Australian Markets Await Rate Decision; Rio Tinto Wins Rail Approval

Marcus Jacob
02 Mar, 2012
New York City

The Australian index gained 0.8% in the week and the dollar eased ahead of central bank rate decision next week. Harvey Norman lowered its online sales expectations only months after its online presence.

[R]8:00 PM Sydney – The Australian index gained 0.8% in the week and the dollar eased ahead of central bank rate decision next week. Harvey Norman lowered its online sales expectations only months after its online presence.[/R]

Australian stocks closed higher and gained for the week as crude oil prices eased from a 11-month high and stock trading turnover declined ahead of central bank rate decision on Tuesday.

The ASX 200 index closed higher 17.6 to 4,273.1 and All Ordinaries index rose 18.1 to 4,364.1. For the week, the ASX 200 index increased 0.8%.

The Australian dollar edged lower to close at $1.075.

In trading, turnover eased to 1.70 billion shares worth $3.5 billion and 565 stocks closing higher, 437 trading lower and 395 were unchanged.

Stock Movers

BHP Billiton Ltd increased 14 cents to $35.69, Rio Tinto Ltd fell 32 cents to $65.93 after it won a government approval to build a railroad line for its iron ore project in Pilbara region.

Fortescue Metals Group increased 13 cents to $5.66 and UCL Resources increased 8 cents to 27 cents after the company held out for a higher takeover offer.

Lynas Corporation Limited eased 1 cent to $1.14 and Iluka Resources closed up at $17.39. Newcrest Mining increased 2 cents to $32.57.

Energy complex stocks were lower after crude oil declined from its 11-month high and after fears of supply disruptions eased in Saudi Arabia.

Oil Search Limited increased 16 cent to $7.30, Santos Limited fell 21 cents at $13.68 and Woodside Petroleum decreased 15 cents to $36.30.

Commonwealth Bank of Australia increased 6 cents to $49.12, Westpac added 6 cents to $20.76 and NAB eased 13 cents to $23.45. ANZ increased 31 cents to $22.

David Jones Limited decreased 4 cents to $2.78 and Harvey Norman Holdings closed down 4 cents to $1.98.

Woolworths increased 9 cents to $25.39

Qantas Airways Ltd closed up 2 cents to $1.75, Virgin Australia closed up 1.5 cent to 45.5 cents and Flight Centre increased 7 cents to $22.16.

QR National closed down 1 cent to $3.87.