Australian Indexes Rise 1%, Qantas Wins Final Approval for Emirates Alliance

Hiruki Nakamura
27 Mar, 2013
New York City

Australian markets rebounded and financials and resource stocks gained on the back of world markets advance. Qantas won final regulatory approval for its alliance with Dubai based Emirates. QBE said it is in track to meet its financial targets as the restructuring continues.

[R]6:30 PM Sydney – Australian markets rebounded and financials and resource stocks gained on the back of world markets advance. Qantas won final regulatory approval for its alliance with Dubai based Emirates. QBE said it is in track to meet its financial targets as the restructuring continues.[/R]

Australian markets traded higher after world markets advanced on positive economic news in the U.S. and in Europe.

Home prices were on the rise in the U.S. and durable goods orders increased more than expected, according to the data released by government agencies.

Durable goods orders increased 5.7% in February, according to the latest data released by the Commerce Department. The orders had declined 3.8% in January on weak aircraft orders.

New home sales declined in the month 4.6% to a 411,000 annual rate, following a revised 431,000 rate in the prior month.

Median home price for a new home increased 3% to $246,800 in February from January and increased 2.9% from a year ago.

The ASX 200 index gained 44.80 or 0.9% to 4,995 and the broader All Ordinaries rose 42.37 to 5,007.05.

Australian dollar traded near one-month high and closed at $1.044.

Stock Movers

Qantas closed up 4 cents to $1.76 after the airline received a final approval for its alliance with Dubai based Emirates.

Virgin Australian gained 1.5 cents to 41.5 cents after High Court of Singapore approved its purchase of Skywest.

Rio Tinto jumped 89 cents to $57.82 and BHP gained 27 cents to $33.19. Fortescue Metals Group soared 17 cents or 4.5% to $3.98.

Woodside Petroleum slipped 34 cents to $36.20 and Santos rose 13 cents to $12.66.

Newcrest Mining slid 8 cents to $21.87, Kingsgate fell 5 cents to $3.90 and Whitehaven Coal closed unchanged at $2.10.

David Jones Limited closed unchanged at $3.02 and Breville Group lowered 4 cents to $5.91. Billabong rose 2 cents to 75 cents and Globe International closed unchanged at 40 cents.

Woolworths increased 30 cents to $34.15. Kathmandu added 5 cent to $2.03.

Toll Holdings up 8 cents to $5.76, Leighton gained 18 to $20.62 and Mirvac Group closed unchanged at $1.62. Lend Lease climbed 42 cents or 4.3% to $10.15.

QBE gained 48 cents to $13.42 after the company said it was on track to meet its financial targets this year as the company continues with its restructuring.

Westpac up 10 cents to $30.78, Commonwealth added 0.1% to $68.38 and National Australia Bank gained 0.9% to $30.95 and ANZ rose 14 cents to $28.58.

Macquarie Group increased $1.19 to $37.26 and Wesfarmers up 20 cents to $40.60.

Nufarm last traded at $4.77 after it was halted ahead of the release of its six-month financial results.

Linc Energy was halted at $2.67 ahead of its capital raising plan.