Australian Index at Yearly High

Marcus Jacob
11 Dec, 2012
New York City

Australian benchmark index jumped to a high in the year after iron ore prices surged to the level last seen in July. Resource sector stocks led the gainers. Downer EDI jumped after it agreed to a settlement related to a Singapore tunnel dispute.

[R]7:30 PM Sydney – Australian benchmark index jumped to a high in the year after iron ore prices surged to the level last seen in July. Resource sector stocks led the gainers. Downer EDI jumped after it agreed to a settlement related to a Singapore tunnel dispute.[/R]

Australian market index closed at its high for the year on the rebound in commodities prices after China reported improving economic data and the expectations of stimulus announcement from the U.S. Fed tomorrow.

Iron ore prices rebounded and closed at the highest since July after demand from China improved.

The ASX 200 index increased 18.10 or 0.4% to 4,576 and the broader All Ordinaries gained 18.95 to 4,581.32.

Australian dollar inched higher to $1.052.

Stock Movers

BHP Billiton Limited climbed 46 cents to $35.41 and Rio Tinto Limited jumped 47 cents to $61.77.

Lynas Corporation Limited closed unchanged at 60.5 cents; Iluka Resources advanced 38 cents or 4.6% to $8.64 and Fortescue Metals increased 16 cents to $4.21.

Mirabela Nickel slipped 0.5 cents to 44.5 cents and Newcrest Mining dropped 26 cents to $24.10. Kingsgate slumped 13 cents to $4.75 and Whitehaven Coal advanced 7 cents to $3.15.

Transfield Services gained 5 cents to $1.77 and engineering contractors WorleyParsons plummeted 70 cents to $22.31.

Monadelphous Group advanced 28 cents to $22.28. Downer EDI advanced 5% to $3.65 after the company agreed to a settlement of S$50 million for a tunnel dispute in Singapore.

Lend Lease increased 2% after the company said it was selected as preferred bidder for the renovation of Darling Harbour convention and entertainment centers.

Oil Search Limited increased 5 cents to $7.20 and Santos Limited up 1 cent to $11.06.

Woodside Petroleum slid 3 cents to $33.90 and Origin Energy Limited climbed 12 cents to $11.20.

Seven West Media closed unchanged at $1.58. Harvey Norman Holdings added 2 cents to $1.82.

Woolworths gained 14 cents to $29.54 and Kathmandu rose 5 cents to $1.55.

David Jones Limited down 1 cent to $2.47 and Wesfarmers gained 3 cents to $36.28. Breville Group added 2 cents to $6.20.

Billabong International Limited advanced 3 cents or 3.4% to 91 cents.

Commonwealth Bank of Australia increased 39 cents to $61.29 and Bank of Queensland slipped 4 cents to $7.15 and ANZ up 5 cents to $24.89.

Macquarie Group climbed 58 cents to $33.68 and Perpetual Limited gained 15 cents to $32.55. National Australia Bank increased 15 cents to $24.70. Westpac rose 10 cents to $26.

Toll Holdings up 1 cent to $4.64, Leighton slid 1 cent to $16.66 and property developer Mirvac Group lowered 1 cent to $1.52.

Westfield Group added 1 cent to $10.66.

Qantas gained 3 cents to $1.39, Flight Centre plummeted 95 cents or 3.6% to $25.05 and Virgin Australia down 0.5 cents to 42.5 cents.

Separately, Delta agreed to acquire 49% stake in Virgin Atlantic from Singapore Airlines after negotiating the deal over last several years for $360 million. Singapore purchased the stake for 600 million pounds or $966 million in 2000.

Telstra slipped 3 cents to $4.34.