Australian Markets Flat; Westfield, Qantas in Focus

Marcus Jacob
02 Nov, 2012
New York City

Australian markets closed flat on a weakness in banks and weak trading in resource sector. Qantas held out possibility of a dividend but did not cite a specific data. Westfield confirmed its malls in the U.S. did not suffer any major damage from the Hurricane Sandy.

[R]7:30 PM Sydney – Australian markets closed flat on a weakness in banks and weak trading in resource sector. Qantas held out possibility of a dividend but did not cite a specific data. Westfield confirmed its malls in the U.S. did not suffer any major damage from the Hurricane Sandy.[/R]

Australian stocks looked for direction at Asian markets after U.S. markets closed sharply higher on improved economic data.

The ASX 200 index inched up 2.50 to 4,460.10 and the broader All Ordinaries gained 3.43 to 4,483.34. For the week, the ASX 200 index edged down 0.3%.

Australian dollar closed to $1.0377.

In trading, 1.57 billion shares worth $3.8 billion changed hands today and 524 stocks increased, 445 decreased and 342 closed unchanged.

Stock Movers

BHP Billiton Limited advanced 60 cents to $34.42 and Rio Tinto Limited climbed $1.13 to $57.38.

Lynas Corporation Limited up 0.5 cents to 71.5 cents and Iluka Resources jumped 17 cents to $9.78. Fortescue Metals added 2 cents to $4.01.

Mirabela Nickel gained 0.5 cents to 45.5 cents and Newcrest Mining slid 4 cents to $26.20. Kingsgate added 3 cents to $5.47 and Whitehaven Coal down 2 cents to $2.98.

Transfield Services up 2 cents to $1.62, engineering contractors WorleyParsons increased 8 cents to $24.83 and Monadelphous Group advanced 39 cents to $21.07.

Oil Search Limited closed unchanged at $7.37 and Santos Limited slipped 4 cents to $11.31 and Woodside Petroleum increased 11 cents to $34.01.

Origin Energy Limited lowered 4 cent to $11.14.

Boral, the building products supplier, added 4 cents to $3.61 after the company said Australian residential housing market is still in a “tough” spot.

Seven West Media down 1 cent to $1.16 and News Corp, the controversial global entertainment group, increased 23 cents to $23.66.

Harvey Norman Holdings slid 1 cent $1.87, Woolworths slumped 28 cents to $28.73 and Kathmandu lowered 2 cents to $1.37.

David Jones Limited decreased 5 cents to $2.60 and Wesfarmers slipped 13 cents to $34.01. Breville Group slid 4 cents to $5.82. Billabong International Limited fell 1 cent to 84 cents.

Commonwealth Bank of Australia gained 10 cents to $57.37, Bank of Queensland down 7 cents to $7.39 and ANZ dropped 18 cents to $25.15.

Macquarie Group plummeted 84 cents to $30.66 and Perpetual Limited surged $1.46 to or 5.5% $28.20. National Australia Bank slipped 15 cents to $24.87. Westpac slumped 11 cents to $25.03.

Toll Holdings gained 3 cents to $4.41, Leighton dropped 12 cents to $17.39 and property developer Mirvac Group down 1 cent to $1.47.

Westfield Group slid 1 cent to $10.58 and the retail center developer said that it plans to begin new development in 2013 worth between $1.25 billion and $1.5 billion. The mall developer also confirmed none of its malls in New York, New Jersey and Connecticut “sustain any major damage.”

Westfield operates 47 retail centers in the U.S. and 49 locations in Australian and New Zealand.

Qantas closed unchanged at $1.29 and chairman Leigh Clifford said at the annual general meeting that the airline will begin paying dividend “as soon as possible” but he did not give out any dates.

The airline reported a loss of $245 million in the latest financial year on higher fuel charges and a labor dispute that forced management to ground the entire fleet.

Flight Centre climbed 49 cents to $26.88 and Virgin Australia added 0.5 cents to 48.5 cents.

QR National up 2 cents to $3.74 and Telstra closed unchanged at $4.09.

Treasury Wine Estate increased 10 cents to $5 after the company acquired full control of New Zealand based Rapaura Vinters winery and warehouse.