Australian Stocks Volatile; Lend Lease Net Soars 43%

Marcus Jacob
26 Aug, 2011
New York City

Stocks in Australia fell and the benchmark index declined 2.4% in the week. Lend Lease Group fiscal year net soared 43% on 15% lower revenues. The exchange operator ASX Ltd replaced its chief executive. Fairfax Media swung to an annual loss and will list its New Zealand based auction site Trade Me.

[R]4:30 PM Sydney – Stocks in Australia traded lower and the benchmark index declined 2.4% in the week. Lend Lease Group fiscal year net soared 43% on 15% lower revenues. The exchange operator ASX Ltd replaced its chief executive. Fairfax Media swung to an annual loss and will list its New Zealand based auction site Trade Me.[/R]

Stocks in Sydney traded lower and the benchmark index in the week gained 2.4%. The index gained for two days and declined three days.

The ASX 200 index fell 12.80 or 0.3% to 4,200.1 and All Ordinaries index lost 9.5 or 0.2% to 4,271.

The Australian dollar closed up 0.6% to US$1.0496 and gold price increased $26.80 to US$1,772.13.

In trading, turnover decreased to 1.9 billion shares worth $6.5 billion with 447 stocks rising, 509 declining and 365 unchanged.

Stock Movers

ASX Ltd gained 8 cents to $29.35 and the exchange operator replaced its chief executive and appointed to Elmer Funke Kupper. Investors did not approve that Kupper will remain on the board of Tabcrop while acting as the chief executive of the exchange.

BHP Billiton Ltd increased 3 cents to $38.64 and Rio Tinto lost 58 cents to $69.15. Newcrest Mining Ltd decreased 7 cents to $38.49.

Leighton Holdings added 39 cents or 1.9% to $21.

Lend Lease Group decreased 30 cents to $7.89 and the company reported full-year net income surged 43% to $492.8 million and revenues declined 15% to $8.93 billion.

The company also declared 15 cents of final dividend. The developer and builder of property said it has $1 billion of cash reserves and untapped bank credit facility o $815.7 million.

Commonwealth Bank of Australia decreased 12 cents to $47.37 and National Australian Bank added $0.08 to $23.15. ANZ fell 3 cents to $19.58.

Fairfax Media increased 5.5 cent to 83 cents after the media conglomerate posted fiscal year 2011 loss of $390.9 million compared to profit of $282.1 million a year ago.

Revenues in the year declined 0.7% to $2.47 billion and the company said advertising revenues declined 4% in the year after falling 6% in the previous year.

The media company declared a final dividend of 1.5 cents a share and said it will list its online auction and classified site Trade Me in New Zealand and pay down debt.

Qantas fell 1 cent to $1.58 and the airline reported two days ago annual net profit soared to $250 million on revenue increase of 8% to $14.9 billion.

Virgin Blue Holdings closed unchanged at 27 cents.

Woolworths declined $0.52 to $25.23 and a day ago the retailer reported full-year earnings increased 5.1% to $2.12 billion.

Toll Holdings fell 2 cents to $4.65.