Australian Indexes at 1-month High; Nufarm Net Jumps Four-fold

Marcus Jacob
27 Mar, 2012
New York City

Australian benchmark indexes extended gains to a 4-week high. Resource linked stocks, banks and retailers led the gainers. Fertilizer maker Nufarm said first half net income quadrupled.

[R]8:00 PM Sydney – Australian benchmark indexes extended gains to a 4-week high. Resource linked stocks, banks and retailers led the gainers. Fertilizer maker Nufarm said first half net income quadrupled.[/R]

Australian stocks gained and the two benchmark indexes jumped to a one-month high following the gains in international markets.

Stocks opened higher after U.S. indexes jumped more than 1% in New York trading after Fed Chairman Ben Bernanke suggested that the central bank is prepared to pursue accommodative monetary policy to sustain recent employment gains. He also cautioned that it is not clear that the recent gains in the economy and employment are sustainable without monetary policy help.

The ASX 200 index gained 38.50 to 4,301.30 and All Ordinaries index increased 36.32 to 4,391.56.

The Australia dollar declined to $1.036 after the release of manufacturing data from China and business sentiment in the euro zone forecasted a recession in the current quarter.

Stock Movers

Nufarm declined 14 cents to $4.96 and the fertilizer maker said first half net income increased to $18 million in the first half to January from $4.4 million a year ago.

BHP Billiton Ltd increased 24 cents to $34.43 and Rio Tinto Ltd increased 35 cents to $64.10. Fortescue Metals Group fell 6 cents to $5.86.

Lynas Corporation Limited closed up 1 cent at $1.09 and Iluka Resources increased 34 cents to $17.43.

Newcrest Mining gained 42 cents to $29.25 and Kingsgate increased 9 cents to $6.54.

Oil Search Limited added 5 cent to $7.01, Santos Limited increased 12 cents to $14.35 and Woodside Petroleum advanced 16 cents to $35.29.

Commonwealth Bank of Australia increased 38 cents to $49.86, Westpac closed up 30 cents to $21.73 and NAB gained 25 cents to $24.66. ANZ increased 37 cents to $23.18.

Bank of Queensland was unchanged at $7.30 after the bank estimated yesterday first half losses of $91 million and loan impairments and said it plans to raise $450 million.

Macquarie Group increased 97 cents to $29.55.

David Jones Limited closed up 2 cents at $2.35, Harvey Norman Holdings closed up 5 cents at $1.98 and Woolworths increased 26 cent to $25.12. Myer rose 6 cents to $2.23 and Kathmandu closed unchanged at $1.24.

Real estate developers closed mixed Westfield Group closed up 11 cents to $8.83 and Stockland decreased 14 cents to $3.00.

Qantas Airways Ltd closed up 1 cent to $1.78, Virgin Australia was unchanged at 46 cents and Flight Centre increased 27 cents to $21.76.

QR National fell 7 cents to $3.66.