Australian Rally Extends Gain to Fourth Day, WorleyParsons in Focus

Marcus Jacob
12 Jul, 2013
New York City

Australian stocks rose for the fourth day in a row and extended gains in the second week in a new financial year on gains in resource stocks. Market indexes weakened in the afternoon after finance minister in China lowered growth expectations. WorleyParsons won a contract from Sasol North America.

[R]5:30 PM Sydney – Australian stocks rose for the fourth day in a row and extended gains in the second week in a new financial year as resource stocks led gainers. Market indexes weakened in the afternoon after finance minister in China lowered growth expectations. WorleyParsons won a contract from Sasol North America in Louisiana.[/R]

Australian stocks gained for the fourth week in a row on the back of a strength in resource stocks. Market indexes gained for the second week in a row in the new financial year.

The ASX 200 index rose 8.20 to close at 4,973.90 and the broader All Ordinaries edged up 10.60 to 4,957.50. For the week, ASX 200 jumped 2.7%.

Australian dollar traded higher at 91.79 U.S. cents and in stock trading turnover rose to 773 million shares worth $4 billion.

Home loan approvals in May rose 1.8% from April and total housing finance by value added 2% to $23.43 billion, the Australian Bureau of Statistics said today.

Stocks in Review

Rio Tinto jumped $1.93 to $54.32 and BHP climbed $1.01 to $32.84. Woodside Petroleum Limited gained 57 cents to $37.32.

David Jones Limited rose 4 cents to $2.53 and Breville Group slid 3 cents to $7.36. Woolworths increased 35 cents to $33.55.

Mirvac Group slipped 5 cents to $1.63. Lend Lease advanced 20 cents to $9.06.

Westpac climbed 45 cents to $29.49, Commonwealth increased 1.5% to $71.41 and National Australia Bank rose 1.8% to $29.98. ANZ added 34 cents to $28.98.

A.P. Eagers Limited surged 7% to $4.43 after the new and used car seller today estimated net profit before-tax for the first-half at $42 million, an increase of 12.9% compared to $37.2 million a year ago period.

In first week of July, the car seller made deal to buy two car dealerships in Adelaide for $9 million.

Miclyn Express Offshore Limited slid 0.8% to $1.86 after the vessels service provider awarded contract worth $29 million for capital deployment.

RHG Limited closed unchanged at 49.5 cents after the lender received buy out deal from Pepper Australia for $141.9 million, offer of 46 cents a RHG share.

WorleyParsons Limited jumped 2.8% to $21.50 after the professional service provider secured contract to work on a chemical plant for an integrated gas-to-liquid and ethane cracker project from Sasol North America in Louisiana.