Wesfarmers, AMP Earnings Lift Australian Indexes 1%

Marcus Jacob
16 Aug, 2012
New York City

Australian stocks surged after the latest batch of earnings lifted sentiment. Coles supermarket division of Wesfarmers reported a surge in sales and earnings. Wealth manager AMP reported 7% increase in first half sales. However, the exchange operator ASX said annual net declined 4%.

[R]7:30 PM Sydney – Australian stocks surged after the latest batch of earnings lifted sentiment. Coles supermarket division of Wesfarmers reported a surge in sales and earnings. Wealth manager AMP reported 7% increase in first half sales. However, the exchange operator ASX said annual net declined 4%.[/R]

Australian stocks surged sharply after the latest batch of earnings and the benchmark index was lifted to a 3-month high.

The ASX 200 index increased 49 or 1.1% to 4,330.20 and the broader All Ordinaries gained 46.46 or 1.1% to 4,353.50.

The Australian dollar eased to US$1.049 and fell against the euro, the pound and the yen.

In trading, turnover increased to 1.59 billion shares worth $4.65 billion and 525 shares increased, 367 decreased and 344 were unchanged.

Stock Movers

BHP Billiton Limited climbed 26 cents to $32.88 and, Rio Tinto Limited declined 35 cents to $54.75 and Fortescue Metals Group fell to $4.45.

Iluka Resources increased 24 cents $10.64, Lynas Corporation Limited up 1 cent to 76.5 cents, Newcrest Mining gained 13 cents to $24.51 and Kingsgate added 5 cents to $4.11. Whitehaven Coal slipped 15 cents to $3.70.

Oil Search Limited gained 17 cents to $7.15 and Santos Limited climbed 20 cents to $11.42 and Woodside Petroleum advanced 50 cents to $34.82. Sundance Energy rose 3 cents to 48.5 cents.

Ten Network fell 1.5 cent at 45 cents and Fairfax Media edged up 1 cent to 55.5 cents.

Consolidated Media Holdings rose 1 cent to $3.45 after competition authority approved the offer from News Corporation.

Metcash added 7 cents to $3.50, Harvey Norman Holdings gained 3 cents at $2.03 and Woolworths jumped 32 cents to $28.60. Kathmandu closed unchanged at $1.34.

Commonwealth Bank of Australia increased $1 to $57.05 and Bank of Queensland gained 13 cents to $7.75. ANZ advanced 27 cents to $23.90. National Australia Bank climbed 24 cents at $24.50 and Westpac Banking Corporation jumped 44 cents to $24.12.

Macquarie Group increased 38 cents to $26.30 and Perpetual Limited advanced 57 cents to $26.54.

AMP increased 20 cents to $4.36 after the company said first half profit increased 7% after its merger with AXA Asia Pacific.

David Jones Limited closed unchanged at $2.56 and Wesfarmers gained $1.23 to $33.72. Billabong International Limited closed unchanged at to $1.38. Breville Group added 3 cents to $5.10.

Wesfarmers was in focus after full-year profit increased 11% to $2.1 billion on strong earnings at its Coles supermarket unit of 16.3% to $1.36 billion and sales increased 6.4% to $34.12 billion.

Wesfarmers acquired Coles in 2007 for $18 billion.

Harvey Norman rose 3 cents to $2.03 after it said full-year profit may plunge 40% and sales are expected to decline 7% in the fiscal year ending in June.

Dexus Property Group declined 2.5 cents to 97 cents after it reported full-year net income declined 67% and guided an increase in profit in the current fiscal year.

Toll Holdings gained 6 cents to $4.48 and Leighton advanced 23 cents to $17.53.

Brambles increased 5 cents to $6.48 after annual profits increased 21%.

Qantas slid 1 cent to $1.15 and Flight Centre jumped 72 cents to $23.32 and Virgin Australia added 0.5 cents 45.5 cents.

QR National rose 3 cents to $3.35.