Sino Gold Acquired, Woolworths, Toll Rise

123jump.com Staff
27 Aug, 2009
New York City

Australian stocks closed unchanged after a weakness in global commodities prices. Woolworths reported higher earnings and guided a rise between 8% and 11% in the current fiscal year. Toll Holdings swung to a net income. Crown wrote down its disastrous foray into international casinos.

[R]9:00 PM Sydney – Australian stocks closed unchanged after a weakness in global commodities prices. Woolworths reported higher earnings and guided a rise between 8% and 11% in the current fiscal year. Toll Holdings swung to a net income. Crown wrote down its disastrous foray into international casinos.[/R]

Australian stocks closed nearly unchanged despite the rise in business investment in the quarter ending in June by 3.3%. The decline in international prices of commodities overshadowed the strength in the select industrial stocks and financials.

The ASX 200 index in Australia decreased 3.70 or 0.08% to 4,450.80 and dollar declined on China worries.

Gainers & Losers

Resource stocks declined after copper price decreased 1.1% and aluminum declined 3.1%.

BHP Billiton decreased 1.3% to $37.65, Rio Tinto declined 3% to $57.16, Newcrest Mining increased 2% to $29.64 and Lihir Gold declined more than 1% to $2.72.

Oil and natural gas related stocks increased. Santos increased less than 1% to $15.55 and Oil Search edged up 2 cents to $6.01.

Crown Ltd increased 2% to $8.15 after it reported second half loss of $788 million and for the year lost $1.21 billion. The “ill-timed” foray in the Las Vegas casino market forced the company to take total of $1.44 billion in the last one year.

Toll Holdings increased 0.6% to $7.60 after it reported annual net income of $270 million compared to a loss of $695 million a year ago.

The latest report in the business investment lifted James Hardie by 2.5% to $7.31.

Banks advanced. Suncorp-Metway increased 2.4% to $7.88, NAB increased 1% to $27.38 and Commonwealth Bank edged up 13 cents to $44.75.

Pacifiic Brands declined 5% after losing more than 10% to $1.12 on the net loss of $234.3 million.

Sino Gold Mining surged 12% to $6.70 after it to be acquired by Canada based Eldorado Gold Corp for C$1.47 billion in all stock exchange.

Woolworths increased 8 cents to $28.78 after it reported annual profit of $1.835 billion. The company guided net income in the year 2010 to increase between 8% and 11% and sales to increase in the upper single digits.

Earnings Review

Consolidated Media Holding Limited, the gaming and entertainment company said full-year revenues rose 40.4% to $5.98 million from $4.26 million a year ago. Net profit for the first-half fell 93% to $427 million or 61.91cents per diluted share compared to net profit of $6.08 billion or 882.74 cents per share a year ago.

GPT Group, the property trust said first-half revenues fell 21% to A$400.0 million from A$628.7 million a year ago. Net loss for the first-half was A$1.2 million compared to net loss of A$67.7 million a year ago.

Lihir Gold Limited, the global gold producer said first-half revenues rose 97% to A$564.1 million from A$286.7 million a year ago. Net loss for the first-half was A$300.9 million compared to net profit of A$36.5 million a year ago.

West Australian Newspapers Holdings Limited, said Net profit for the full-year fell 20% to $87.2 million compared to net profit of $109.9 million a year ago.

Westfield Group, the retail property group said first-half revenues fell 6% to A$2.07 billion from A$2.21 billion a year ago. Net loss for the first-half was A$708 million compared to net profit of A$1.3 billion a year ago.

ASX 200 Index Movers

Babcock & Brown Infrastructure Group Ltd led the decliners in the ASX 200 index of 18.1% followed by losses in Macarthur Coal Limited of 9.3%, in Lynas Corporation Limited of 7.1%, in Mount Gibson Iron Ltd of 6.9% and in OZ Minerals Limited of 6.0%.

Sino Gold Mining Ltd led gainers in the ASX 200 index with a rise of 12.2% followed by gains in Cabcharge Australia Limited of 11.0%, in FKP Property Group of 11.0% and in Charter Hall Group of 9.2%.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 165.74 or 1.56% to 10,473.97, Hang Seng index in Hong Kong decreased 213.57 or 1.04% to 20,242.75 and CSI 300 index in China lower 16.08 or 0.51% to 3,156.30. ASX 200 index in Australia decreased 3.70 or 0.08% to 4,450.80. The FTSE Bursa KL Composite index in Malaysia closed higher 4.34 or 0.37% to 1,176.90.

The Kospi Index in South Korea decreased 14.79 or 0.92% to close at 1,599.33. SET index in Thailand closed lower 5.88 or 0.89% to 652.40 and JSE Index in Indonesia decreased 24.02 or 1.01% to 2,356.06. The Sensex index in India increased 11.22 or 0.07% to 15,781.07.