Australian Stocks Rest; Real Estate Stocks Decline

Marcus Jacob
16 Mar, 2012
New York City

Australian stocks eased in a listless trading and the benchmark indexes gained 1.5% in the week. Australian indexes lag the latest global markets momentum in the last six weeks. Resources linked stocks were mixed but banks were under pressure.

[R]8:00 PM Sydney – Australian stocks eased in a listless trading and the benchmark indexes gained 1.5% in the week. Australian indexes lag the latest global markets momentum in the last six weeks. Resources linked stocks were mixed but banks were under pressure.[/R]

Australian stocks eased at close but advanced in a week that was dominated by another string of positive economic data from the U.S. and cautious comments from bureaucracy in China.

The ASX 200 index fell 1.6 to 4,276.20 and for the week the index gained 1.5%. All Ordinaries index fell 2.2 to 4,364.71.

For the year, the benchmark ASX 200 index has gained 6% and the German market has added 21%, the S&P 500 index in the U.S. has increased 11% and the FTSE 100 index in London has jumped 7%.

Stock Movers

BHP Billiton Ltd decreased 21 cents to $34.97 and Rio Tinto Ltd increased 19 cents to $65.12. Fortescue Metals Group decreased 17 cents to $5.81.

Lynas Corporation Limited rose 1 cent to $1.24 and Iluka Resources closed down 16 cents to $16.61.

Gold miners rebounded a day after precious metal fell more than 3%. Newcrest Mining rose 3 cents to $30.30 and Kingsgate increased 14 cents to $6.72.

Graincorp increased 28 cents to $8.89 and extended gains in the week as the company was targeted by speculators after the Canada based rival Viterra attracted a buyout offer.

Oil Search Limited fell 6 cents to $6.94, Santos Limited decreased 12 cent at $14.46 and Woodside Petroleum decreased 18 cents to $35.20.

Commonwealth Bank of Australia fell 2 cents to $48.96, Westpac closed up 21 cents to $21.13 and NAB increased 24 cents to $24.18. ANZ gained 23 cents to $22.51.

Macquarie Group increased 15 cents to $27.53 and investors overlooked the latest credit view from the Moody’s.

David Jones Limited fell 5 cents to $2.73 and Harvey Norman Holdings closed up 1 cent to $1.95. Woolworths increased 15 cents to $25.67.

Myer extended losses on second day by 6 cents to $2.23 after the retailer said full year fiscal 2012 sales are likely to be flat or decline.

Real estate developers declined and Westfield Group eased 15 cents to $8.72 and Stockland decreased 7 cents to $3.08.

Qantas Airways Ltd closed unchanged at $1.76, Virgin Australia was flat at 46.5 cents and Flight Centre increased 5 cents to $21.73.

QR National closed down 2 cents to $3.96.