Australian Stocks Higher; Sirius Soars, Coles Lifts Wesfarmers

Marcus Jacob
26 Jul, 2012
New York City

Australian stocks closed higher as investors focused on domestic earnings. Sirius Resources soared eight-fold and trading surged 100-fold after the company reported progress in mineral exploration. Caltex closed its refinery in Sydney.

[R]7:30 PM Sydney – Australian stocks closed higher as investors focused on domestic earnings. Sirius Resources soared eight-fold and trading surged 100-fold after the company reported progress in mineral exploration. Caltex closed its refinery in Sydney.[/R]

Australian stocks closed higher and investors focused on domestic earnings. Wesfarmers gained after its retail division reported a rise in sales and Sirius Resources soared on the prospect of minerals find.

The ASX 200 index increased 23.80 to 4,147.70 and All Ordinaries index gained 22.45 to 4,173.81.

The Australian dollar closed at US$1.033, edged higher to 85.10 euro cents, 66.8 pence and 80.89 yen.

In commodities trading, New York oil futures traded near US$88 a barrel and gold in the spot market fetched US$1,584.

In trading, turnover decreased to 1.37 billion shares to $3.91 billion and 458 stocks gained, 412 declined and 341 were unchanged.

Stock Movers

News Corp gained 42 cents to $21.69 and the troubled media and entertainment conglomerate is bracing for more regulatory inquiries in UK and U.S.

Ten Network added 0.5 cent at 50 cents and Fairfax Media closed unchanged at 53 cents.

Sirius Resources soared eight-fold to 45 cents on trading volume surge of 100-fold to 56 million shares after the nickel miner reported a progress in its Western Australian exploration.

BHP Billiton Limited increased 12 cents to $30.97 and traded near a 40-month low, Rio Tinto Limited plummeted 50 cents to $50.51 and Fortescue Metals Group decreased 11 cents to $4.

Iluka Resources declined 33 cents to $8.22, Lynas Corporation Limited closed down 1 cent to 78.5 cents, Newcrest Mining gained 22 cents to $22.37 and Kingsgate slumped 19 cents to $4.32. Whitehaven Coal fell 1 cent to $3.75.

Energy Resources of Australia decreased 0.5 cent to $1.47 after it reported narrower first half loss.

OZ Minerals declined 5 cents to $7.38 after the mining company reported a sharp increase in production cost.

Caltex increased 20 cents to $14.26 and the company said it will close its Kurnell oil refinery in Sydney and lay off 630 jobs.

Oil Search Limited gained 7 cents to $6.76 and said it is close to finalizing its partner for a natural gas project in Papua Guinea.

Santos Limited advanced 22 cents to $10.52. Woodside Petroleum gained 8 cents to $32.99.

Sundance Energy slid 2 cents to 43 cents after its June production declined from previous month to 43,170 barrels of equivalent oil.

Metcash added 3 cents to $3.23, Harvey Norman Holdings closed up 1 cent at $1.98 and Woolworths increased 11 cents to $28.28. Kathmandu rose 2 cents to $1.14.

David Jones Limited gained 5 cents to $2.36 and Wesfarmers increased 27 cents to $32.25 after the company reported sales in fiscal fourth quarter at its retail division Coles Group increased 3% compared to 2.7% in the third quarter.

Billabong International Limited rose 3 cents to $1.35 a day ago its chief executive said the company is seriously considering the latest bid from the private equity group TPG.

Commonwealth Bank of Australia advanced 55 cents to $55.41 and Bank of Queensland added 3 cents to $7.03. ANZ rose 2 cents to $22.66. National Australia Bank up 2 cents to $23.84 and Westpac Banking Corporation increased 16 cents to $22.61.

Macquarie Group advanced 53 cents to $24.40 and Perpetual Limited plummeted 41 cents to $22.64.

Leighton gained 51 cents to $16.23, Stockland added 3 cents to $3.21 and Toll Holdings edged up 1 cents to $3.95.

Qantas increased 10 cents to $1.09 cents after the airline confirmed it has been in discussions with Dubai based Emirates for a possible joint operating agreement.

Flight Centre gained 13 cents to $20.70 and Virgin Australia closed inched up 1 cent at 40 cents.

QR National slid 2 cents to $3.14.