Australian Indexes Fall; Dollar Rises

Marcus Jacob
25 Oct, 2011
New York City

Australian indexes declined and resource prices gained on the optimism that the European leaders will announce details of the bank recapitalization plan. Australian dollar edged higher and copper and crude oil prices gained.

[R]6:00 PM Sydney – Australian indexes declined and resource prices gained on the optimism that the European leaders will announce details of the bank recapitalization plan. Australian dollar edged higher and copper and crude oil prices gained.[/R]

Australian stocks declined but resource prices moved higher as European leaders work to announce details of the bank recapitalization plan and Greek bailout.

The ASX 200 index declined 0.6% or 27.1 to 4,227.9 and All Ordinaries index fell 0.6% or 25.9 to 4,287.7.

The Australian dollar added 0.16% to US$1.042.

Trading volume increased to 1.84 billion shares worth $4.7 billion with 15 shares trading higher for 10 stocks closing lower.

Stock Movers

BHP Billiton Ltd closed up $0.32 to $37.17 and Rio Tinto Ltd added $1.00 to $66.63 following a rise in international commodities prices.

Fortescue Metals decreased 6 cents to $4.55 Bannerman decreased 0.01 cents to 28.50 cents and the company said it will seek a higher bid from China based Hanlong Mining of $144 million.

Oil Search Limited increased 3 cents to $6.05, Santos Limited fell 11 cents to $12.43 and Woodside Petroleum fell 11 cents to $34.48.

Origin Energy decreased 21 cents to $14.38 and reaffirmed its organic profit increase of 30% in the current fiscal year.

Cochlear Limited gained $1.91 to $58.34.

Commonwealth Bank of Australia closed down 6 cents to $48.72 and National Australia Bank decreased 27 cents to $24.67. ANZ edged down 16 to $21.55. Westpac fell 16 to $22.

David Jones Limited closed up 1 cent to $3.24 and Wesfarmers Limited decreased $0.14 to $31.73.

Woolworths Limited decreased 33 cents to $24.04 and James Hardie Industries SE increased 5 cents to $6.08. Treasury Wine Estate closed down 11 cents to $3.79.

Qantas Airways Ltd closed down 2 cents to $1.50.