Origin Energy Estimates Gas Demand To Triple in Australia

Marcus Jacob
21 Sep, 2012
New York City

Australian stocks consolidated gains in the second week as commodities prices regain upward momentum. Premier Investments soared after fiscal 2012 net jumped 69%. Origin Energy forecasted natural gas demand to triple in the next five years.

[R]7:30 PM Sydney – Australian stocks consolidated gains in the second week as commodities prices regain upward momentum. Premier Investments soared after fiscal 2012 net jumped 69%. Origin Energy forecasted natural gas demand to triple in the next five years.[/R]

Australian markets gained on the final day of the week and consolidated the advance of the last two weeks.

Financials and resource sector stocks led the advance as oil and natural gas prices rose in international markets.

The ASX 200 index gained 11.10 to 4,408.30 and the broader All Ordinaries increased 10.96 to 4,430.75. For the week, the ASX 200 index inched added 0.4%.

Australian dollar increased 1 cent to close at $1.0489 against the U.S. dollar.

In trading, turnover increased to 2.2 billion shares worth $4.83 and 508 stocks closed higher, 429 fell and 349 closed unchanged.

Stock Movers

DuluxGroup said it increased its stake in the building products maker Alesco to 50.2% crossing the threshold it established earlier to make an unconditional offer.

Alesco increased 1 cent to $1.915 and DuluxGroup decreased 1 cent to $3.29.

BHP Billiton Limited closed unchanged at $33.70 and, Rio Tinto Limited dropped 25 cents to $56.33. Lynas Corporation Limited slid 0.5 cents to 87.5 cents and Iluka Resources increased 12 cents to $10.92.

Fortescue Metals up 1 cent to $3.61.

Mirabela Nickel soared 6.8% to 39.5 cents and Newcrest Mining plummeted 88 cents to $28.90. Kingsgate gained 11 cents to $6.09 and Whitehaven Coal slipped 8 cents to $2.99.

Transfield Services closed unchanged at $1.79; engineering contractors WorleyParsons up 1 cent to $27.60 and Monadelphous Group advanced 33 cents to $19.80.

Oil Search Limited slipped 6 cents to $7.57 and Santos Limited gained 6 cents to $11.49 and Woodside Petroleum increased 20 cents to $34.15. Sundance Energy lowered 1 cent to 74.5 cents.

Origin Energy was in focus after its chief Grant King forecasted natural gas demand in Eastern Australia to triple in the next five years. Origin is also exploring for energy in New Zealand, South East Asia, Kenya and Botswana.

Seven West Media added 2 cents to $1.27, Ten Network up 1.5 cents to 37 cents and Fairfax Media closed unchanged at 46.5 cents and the controversial News Corp. increased 13 cents to $24.16.

Harvey Norman Holdings slid 3 cents to $1.95, Woolworths advanced 31 cents to $29.27 and Kathmandu plunged 9 cent or 6.2% to $1.29.

Premier Investments increased 42 cents or 8.1% to $5.60 after it reported fiscal 2012 net income jumped 69% to $68.2 million on higher sales in Asia.

David Jones Limited extended gains for the third day by 3 cents to $2.38 after it reported better than expected earnings and Wesfarmers added 3 cents to $34.75. Breville Group closed unchanged at $5.30.

Billabong International Limited added 2 cents to $1.36.

Commonwealth Bank of Australia increased 18 cents to $55.15 and Bank of Queensland up 2 cents to $7.73. ANZ gained 10 cents to $24.84 after it sold its wholesale mortgage distribution arm, Origin Mortgage Management Services.

National Australia Bank slipped 13 cents to $25.40 and Westpac Banking Corporation climbed 33 cents to $24.62.

Macquarie Group declined 29 cents to $29.06 and Perpetual Limited plummeted 45 cents to $26.75.

Toll Holdings slipped 5 cents to $4.45, Leighton added 4 cents to $16.55 and property developer Mirvac Group declined 1 cent to $1.39.

Qantas lowered 1 cent to $1.26, Flight Centre added 2 cents to $23.52 and Virgin Australia slid 0.5 cents to 42.5 cents.

QR National slipped 1 cent to $3.40 and Telstra up 1 cent to $3.87.