New 2012 High in Australian Index

Marcus Jacob
28 Mar, 2012
New York City

Australian benchmark index increased 1% and closed at a new high on a broad rally that lifted materials, financials and consumer staples. Bank of Queensland soared 8% after it reopened. Australian dollar slipped to $1.043.

[R]8:00 PM Sydney – Australian benchmark index increased 1% and closed at a new high on a broad rally that lifted materials, financials and consumer staples. Bank of Queensland soared 8% after it reopened. Australian dollar slipped to $1.043.[/R]

Australian stocks inched up defying the caution in regional trading and closed at a new high for the year. Stocks bucked the regional trend as market indexes in Japan fell 0.7% and in Hong Kong fell 0.9%.

The ASX 200 index gained 42.20 to 4,343.50 and All Ordinaries index increased 39.91 to 4,431.47.

The ASX 200 index closed at its highest since November 9 after a broad rally lifted financials 1%, materials 0.9% and consumer staples 1.4%.

The Australia dollar declined to $1.0435.

Mortgage delinquent payments that are at least 30 to 59 days late increase to 1.57% of all mortgages in the fourth quarter from 1.52% in the third, according to a report released by Fitch Ratings. The report also noted that home prices declined 4.8% in 2011.

Stock Movers

Nufarm declined 28 cents to $4.68 and a day ago the fertilizer maker said net quadrupled to $18 million but fell short of expectations.

BHP Billiton Ltd increased 18 cents to $34.61 and Rio Tinto Ltd added 43 cents to $64.53. Fortescue Metals Group gained 12 cents to $5.98.

Lynas Corporation Limited closed up 2 cents at $1.11 and Iluka Resources increased 8 cents to $17.51.

Newcrest Mining gained 84 cents to $30.09 and Kingsgate decreased 9 cents to $6.45.

Oil Search Limited added 5 cent to $7.06, Santos Limited increased 10 cents to $14.45 and Woodside Petroleum advanced 48 cents to $35.77.

Commonwealth Bank of Australia increased 52 cents to $50.38, Westpac closed up 21 cents to $21.94 and NAB gained 28 cents to $24.94. ANZ increased 27 cents to $23.45.

Bank of Queensland increased 35 cents to $7.65 after the bank reopened a day after it estimated first half losses of $91 million and loan impairments and said it plans to raise $450 million.

Macquarie Group increased 37 cents to $29.92.

David Jones Limited closed up 5 cents at $2.40, Harvey Norman Holdings closed up 2 cents at $2.00 and Woolworths increased 29 cent to $25.41. Myer increased 5 cents to $2.28 and Kathmandu closed unchanged at $1.24.

Real estate developers closed mixed Westfield Group closed up 3 cents to $8.86 and Stockland was unchanged at $3.00.

Qantas Airways Ltd closed up 2 cent to $1.80, Virgin Australia decreased 0.05 cents at 45.5 cents and Flight Centre increased 28 cents to $22.04.

QR National rose 1 cent to $3.67.