Australian Indexes Surge 2% on Higher Oil Prices

Marcus Jacob
19 Jul, 2012
New York City

Australian indexes, resource stocks and dollar advanced after oil futures rose for the seventh day in a row. The ASX 200 index increased 2% and the Australian dollar hit a new high against the euro and reached a high since May.

[R]7:30 PM Sydney – Australian indexes, resource stocks and dollar advanced after oil futures rose for the seventh day in a row. The ASX 200 index increased 2% and the Australian dollar hit a new high against the euro and reached a high since May.[/R]

Australian resource stocks, dollar and benchmark indexes soared after crude oil futures increased for the seventh session in a row.

The ASX 200 index gained 83.10 to 4,206.70 and All Ordinaries index increased 80 or 1.9% to 4,236.36.

The Australian dollar closed at US$1.041 and hit a new record of 84.6 euro cents and crude oil futures rose for the seventh straight session in New York and in Asian trading.

Gold price for the immediate delivery eased $2 to $1,579 an ounce and oil futures gained to close at US$90.63 a barrel.

In trading, stock turnover increased to 1.49 billion shares worth $4.56 billion and 529 stocks closed higher, 349 declined and 341 were unchanged.

Stock Movers

News Corp added 5 cents to $21.94 and Ten Network closed up 1.5 cents at 50.5 cents. Fairfax Media closed unchanged at 56.5 cents and the company appointed as an independent director Hungry Jack, an ally of Gina Rinehart.

BHP Billiton Limited advanced 92 cents to $31.10 and traded near a 40-month low, Rio Tinto Limited gained 58 cents to $53.36 and Fortescue Metals Group increased 21 cents to $4.59.

Iluka Resources fell 3 cents to $8.72, Lynas Corporation Limited closed up 1.5 cents at 87.5 cents, Newcrest Mining increased 56 cents to $21.75 and Kingsgate rose 4 cents to $4.83. Whitehaven Coal gained 4.9% or 19 cents to $4.04.

Oil Search Limited increased 30 cents to $6.83 and Santos Limited soared 59 cents 5.8% to $10.69.

Woodside Petroleum surged $2.29 or 7.5% to $32.67 after the company lifted its full-year production estimate on speedier progress at its Pluto field.

Metcash closed unchanged at $3.24, Harvey Norman Holdings closed up 6 cents at $2.01 and Woolworths advanced 85 cents to $27.90. Kathmandu rose 3 cents to $1.14.

David Jones Limited added 4 cents to $2.32. Telstra increased 7 cents to $3.94 and Billabong International Limited gained 8 cents to $1.12.

Commonwealth Bank of Australia advanced 65 cents to $55.90 and Bank of Queensland increased 26 cents to $7.11. ANZ gained 27 cents to $23.23. National Australia Bank rose 31 cents to $24.08 and Westpac Banking Corporation increased 36 cents to $22.95.

Macquarie Group gained 7 cents to $24.81 and Perpetual Limited advanced 62 cents to $23.99.

Leighton increased 14 cents to $15.93, Stockland added 4 cents to $3.23 and Toll Holdings rose 2 cents to $3.83.

Qantas closed up 1 cent at $1.06 and Flight Centre increased 23 cents to $21.45.

Virgin Australia added 1 cent at 39 cents after Abu Dhabi based Etihad won a government approval to increase its stake in Virgin to 10% from 5%.

QR National gained 5 cent to $3.34.