Australian Markets Flat, Rinehart Cuts Fairfax Stake

Marcus Jacob
05 Jul, 2012
New York City

Australian stocks ended flat in a choppy trading as investors look ahead at central banks for additional monetary steps. Fairfax Media was in focus again after Gina Rinehart cut her stake down to 15%.

[R]8:00 PM Sydney – Australian stocks ended flat in a choppy trading as investors look ahead at central banks for additional monetary steps. Fairfax Media was in focus again after Gina Rinehart cut her stake down to 15%.[/R]

Australian stocks ended flat but traders were looking ahead at possible central bank actions in Europe and UK.

After a surprise agreement among European leaders last week to take emergency steps to offer direct lending to banks, investors are looking for additional monetary steps.

The ASX 200 index slid 3.0 to 4,169.20 and All Ordinaries index fell 3.86 to 4,209.90.

The Australian dollar rebounded to US$1.0261.

In trading, turnover declined to 1.12 billion shares worth $3.01 billion and 442 stocks rose, 416 decreased and 345 were unchanged.

Stock Movers

Aristocrat Leisure increased 5 cents to $2.65 a day after the casino operator estimated less than expected outlook for the second half.

News Corp decreased 7 cents to $21.88, Ten Network fell 1.5 cents to 47 cents and Fairfax Media rose 5 cents to 58.5 cents and Gina Rinehart cut down her stake by a fifth to 86.5 million shares of 15% of the company.

Commodities prices were weaker but BHP Billiton Limited fell 5 cents to $32.42 and Rio Tinto Limited declined 29 cents to $58.68.

Fortescue Metals Group slid 12 cents to $4.93 a day after founder Andrew Forrest acquired 6 million additional shares.

Lynas Corporation Limited edged down 2 cents to 84 cents and Iluka Resources slipped 15 cents to $11.63. Newcrest Mining rose 5 cents to $24.37 and Kingsgate decreased 6 cents to $5.28.

Oil Search Limited slumped 11 cents to $6.67 and Santos Limited added 3 cents to $10.95 after the energy producer said the Gladstone liquefied natural gas project cost has increased 15% to $18.5 billion.

Metcash slipped 10 cents to $3.22, Harvey Norman Holdings up 1 cent to $1.97 and Woolworths decreased 15 cents to $26.90. Kathmandu gained 3 cents to $1.14. Billabong International Limited fell 3 cents to $1.04.

David Jones Limited closed increased 7 cents to $2.45.

Commonwealth Bank of Australia advanced 22 cents to $53.81 and Bank of Queensland gained 7 cents to $6.79. ANZ increased 11 cents to $22.48. National Australia Bank rose 2 cents to $23.85 and Westpac Banking Corporation closed up 22 cents to $21.75. Macquarie Group decreased 16 cents to $26.32.

Perpetual Limited advanced 20 cents to $23.48.

Stockland down 5 cents to $3.12, Leighton gained 14 cents to $16.77 and Toll Holdings rose 1 cent to $3.96.

Qantas added 1 cent to $1.11, Virgin Australia up 1.5 cent at 39 cents and Flight Centre advanced $1.21 to $20.49.

QR National fell 1 cent to $3.33.