Australian Index Falls, Uranium Miners Gain

Marcus Jacob
17 Dec, 2012
New York City

Australian stocks traded mixed and the benchmark index declined on a weakness in bank stocks. Uranium mining linked stocks traded higher after the opposition party was returned to power in Japan that favors restarting of nuclear power plants.

[R]7:30 PM Sydney – Australian stocks traded mixed and the benchmark index declined on a weakness in bank stocks. Uranium mining linked stocks traded higher after the opposition party was returned to power in Japan that favors restarting of nuclear power plants.[/R]

Australian benchmark index declined after weak banks overshadowed the strength in the resource sector.

Uranium mining stocks traded higher after Japan’s opposition party that favors nuclear power plants restarting was returned to power in a landslide victory in a general election on Sunday.

The ASX 200 index declined 9.7 to 4,573.50 and the broader All Ordinaries fell 7.11 to 4,588.06.

Australian dollar backed off from its 3-month high to $1.0454.

Stock Movers

BHP Billiton Limited climbed 28 cents to $36.35 and Rio Tinto Limited jumped 52 cents to $63.52.

Lynas Corporation Limited slipped 1.5 cents to 55 cents, Iluka Resources closed unchanged at $7.96 and Fortescue Metals increased 16 cents to $4.47.

Fortescue gained after the company decided to sell its assets to lower its debt burden of $8 billion.

The company plans to sell its stake in Nullagine iron ore project for $190 million and its minority stake in rail and ports project that has been valued been $4 billion and $6 billion.

Mirabela Nickel up 1 cent to 47.5 cents and Newcrest Mining declined 65 cents to $23.20. Kingsgate slumped 17 cents to $4.57 and Whitehaven Coal slid 1 cent to $3.17.

Transfield Services closed unchanged at $1.87 and engineering contractors WorleyParsons up 1 cent to $23.01.

Monadelphous Group gained 13 cents to $22.63. Downer EDI added 2 cents to $3.84 after the company agreed to a settlement of S$50 million for a tunnel dispute in Singapore.

Lend Lease down 2 cents to $8.96.

Oil Search Limited slipped 6 cents to $7.07 and Santos Limited dropped 17 cents to $10.85.

Woodside Petroleum decreased 32 cents to $34 and Origin Energy Limited increased 6 cents to $11.32.

Caltex Australia dropped 21 cents to $18.99 after the oil refiner estimated profit in the current year on strong oil products sale and better refining margins.

Seven West Media added 2 cents to $1.65. Harvey Norman Holdings up 1 cent to $1.86.

APN News & Media soared 1.5 cents or 5.7% to 28 cents after the company issued a profit warning and said publishing revenues have declined 10% since June.

Woolworths declined 26 cents to $29.22 and Kathmandu slid 2 cent to $1.53.

David Jones Limited down 2 cents to $2.47 and Wesfarmers plummeted 34 cents to $35.59. Breville Group added 2 cents to $6.30.

Billabong International Limited rose 3.5 cents to 93.5 cents before the stock was halted after the president of the American unit offered to acquire the company for $1.10 a share.

Commonwealth Bank of Australia declined 37 cents to $61.29 and Bank of Queensland increased 9 cents to $7.22 and ANZ slumped 16 cents to $24.49.

Macquarie Group slipped 3 cents to $33.30 and Perpetual Limited dropped 63 cents to $33.36. National Australia Bank decreased 12 cents to $24.48. Westpac declined 24 cents to $25.75.

Toll Holdings up 1 cent to $4.60, Leighton gained 14 cents to $16.96 and property developer Mirvac Group closed unchanged at $1.51.

Westfield Group increased 4 cents to $10.68.

Qantas closed unchanged at $1.39, Flight Centre plummeted 50 cents to $26.19 and Virgin Australia slipped 0.5 cents to 41.5 cents.

Telstra increased 4 cents to $4.29.