Australian Trade Surplus Widens

123jump.com Staff
02 Apr, 2009
New York City

Australian trade surplus widens to A$2.1 billion in February. Exports of goods and services in the period gained 4% to A$24.9 billion. A sharp rise in Asian markets also contributed to the gains in Australian stocks. Qantas will icrease its ownership in its two Singapore base discount airlines.

[R]3:00AM New York, 7:00PM Sydney - Australia’s trade surplus widens to A$2.1 billion in February. A sharp rise in Asian markets also contributed to the gains in Australian stocks.[/R]

Australian stocks advanced 2.8% after a government report showed the country’s trade surplus unexpectedly widened in February.

In Sydney trading ASX 200 index gained 2.8% or 100.5 to 3,680.20.

Of the ASX 200 index stocks, 160 advanced, 29 dropped, and 11 were unchanged. Bradken led gainers in the index shares with a surge of 24.3% followed by Babcock & Brown gaining 21.8%.

Australia Trade Surplus Rises in Feb

Australian Bureau of Statistics reported today the balance of goods and services rose A$1.2 billion from a month earlier to A$2.1 billion in February on increases in goods and service exports, especially in non-rural goods and other goods.

Exports of goods and services in the period gained 4% to A$24.9 billion as other goods advanced 49%, rural goods increased 6%.

Non-rural goods exports advanced A$58 million, while service shipments edged up 1% to A$25 million.

Increases in other goods were driven by non-monetary gold that rose 55% to A$784 million.

The bureau of statistics noted that goods and services imports dropped 1% to A$22.8 billion as consumption shed 13%, intermediate and other merchandise goods fell 5%. Other goods rose 43% and capital goods increased 7%.

Services imports also dropped 1%.

Consumption goods with the largest falls were non-industrial transport equipment, which dipped 22%.

Qantas to Increase Ownership in Jetstar Asia and Valuair

Qantas reported today that it will increase ownership in its two Singapore-based discount airlines, Jetstar Asia and Valuair.

The airline will hold a 49% stake in its new holding company to be named Newstar, while Singapore businessman Choo Teck Wong will hold 51% through his private company, Westbrook. Wong will also be appointed chairman.

Qantas chief executive Alan Joyce said, “A unified and simpler shareholder structure and vision for Jetstar Asia and Valuair” will help achieve new synergies across the airlines.

Gainers & Losers

Bradken led advancers in the ASX 200 index shares with a rise of 24.3% followed by increases in Babcock & Brown of 21.8%, in Pacific Brands of 19.2%, in Australand Properties of 18.5%, and Ausenco Ltd of 18.4%.

APA Group led decliners in the ASX 200 index shares with a loss of 3.9% followed by losses in Dominion Mining of 3.8%, in Spark Infrastructure of 3.8%, in Paperlinx Ltd. of 2.8%, and Energy World Corp of 2.6%.

Energy stocks dropped after oil prices dipped 3% to $48.4 per barrel. Oil Search plunged 2.3%.