Consumer Staples sector made 0.2% despite a 20c fall in the price of Wooworths shares to $28.23.
Wesfamers added 60c to $28.03 to close in on Woolworths share price, though still down 34% from mid-2007 highs.
Healthcare stocks rose 0.8%. CSL and Sonic added 11c and 22c to $14.22 and $32.06 respectively.
Victorian based electricity distributor, SP Ausnet, shed 2.5c to 87c after being downgraded by Credit Suisse.
AGL Energy added 22c to $13.86 with the Utilities sector up 1.1%.
A 1c fall in the price of Telstra shares to $3.25 saw the broader Telecommunications sector fall 0.2%.
Around the region, the Nikkei 225 rallied 56.8 to 9,927.5, while the Straits Times Index put on 13.5 to 2,721.1. Across the Tasman, the NZSE50 dipped 1.0 to 3,166.5.
Spot gold was trading at US$1106.50 per ounce, and the Aussie was buying US$0.9312.
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