Australia Update: Earnings Drive Bradken Higher; Transurban, Cochlear Fall

Marcus Jacob
07 Aug, 2012
New York City

Australian stocks extended gains for the second despite weak earnings from Transurban, Cochlear and Leighton. Mining equipment maker Bradken reported higher than expected earnings on strong demand.

[R]7:30 PM Sydney – Australian stocks extended gains for the second despite weak earnings from Transurban, Cochlear and Leighton. Mining equipment maker Bradken reported higher than expected earnings on strong demand.[/R]

The ASX 200 index gained 19 to 4,291.60 and All Ordinaries index increased 18.44 to 4,311.36.

The Australian dollar closed higher at US$1.056 and traded as high as $1.062.

In trading, turnover was flat at 1.25 billion shares worth $3.07 billion and 458 shares increased, 396 decreased and 358 were unchanged.

Stock Movers

Cochlear decreased $3.40 to $63 after the bionic ear implant maker said full-year profit plunged 68%.

Leighton declined 25 cents to $16.48 after it reported first half profit plunged to $115 million.

Bradken, the mining equipment maker, increased 58 cents to $5.74 after it reported 49% increase in net profit to $100.5 million.

BHP Billiton Limited increased 16 cents to $32.16 and, Rio Tinto Limited advanced 72 cents to $54.85 and Fortescue Metals Group gained 14 cents to $4.40.

Whitehaven Coal increased 19 cents to $3.85 and extended gains of yesterday and Nathan Tinkler said he would continue with his bid for the company.

Iluka Resources increased 29 cents $9.29, Lynas Corporation Limited fell 1.5 cents to 75 cents, Newcrest Mining gained 34 cents to $23.90 and Kingsgate rose 5 cents to $4.11. Whitehaven Coal soared 19 cents or 5.2% to $3.85.

Oil Search Limited fell 2 cents to $7.07, Santos Limited increased 24 cents to $11.03 and Woodside Petroleum added 7 cents to $34.12. Sundance Energy closed unchanged at 41 cents.

Transurban declined 9 cents to $5.94 after it reported full-year net income declined 51%.

Ansell gained 3.4 cents to $13.54 after the condom maker agreed to acquire Comasec SAS for $118 million.

Ten Network closed unchanged at 46 cents and Fairfax Media lowered 0.5 cents to 51.5 cents.

Consolidated Media Holdings closed unchanged at $3.43 after competition authority approved the offer from News Corporation.

Metcash slid 3 cents to $3.41, Harvey Norman Holdings closed down to $1.93 and Woolworths decreased 18 cents to $28.70. Kathmandu rose 3 cents to $1.27.

Argo added 1 cent to $5.45 after the investment company said full-year net decreased 2.8% to $167.3 million.

Commonwealth Bank of Australia advanced 44 cents to $56.82 and Bank of Queensland fell 1 cent to $7.69. ANZ increased 10 cents to $23.66. National Australia Bank gained 14 cents at $25.30 and Westpac Banking Corporation added 23 cents to $23.68.

Macquarie Group gained 14 cents to $25.29 and Perpetual Limited rose 4 cents to $24.37.

David Jones Limited fell 1 cent to $2.40 and Wesfarmers slid 3 cents to $33.86. Billabong International Limited closed unchanged at $1.39. Breville Group added 5 cents to close at $5.

Harvey Norman slipped 5 cents to $1.93 after it said full-year profit may plunge 40% and sales are expected to decline 7% in the fiscal year ending in June.

Leighton declined 25 cents to $16.48, Stockland rose 1 cent to $3.41 and Toll Holdings increased 7 cents to $4.19.

Qantas added 2 cents to $1.13, Flight Centre slid 7 cents to $22.20 and Virgin Australia up 0.5 cents 42 cents.

QR National closed unchanged at $3.26.