Australian Index Up 2.2%; Oil Search Net Doubles

Marcus Jacob
23 Aug, 2011
New York City

The Australian benchmark index gained more than 2% and the dollar increased to $1.047. Foster

[R]5:00 PM Sydney – The Australian benchmark index gained more than 2% and the dollar increased to $1.047. Foster’s reported beer sales volume declined 6%, the largest decline in last twenty years. Oil Search said first-half net profit rose 117% to $114.5 million.[/R]

The Australian index gained more than 2% as markets in Asia surged and commodities prices rose.

The ASX 200 index rose 91.1 or 2.2% to 4,173.40 and the broader All Ordinaries index added 89.1 or 2.2% to 4,239.9. The broader index has been under pressure since it last crossed 5000 on April 16, 2010.

The Australian dollar increased 1% to $1.051.

In trading, turnover increased to 2.27 billion shares worth $5.98 billion with 676 stocks closing higher, 355 lower and 342 closing unchanged.

Stock Movers

Energy stocks were among the leading gainers after crude oil price gained

Woodside Petroleum increased 59 cents to $35.12, Santos Ltd increased 51 cents to $11.75 and Oil Search increased to $6.04.

Origin Energy increased 68 cents to %14.16 after it estimated 30% increase in annual profit for the current fiscal year.

Rio Tinto increased $1.52 to close at $70.10 and BHP Billiton added 68 cents to $38.21.

Newcrest Mining added 35 cents or 0.8% to $40.55 after gold price increased $40.00 to US$1,875.60.

Commonwealth Bank increased $1.11 to close $47.01 and National Australia Bank fell 70 cents to $22.91. Westpac decreased 29 cents to $19.26 and ANZ increased 52 cents to close at $19.80.

Sonic Healthcare declined 23 cents to $11.29 after the company forecasted full year profit of flat.

Foster’s Group increased 9 cents to $4.99 after it reported a full year loss of $89 million and guided full year sales to be flat.

The annual profit declined 8.7% to $494.9 million and beer sales declined 6% in volume.