Australian Stocks Flat, Harvey Norman Net Falls

Marcus Jacob
31 Aug, 2012
New York City

Australian stocks were generally quiet as the earnings season winds down and investors await the release of economic data from China this weekend. Resource sector stocks were in focus on the prospect of profit decline. Harvey Norman, the retailer reported full-year net declined.

[R]7:30 PM Sydney – Australian stocks were generally quiet as the earnings season winds down and investors await the release of economic data from China this weekend. Resource sector stocks were in focus on the prospect of profit decline. Harvey Norman, the retailer reported full-year net declined.[/R]

Australian stocks were generally flat and looked to international events and a release of purchasing managers’ index in China this weekend.

Mining and resource sector companies were in focus as analysts begin to downgrade profit outlook for several leading companies and the prospect of price recovery for iron ore remain distant.

The ASX 200 index inched up 0.40 to 4,316.10 and the broader All Ordinaries edged down 1.16 to 4,339.

For the week, the ASX 200 index slipped 0.8% and for the month of August the ASX 200 index gained 1.1%. The ASX index gained 1.1% in August, third monthly rise in a row.

The Australian dollar decreased to US$1.031 from US$1.032 on Thursday’s close.

Stock Movers

BHP Billiton Limited slipped 20 cents to $31.79 and, Rio Tinto Limited climbed 61 cents to $49.24 and Fortescue Metals Group slid 5 cents to $3.54.

Iluka Resources decreased 8 cents $9.20 and Lynas Corporation Limited declined 2.5 cents to 64 cents. Newcrest Mining plummeted 62 cents to $24.65. Kingsgate plunged 34 cents or 7.4% to $4.28 and Whitehaven Coal added 3 cents to $3.27.

Northern Iron gained 5% and the company remained the focus of buyout candidate from India based Aditya Birla Group and Switzerland based Prominvest.

Transfield Services slid 1 cent to $1.84 billion; engineering contractors WorleyParsons increased 33 cents to $26.52 and Monadelphous Group dropped $1.03 or 4.9% to $20.09.

Oil Search Limited gained 6 cents to $7.52 and Santos Limited increased 7 cents to $11.23 and Woodside Petroleum advanced 21 cents to $34.30. Sundance Energy slid 0.5 cents to 68 cents.

Seven West Media lowered 2 cents to $1.47, Ten Network closed unchanged at 38.5 cents and Fairfax Media slipped 2.5 cents to 42 cents.

Harvey Norman Holdings slid 5 cents at $2.05 after the retailer reported full-year net declined on higher discounting as the company faces challenges from Internet based retailers.

Woolworths advanced 41 cents to $29.62. Kathmandu added 1 cent to $1.38.

Commonwealth Bank of Australia jumped 76 cents to $54.74 and Bank of Queensland increased 3 cents to $7.55. ANZ slipped 4 cents to $24.82. National Australia Bank up 1 cent at $25.21 and Westpac Banking Corporation added 1 cent to $24.77.

Macquarie Group slumped 24 cents to $26.86. Perpetual Limited decreased 11 cents to $26.48 and the financial services reported profit dropped 57% on restructuring charges.

David Jones Limited up 1 cent $2.42 and Wesfarmers gained 33 cents to $34.52. Billabong International Limited closed unchanged at $1.35. Breville Group closed unchanged at $5.45. Harvey Norman lowered 5 cents to $2.05.

Toll Holdings slipped 8 cents to $4.63, Leighton dropped 26 cents to $15.99 and property developer Mirvac Group up 1 cent to $1.35.

Qantas slid 1 cent to $1.15 and Flight Centre slipped 10 cents to $23.90 and Virgin Australia plunged 3.5 cents to 45 cents.

QR National lowered 3 cents to $3.50 and Telstra closed unchanged at $3.85.