Weekly Loss of 2% in Australian Indexes

Marcus Jacob
26 Oct, 2012
New York City

Australian market index declined 0.8% and extended losses for the week to 2%. The dollar held firm. Macquarie Group said first half net income increased on lower operating costs. AMP said third quarter cash flow increased on the growth in self-managed super annuation funds.

[R]7:30 PM Sydney – Australian market index declined 0.8% and extended losses for the week to 2%. The dollar held firm. Macquarie Group said first half net income increased on lower operating costs. AMP said third quarter cash flow increased on the growth in self-managed super annuation funds.[/R]

Market indexes declined in Sydney trading on the lack of positive earnings release and the absence of domestic economic data.

The ASX 200 index slumped 38.10 or 0.8% to 4,472.40 and the broader All Ordinaries dropped 37.22 to 4,496.25. For the week, the ASX 200 index declined 2.2%.

Australian dollar increased to $1.0357 and extended gains in the week by 1%.

Stock Movers

BHP Billiton Limited dropped 51 cents to $33.86 and Rio Tinto Limited declined $1.05 to $56.45. Lynas Corporation Limited slid 0.5 cents to 68.5 cents and Iluka Resources gained 19 cents to $10.18.

Fortescue Metals slumped 10 cents to $4.05.

Mirabela Nickel fell 1.5 cents to 46.5 cents and Newcrest Mining climbed 15 cents to $26.16 and Chairman Don Mercer yesterday told shareholders that the company is targeting 3 million ounce of gold production a year within the next few years.

Kingsgate slipped 19 cents to $5.36 and Whitehaven Coal dropped 15 cents to $3.05 after the company resumed from a trading halt and said thermal coal price has fallen below its production cost.

Transfield Services slid 2 cents at $1.62, engineering contractors WorleyParsons advanced 28 cents to $24.67 and Monadelphous Group gained 10 cents to $20.47.

Oil Search Limited decreased 12 cents to $7.36 and Santos Limited slipped 14 cents to $11.52 and Woodside Petroleum declined 54 cents to $34.30. Sundance Energy lowered 1 cent to 78 cents.

Origin Energy Limited decreased 6 cents to $11.33.

Seven West Media slipped 4 cents to $1.21 and News Corp, the controversial global entertainment group, declined 43 cents to $23.67.

Harvey Norman Holdings down 1 cent to $1.98, Woolworths decreased 11 cents to $29.04 and Kathmandu slid 1 cent to $1.47.

David Jones Limited closed unchanged at $2.58 and Wesfarmers dropped 25 cents to $34.32. Breville Group lowered 3 cents to $5.90. Billabong International Limited added 1 cent to 93.5 cents.

Commonwealth Bank of Australia declined 45 cents to $56.85 and Bank of Queensland lowered 2 cents to $7.52. ANZ slumped 15 cents to $25.23 but the stock is still ahead 25% in the year.

Macquarie Group climbed $1.04 to $30.85 after the company said first half net income increased on job cuts and lower operating costs. Perpetual Limited plummeted 63 cent to $27.01.

Toll Holdings increased 1 cent to $4.28 and said plans to take a larger share of parcel delivery business from Australia Post. Leighton slumped 21 cents to $18.22 and property developer Mirvac Group slid 2 cents to $1.52.

Westfield Group fell 1 cent to $10.57 and the company was appointed to develop and manage a shopping center in northern England.

Qantas closed unchanged at $1.35, Flight Centre slipped 20 cents to $26.60 and Virgin Australia closed unchanged at 46 cents.

QR National closed unchanged at $3.72 and Telstra added 1 cent to $4.08.