Australian Stocks Flat, Rally in LNG Stocks on Hold

123jump.com Staff
22 Mar, 2011
New York City

Australian stocks closed flat after Japan cited more progress in averting a nuclear meltdown. However, the situation at the troubled Fukushima power plant remains tenuous. Natural gas explorer declined after a weeklong rally.

[R]5:00 PM New York – Australian stocks closed flat after Japan cited more progress in averting a nuclear meltdown. However, the situation at the troubled Fukushima power plant remains tenuous. Natural gas explorer declined after a weeklong rally.[/R]

Stocks in Sydney trading ended flat after Japan cited some progress in averting a nuclear disaster and markets in Tokyo traded higher after a holiday.

The ASX 200 index increased 0.6 to 4,643.40 and the All Ordinaries added 3.6 to 4,737.70.

The Australian dollar closed up to US$1.009 and crude oil prices increased US$1.30 to US$102.34.

Crude oil maintained its momentum as Western powers enforced a no-fly zone over Libya.

Arab nations, Russia, China and India are increasingly worried about the civilian casualties from the “excessive” bombing carried out by a coordinated by UK, France and U.S.

Arab League and African Union are seeking an immediate halts of bombing according to sources in Kenya and Egypt.

Stock Movers

Stocks of natural gas explorers declined after rallying for more than a week on the hopes that Japan may shift its energy supply balance in the favor of natural gas.

Santos Ltd declined 32 cents to $14.90 and Woodside Petroleum lost 55 cents to $44.65 and Oil Search dropped 3 cents to $6.95.

Resource stocks closed lower. BHP Billiton declined 30 cents to $44.20 and Rio Tinto dropped 45 cents to $80.55.

BC Iron soared 10 cents to $2.60 and has approached the Takeover Panel after Regent Pacific failed to follow through on its offer.

Newcrest Mining declined 8 cents to $37.02 after gold gained 1.4% in New York trading to US$1,429.30.

Cash Converters increased 3.5 cents to 86.50 cents after it agreed to sell majority stake to the U.S. based pawn-broker Ezcorp Inc.

The company had acquired 30% stake in Cash Converters at 50 cents a share or $54 million in November 2009.

National Australia Bank decreased 3 cents to $24.69 and the bank said it resolved the tax dispute regarding Exchangeable Capital Units offering.

The rally in U.S. markets lifted News Corp 23 cents to $17.62.

Telstra increased 2 cents to $2.66.