Australian Stocks Ease; Graincorp, Stockland in Focus

Marcus Jacob
12 Mar, 2012
New York City

Australian stocks edged lower in weak trading and resources linked stocks declined. Graincorp surged after Glencore International offered to acquire Canada based Viterra for $5.2 billion.

[R]8:00 PM Sydney – Australian stocks edged lower in weak trading and resources linked stocks declined. Graincorp surged after Glencore International offered to acquire Canada based Viterra for $5.2 billion.[/R]

Australian stocks edged lower on the first day of trading this week after a week of sideways trading. Investors were also on guard after China reported sharply higher than expected trade deficit in February.

The ASX 200 index decreased 15.3 to 4,196.70 and All Ordinaries index fell 12.3 to 4,288.19.

In trading, 1.6 billion shares changed hands worth $3.6 billion shares with 504 stocks declining, 451 increasing and 375 closed unchanged.

Stock Movers

BHP Billiton Ltd unchanged to $34.71, Rio Tinto Ltd decreased 39 cents to $63.74 and Fortescue Metals Group increased 22 cents to $5.86.

Lynas Corporation Limited fell 1 cent to $1.17 and Iluka Resources closed down 7 cents to $16.65. Newcrest Mining decreased 30 cents to $31.63.

Graincorp increased 34 cents to $8.44 after the Swiss based Glencore International offered $5.2 billion for Canada based rival Viterra.

Oil Search Limited decreased 11 cents to $7.04, Santos Limited rose 10 cents at $14.48 and Woodside Petroleum decreased 44 cents to $35.86.

Commonwealth Bank of Australia decreased 24 cents to $47.84, Westpac closed down 18 cents to $20.51 and NAB decreased 22 cents to $23.34. ANZ decreased 19 cents to $21.74.

Stockland decreased 3 cents to $3.05 and the company confirmed the purchase of Centrl Townsville shopping center for $36.5 million.

David Jones Limited rose 4 cents to $2.73 and Harvey Norman Holdings closed down 2 cent to $1.92. Woolworths decreased 10 cents to $25.12.

Qantas Airways Ltd closed down 2 cent to $1.65 and maintenance work contractor demonstrated outside the Brisbane airport demanding higher wages.

Virgin Australia unchanged to 44 cents and Flight Centre increased 5 cents to $21.43.

QR National closed up 1 cents to $3.87.