Choppy Trading in Australia; ANZ Net Up 6%, BHP Outlook Rocky

Marcus Jacob
25 Oct, 2012
New York City

Australian markets closed marginally higher and defensive stocks led the gainers. Mirvac reaffirmed its current year outlook and Westfield Retail Trust swapped interests in seven shopping centers with AMP Capital. ANZ reported 6% increase in full year earnings.

[R]7:30 PM Sydney – Australian markets closed marginally higher and defensive stocks led the gainers. Mirvac reaffirmed its current year outlook and Westfield Retail Trust swapped interests in seven shopping centers with AMP Capital. ANZ reported 6% increase in full year earnings.[/R]

Australian stocks closed marginally higher on the strength in defensive stocks and property companies led the gainers.

The ASX 200 index edged up 4.70 to 4,510.50 and the broader All Ordinaries gained 2.91 to 4,533.48.

Australian dollar rebounded to $1.035 against the U.S. dollar after the release of inflation data and eased at close to $1.029.

Stock Movers

BHP Billiton Limited gained 6 cents to $34.37 and chief executive Marius Kloppers said at the annual general meeting in London today that short term instability in the markets will continue in the current year as China slows down and the economic troubles of euro zone continue.

BHP is scheduled to hold its annual general meeting in Australia on November 29 in Sydney.

Rio Tinto Limited advanced 24 to $57.50. Lynas Corporation Limited up 1 cent to 69 cents and Iluka Resources added 4 cents to $9.99.

Fortescue Metals slipped 10 cents to $4.15.

Mirabela Nickel up 2 cents to 48 cents and Newcrest Mining plummeted 48 cents to $26.01 and Chairman Don Mercer told shareholders that the company is targeting 3 million ounce of gold production a year within the next few years.

Kingsgate slumped 15 cents to $5.55 and Whitehaven Coal closed unchanged at $3.20.

Transfield Services closed unchanged at $1.64, engineering contractors WorleyParsons climbed 53 cents to $24.39 and Monadelphous Group declined 24 cents to $20.37.

Oil Search Limited lowered 5 cents to $7.48 and Santos Limited decreased 8 cents to $11.66 and Woodside Petroleum slumped 11 cents to $34.84. Sundance Energy slid 2 cents to 79 cents.

Origin Energy Limited decreased 6 cents to $11.39.

Mirvac gained 2.5 cents to $1.545 after the company reaffirmed its outlook for the current year. Westfield Retail Trust added 8 cents to $3.13 after the company announced a deal to swap seven shopping centers with AMP Capital.

Seven West Media added 2 cents to $1.25 and News Corp, the controversial global entertainment group, gained 8 cents to $24.10.

Harvey Norman Holdings up 2 cents to $1.99, Woolworths increased 14 cents to $29.15 and Kathmandu down 1 cent to $1.48.

David Jones Limited lowered 2 cents to $2.58 and Wesfarmers decreased 3 cents to $34.57. Breville Group slipped 8 cents to $5.93. Billabong International Limited surged 6.5 cents or 7.6% to 92.5 cents.

ANZ said full year cash profit increased 6% to $6.01 billion and increased its dividend to 79 cents. The bank said second half profit increased 4% from a year ago to $3.04 billion.

Commonwealth Bank of Australia gained 22 cents to $57.30 and Bank of Queensland increased 7 cents to $7.54. ANZ slumped 22 cents to $25.38 but the stock is still ahead 25% in the year.

Macquarie Group slumped 16 cents to $29.81 and Perpetual Limited dropped 13 cent to $27.64.

Toll Holdings gained 5 cents to $4.27 and Leighton advanced 25 cents to $18.43 and property developer Mirvac Group up 2 cents to $1.54.

Qantas added 2 cents to $1.35, Flight Centre plummeted 56 cents to $26.80 and Virgin Australia slid 0.5 cents to 46 cents.

QR National slipped 3 cents to $3.72 and Telstra increased 4 cents to $4.07.