Australian Stocks Point Higher; ROC Oil Drops

123jump.com Staff
29 Jun, 2009
New York City

Australian stocks are expected to open higher on the back of global markets rally. Crude oil in New York closed above $71 a barrel. ROC Oil Company raised A$69 million.

[R]6:00 AM Sydney – Australian stocks are expected to open higher on the back of global markets rally. Crude oil in New York closed above $71 a barrel. ROC Oil Company raised A$69 million.[/R]

Australian markets are expected to open higher after advances in the New York and European trading.

The Bank for International Settlements that holds reserves of its central bank members highlighted risks of inflation as banks may be slow in withdrawing stimulus to the economies around the world.

Australian Gainers & Losers

ROC Oil Ltd declined 12% to 79 cents after the company completed placement of 88 million shares at 78 cents a share and raised a$68.8 million.

Avoca Resources surged 8.1% to A$1.67 after the company lifted its gold output estimate by 6% to 190,000 ounces next year.

Cabcharge Australia Limited decreased 3.6% to A$5.30 after the antitrust regulators initiated legal proceedings against the company and Citigroup analyst lowered rating on the company as reported by Bloomberg News.

Global Markets Review

Dow Jones Industrial Average increased 90.99 or 1.1% to a close of 8,529.38, S&P 500 Index added 8.33 or 0.9% to 927.23, and Nasdaq Composite Index edged higher 5.84 or 0.3% to close at 1,844.06. Toronto TSX Composite Index closed up 93.11 or 0.9% to 10,482.87.

Teppco agreed to be acquired by Enterprise Products Partners to create one of the largest energy in the mid-stream segment of the market. The revised offer values each unit of Teppco at $31.36. The deal creates one of the largest and healthy partnerships to transport crude oil and natural gas.

Germany and France led gainers in the European trading on the optimistic outlook on the economy.

An index of confidence among consumers and business managers increased in June to 73.3 from a revised 70.2 in May according to the data released by the eurostat.

Russian stocks rebounded with the Micex index closing up 3%.

ASX 200 Index Movers

Roc Oil Company Limited led the decliners in the ASX 200 index of 12.2% followed by losses in PanAust Limited of 8.1%, in Macquarie Office Trust of 6.5%,in ING Industrial Fund 5.8% and in Energy World Corp Ltd of 5.7%.

Avoca Resources Limited led gainers in the ASX 200 index with a rise of 8.0% followed by gains in Straits Resources Ltd of 7.1%, in FKP Property Group of 7.0% and Macarthur Coal Limited of 6.0%.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 93.92 or 0.95% to 9,783.47, Hang Seng index in Hong Kong decreased 71.75 or 0.39% to 18,528.51, CSI 300 index in China higher 51.55 or 1.65% to 3,179.97. ASX 200 index in Australia decreased 16.90 or 0.43% to 3,886.90. The KL Composite index in Malaysia closed higher 0.07 or 0.01% to 1,075.84.

The Kospi Index in South Korea decreased 6.08 or 0.44% to close at 1,388.45.SET index in Thailand closed higher 5.80 or 0.97% to 601.60 and JSE Index in Indonesia decreased 6.48 or 0.32% to 2,033.72. The Sensex index in India increased 21.10 or 0.14% to 14,785.74.