Australian Stocks Halt 2-Day Rally

Marcus Jacob
04 Jan, 2013
New York City

Australian stocks declined for the first time in 3-days tracking lower international markets. Private sector credit availability was at the weakest in 19-months according to the latest data from the RBA.

[R]7:30 PM Sydney – Australian stocks declined for the first time in 3-days tracking lower international markets. Private sector credit availability was at the weakest in 19-months according to the latest data from the RBA.[/R]

Stocks in Sydney snapped after a 2-day rally in 2013 tracking weaker international markets.

The ASX 200 index slipped 16.90 or 0.4% to 4,723.80 and the broader All Ordinaries dropped 18.55 to 4,742.87. For the week, the ASX 200 index jumped 2.2%.

Australian dollar advanced to $1.045.

In trading, stock turnover decreased to 1.1 billion shares worth $2.4 billion and 384 stocks closed higher, 499 declined and 371 were unchanged.

Credit available to private sector was at its weakest in 19 months in November according to the latest data released by the Reserve Bank of Australia.

The available credit by banks and other lenders to private sector was unchanged in November after gaining 0.1% in October. The credit increased 3.5% in the year to November.

Business credit fell 0.6% in November, the weakest in 19-months, and housing credit increased 0.4%. Personal credit decreased 0.2% in the month after rising 0.1% in October and falling 0.7% in the year to the month.

Stock Movers

Atlas Iron decreased 6 cents to $1.81 and said it was on track to reach 7.7 million tons of iron ore production in the current fiscal year after it started production at its third Pilbara iron ore mine.

Macmahon Holdings added 0.5 cent to 29 cents and the company said its existing agreement to sell its construction operations to Leighton precludes the company from negotiating with the new bidder from India.

BHP Billiton Limited slipped 24 cents to $37.91 and Rio Tinto Limited declined 70 cents to $68.55. Fortescue Metals decreased 18 cents to $4.86.

Newcrest Mining dropped 86 cents to $22.84. Kingsgate decreased 10 cents to $4.60 and Whitehaven Coal slipped 9 cents to $3.52.

Transfield Services down 2 cents to $1.93 and engineering contractor WorleyParsons slumped 29 cents to $24.01. Monadelphous Group declined 33 cents to $24.85 and Downer EDI increased 8 cents to $4.13.

Lend Lease gained 4 cents to $9.53.

Oil Search Limited lowered 6 cents to $7.06 and Santos Limited slid 7 cents to $11.30.

Woodside Petroleum down 4 cents to $34.56 and Origin Energy Limited added 2 cents to $11.81.

Woolworths up 1 cent to $29.55 and Kathmandu closed unchanged at $1.59.

David Jones Limited closed unchanged at $2.40 and Wesfarmers slid 3 cents to $36.86. Breville Group dropped 17 cents to $6.41.

Commonwealth Bank of Australia up 1 cent to $63.25 and Bank of Queensland closed unchanged at $7.50 and ANZ increased 8 cents to $25.26. National Australia Bank gained 6 cents to $25.31. Westpac added 6 cents to $26.25.

Toll Holdings advanced 12 cents to $4.87, Leighton climbed 35 cents to $19 and property developer Mirvac Group closed unchanged at $1.48.

Westfield Group decreased 6 cents to $10.52.