Best Weekly Gain in Australian Index in a Year

Marcus Jacob
07 Oct, 2011
New York City

Australian benchmark index gained for the third day in a row and closed up 3.9% in the week. Resources linked stocks led the gainers after commodities rebounded in Asian trading. National Leisure & Gaming ltd, the operator of 35 pubs entered into voluntary administration.

[R]6:00 PM Sydney – Australian benchmark index gained for the third day in a row and closed up 3.9% in the week. Resources linked stocks led the gainers after commodities rebounded in Asian trading. National Leisure & Gaming ltd, the operator of 35 pubs entered into voluntary administration.[/R]

Australian stocks extended gains in the week after the rally lifted the index for the third day in a row. The benchmark index gained 3.9% in the week and was the best performing week in the last 53 weeks.

The ASX 200 index increased 93.4 or 2.3% to 4,162.9 and All Ordinaries index rose 92.9 or 2.3% to 4,225.

The Australian dollar gained 0.4% to US$0.978 and gold increased US$14.10 to US$1,660.04.

In trading, 2.08 billion shares changed hands worth $6.73 billion.

Stock Movers

National Leisure & Gaming Limited closed unchanged at 0.4 cent after the company was forced into voluntary administration. The company operates 35 pubs in NSW and Queensland and could not rollover its debt of $157 million to a consortium of lenders led by Goldman Sachs.

Leighton Holdings Limited increased 65 cents to $20.35 a day after its German parent Hochtief AG appointed the fourth person to the 11-member board.

Sundance Resources fell 0.015 to 44.0 cents and New Hope Corporation Limited increased 14 cent to $6.25.

BHP Billiton Ltd increased $0.90 to $37.20 and Rio Tinto Ltd added $3.12 to $66.40. Newcrest Mining Limited increased $0.70 to $35.06. Lynas Corp added 6 cents to $1.18.

Fortescue Metals increased 35 cents to $4.90. Iluka Resources increased $0.49 to $15.10 and Paladin Energy Ltd increased 19 cents to $1.55.

Oil Search Limited increased 13 cents to $5.93, Santos Limited added 42 cents to $12.02 and Woodside Petroleum added $0.74 to $35.08.

Commonwealth Bank of Australia closed up $0.85 to $46.25 and National Australia Bank added $0.89 to $23.76. ANZ edged up $0.67 to $20.71. Westpac increased $0.51 to $21.24. Macquarie Group added $1.52 to $24.06.

Qantas Airways Limited closed up 5 cents to $1.50 and the Transport Workers’ Union called off a strike late yesterday.

Transfield Services gained 14 cents to $2.16 and was the best performer in the ASX 100 index.

David Jones Limited closed unchanged at $2.94 and Wesfarmers increased $0.58 to $31.32.

Woolworths Limited increased 13 cents to $24.63. James Hardie Industries SE added 10 cents to $5.94.

Stockland rose 4 cents to $3.03 and Westfield Group increased 24 cents to $7.82.