Australian Indexes Extend Gains; Boart, Lend Lease, Amcor in Focus

Marcus Jacob
18 Feb, 2013
New York City

Australian stocks closed higher and mining and financial stocks extended gains. Boart Longyear plunged 8% after it reported 58% fall in full-year profit. Lend Lease reported 39% increase in profit. Amcor half-year net increased 16%.

[R]6:30 PM Sydney – Australian stocks closed higher and mining and financial stocks extended gains. Boart Longyear plunged 8% after it reported 58% fall in full-year profit. Lend Lease reported 39% increase in profit. Amcor half-year net increased 16%.[/R]

Australian stocks closed higher and market indexes extended gains on the strength in financial stocks.

The ASX 200 index increased 29.50 to 5,063.40 and the broader All Ordinaries gained 28.37 to 5,082.94.

The Australian dollar declined to $1.032 and held firm near the recent lows.

In trading, turnover increased to 2.12 billion shares worth $8.7 billion and 519 stocks increased, 528 decreased and 359 closed unchanged.

Stock Movers

Rio Tinto climbed 74 cents to $70.89 and BHP added 8 cents to $38.67. Lend Lease dropped 27 cents to $10.42.

Woodside Petroleum jumped 38 cents to $37.28 and Origin Energy Limited rose 3 cents to $12.19.

Boart Longyear plunged 8% to $1.95 after the drilling services provider estimated business weakness to continue in the current year.

Boart reported 58% decline in net profit to US$68.2 million on flat revenue of US$2.01 billion in 2012.

For the quarter, the Utah based company declared 1 US cent a share dividend totalling 7.4 US cents a share.

Lend Lease declined 27 cents to $10.42 after the construction company reported a 39% increase in profit.

Amcor gained 23 cents to $9.14 after profit for the half-year ending in December increased 16% and said it plans to cut 300 jobs.

David Jones Limited slid 1 cent to $2.68 and. Breville Group gained 19 cents to $7.08.

Billabong added 0.5 cents to 96.5 cents and Globe International surged 2 cents or 5% to 42 cents.

Pacific Brands increased 2.5 cents to 75.5 cents after the struggling clothing retailer said it had returned to profitability.

Commonwealth Bank of Australia slipped $1.25 to $65.78 and Bank of Queensland jumped 30 cents to $9.12 and ANZ climbed 73 cents to $28.50. National Australia Bank increased 64 cents to $30.15. Westpac gained $1.05 to $30.20.

Macquarie Group advanced $1.05 to $38.85 and Toll Holdings up 2 cents to $5.56, Leighton jumped 70 cents to $23.38 and property developer Mirvac Group closed unchanged at $1.55.

Westfield Group slipped 10 cents to $10.87.