ANZ Net Up 5%, Murdoch Faces More Calls to Resign

Marcus Jacob
02 May, 2012
New York City

The Australian market index closed higher and major banks failed to pass on the latest rate cut to consumers. ANZ said first half profit increased 5% to a record high. News Corp rose on the prospect that Rupert Murdoch may be forced out after the latest UK panel report.

[R]8:00 PM Sydney – The Australian market index closed higher and major banks failed to pass on the latest rate cut to consumers. ANZ said first half profit increased 5% to a record high. News Corp rose on the prospect that Rupert Murdoch may be forced out after the latest UK panel report.[/R]

Australian closed higher on the second day of this week and major banks failed to lower rates after the latest rate cut from the RBA.

The ASX 200 index edged up 6.40 to 4,435.90 and All Ordinaries index rose 7.45 to 4,504.76.

In stock trading, turnover was 2.16 billion shares worth $4.75 billion and 514 shares gained, 498 decreased and 406 closed unchanged.

Stock Movers

News Corp gained 1.3% to $19.39 as investors cheered the latest finding of the UK panel and raised hopes that the report may prompt changes at the top and lead to the resignation of Rupert Murdoch and James Murdoch from the company.

APN News & Media increased 0.5 cent to 84 cents after it reported a decline in the first half net and said its New Zealand media assets are under review that raised the prospect of restructuring or property sales.

The pallet maker Bramble rose 15 cents to $7.40 after the company said earnings rose 33% in the latest period and said it is on track to meet its full year outlook.

David Jones Limited added 2 cents to $2.56, Harvey Norman Holdings closed up 2 cents at $2.07 and Woolworths surged 25 cents to $26.42. Myer rose 2 cents to $2.44 and Kathmandu fell 1 cent to $1.32. Billabong International Limited slipped 4 cents to $2.60.

BHP Billiton closed up 28 cents to $36.25 and Rio Tinto advanced 62 cents to $66.41.

Lynas Corporation Limited unchanged to $1.10 and Iluka Resources decreased 18 cents to $16.71. Newcrest Mining increased 18 cents to $26.60 and Kingsgate fell 1 cent to $6.21.

Oil Search Limited fell 3 cents to $7.40 and Santos Limited gained 13 cent to $14.16.

Woodside Petroleum added 46 cents to $36.66 and the natural gas fields developer said it began shipping from its second project at the giant field Pluto.

Senex Energy declined for the second day and fell 3.2% to $1.04 after the UK based BG Group sold its 8% stake in the company for $75 million or $1.02 a share.

The banks were in focus second day after they failed to cut rates following the latest RBA move. Also, ANZ said its first half profit increased 5% to a record high but its Australian operations income was affected after margins fell 13 basis points.

Westpac Banking Corporation slipped 14 cents to $22.69 and Commonwealth Bank of Australia closed down 17 cents at $52.68. Bank of Queensland slumped 17 cents to $7.09. ANZ dropped 19 cents to $23.80.

National Australia Bank declined 11 cents to $25.10.

Stockland advanced 13 cents to $3.25.

Qantas fell 2 cents to $1.63, Virgin Australia edged down 5 cents to 38.5 cents and Flight Centre tumbled 40 cents to $20.83.

QR National gained 7 cents to $3.70.