Australian Index Soars 3.6%; Dollar Rebounds

Marcus Jacob
06 Oct, 2011
New York City

Australian stocks surged following a 2-day rally in international markets. The benchmark index in Sydney increased 3.6% and stocks in banking and resources sectors led the advance. The Australian dollar rebounded to 97 cents.

[R]6:00 PM Sydney – Australian stocks surged following a 2-day rally in international markets. The benchmark index in Sydney increased 3.6% and stocks in banking and resources sectors led the advance. The Australian dollar rebounded to 97 cents.[/R]

Stocks in Sydney traded higher for the second day in a row following a surge in New York and European markets. The benchmark indexes soared more than 3.5% in Sydney on the back of a rise in resource and banking stocks.

The ASX 200 index increased 143.4 or 3.6% to 4,069.9 and All Ordinaries index rose 139.6 or 3.5% to 4,132.1.

The Australian dollar gained 0.5% to US$0.971 and gold increased US$22.65 to US$1,646.40.

In trading, 2.12 billion shares changed hands worth $5.92 billion.

Stock Movers

Leighton Holdings Limited increased 89 cents to $19.70 and its German parent Hochtief AG appointed the fourth person to the 11-member board.

Sundance Resources fell 0.005 to 45.5 cents and New Hope Corporation Limited increased 1 cent to $6.11.

BHP Billiton Ltd increased $1.17 to $35.30 and Rio Tinto Ltd added $2.98 to $63.28. Newcrest Mining Limited increased $1.20 to $35.06. Lynas Corp added 12 cents to $1.12.

Fortescue Metals increased 30 cents to $4.55. Iluka Resources increased $1.26 to $14.61 and Paladin Energy Ltd increased 19 cents to $1.36.

Oil Search Limited increased 13 cents to $5.80, Santos Limited added 24 cents to $11.60 and Woodside Petroleum added $1.54 to $34.34.

Commonwealth Bank of Australia closed up $1.89 to $45.40 and National Australia Bank added $1.09 to $22.87. ANZ edged up $0.87 to $20.04. Westpac increased $0.92 to $20.73.

Qantas Airways Limited closed up 7 cents to $1.45.

Transfield Services gained 5 cents to $2.02 and extended gains for the second day after the company announced its share buyback.

David Jones Limited increased 6 cents to $2.94 and Wesfarmers increased $1.01 to $31.25.

Woolworths Limited increased 32 cents to $24.50. James Hardie Industries SE added 44 cents to $5.84.

Stockland rose 2 cents to $2.99 and Westfield Group increased 32 cents to $7.58.