Australian Retirement Accounts at New highs, Indexes Flat

Marcus Jacob
21 Jan, 2013
New York City

Australian indexes were nearly flat ahead of earnings from BHP Billiton and the release of inflation target from the Bank of Japan. Retirement account balances have jumped to a new high as Australian market recovers from a five-year slump.

[R]6:30 PM Sydney – Australian indexes were nearly flat ahead of earnings from BHP Billiton and the release of inflation target from the Bank of Japan. Retirement account balances have jumped to a new high as Australian market recovers from a five-year slump.[/R]

Stocks in Sydney closed slightly higher following a late hour rally on Wall Street and resource stocks gained on the earnings expectations this week from BHP.

Bank of Japan is scheduled to announce its inflation target this week and expectations are high that the central bank will lift its goal to 2% from its current target of 1%.

The ASX 200 index gained 6.30 to 4,777.50 and the broader All Ordinaries increased 7.55 to 4,802.21.

The Australian dollar declined and closed at $1.0523 ahead of inflation data in the U.S. later this week and the Bank of Japan announcement of inflation target.

In trading, turnover increased to 1.6 billion shares worth $3.03 billion and 550 stocks gained, 452 decreased and 331 were unchanged.


Australian retirement savings account balances have recovered after five years of market volatility. The balances measured in the superannuation accounts recovered to the highs in September and matched the levels in 2007 and made additional gains as the market indexes advanced further in the year.

Most accounts averaged annual gain of 11.7% in 2012, according to the SuperRatings data.

Stock Movers

Mining companies were in focus ahead of the release of quarterly results from BHP later in the week.

BHP Billiton Limited gained 4 cents to $36.54 and Rio Tinto Limited increased 10 to $66.45. Fortescue Metals added 1 cent $4.53.

Newcrest Mining climbed 25 cents to $23.25. Kingsgate gained 8 cents to $5.06 and Whitehaven Coal closed unchanged at $3.57.

Perseus, gold miner decreased 8.5 cents to $1.955 and said managing director Mark Calderwood has resigned after nine years of leading the company.

Transfield Services up 3 cents to $1.91 and engineering contractor WorleyParsons advanced 23 cents to $24.23. Monadelphous Group dropped 23 cents to $24.30 and Downer EDI jumped 19 cents or 4.5% to $4.38.

Lend Lease increased 10 cents to $9.97.

Oil Search Limited up 1 cent to $7.14 and Santos Limited lowered 4 cents to $11.74.

Woodside Petroleum added 1 cent to $35.31 and Origin Energy Limited gained 5 cents to $12.13.

Sims, metal recycler decreased 50 cents to $9.48 after the company warned that fraud may have occurred at two of the recycling sites in the U.K.

Woolworths rose 4 cents to $30.92 and Kathmandu closed unchanged at $1.68.

David Jones Limited closed unchanged at $2.37 and Wesfarmers up 3 cents to $37.72. Breville Group added 3 cents to $6.44.

Billabong slid 1 cent to 1 cent.

Commonwealth Bank of Australia dropped 26 cents to $62.20 and Bank of Queensland slipped 7 cents to $7.99 and ANZ up 10 cents to $25.69. National Australia Bank gained 50 cents to $26.85. Westpac decreased 11 cents to $26.48.

Toll Holdings lowered 4 cents to $4.95, Leighton up 2 cents to $19.10 and property developer Mirvac Group closed unchanged at $1.55.

Westfield Group slumped 6 cents to $10.93.