Market Updates
Australian Stocks 11-month High; Myer IPO
Mayank Mehta
11 Sep, 2009
New York City
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Australian stocks closed at 11-month high after strong Chinese economic data suggested sustained exports from Australia. Australian dollar closed to 12-month high. The retailer Myer reported higher earnings on stable sales and is expected to initiate public offering by the end of the month.
[R]10:35PM Sydney, Australia – Australian stocks closed at 11-month high after strong Chinese economic data suggested sustained exports from Australia. Australian dollar closed to 12-month high. The retailer Myer reported higher earnings on stable sales and is expected to initiate public offering by the end of the month.[/R]
Australian stocks edged higher after strong economic reports from China renewed interest in gold and silver and strong earnings from the retailer Myer. The benchmark index closed at the highest since October 7, 2008.
ASX 200 index in Australia increased 25.30 or 0.55% to 4,596.10. Of the stocks in the index, 102 increased, 82 declined and 16 were unchanged.
Australian dollar edged higher after the Chinese economic data. The dollar closed at 86.39 U.S. cents and gained for the week 1.6%.
ASX Movers
Consolidated Media Holding Limited led the decliners in the S&P ASX 200 index with a loss of 9.0% followed by losses in Crown Limited of 5.5%, in Nufarm Limited of 4.3%, in Murchison Metals Limited of 4.0% and in Paladin Energy Ltd of 3.7%.
Macquarie Office Trust led gainers in the S&P ASX 200 index with a rise of 7.4% followed by gains in St Barbara Limited 6.7%, in Macquarie Media Group of 6.0% and in Hills Industries Limited of 5.4%.
Other Movers
Financials closed higher in the broad rally after the release of Chinese statistics. ANZ increased 37 cents to A$22.68, Commonwealth Bank added 32 cents to A$47.60 and Westpac increased 13 cents to A$24.52.
The department store chain Myer today reported full-year net profit rose 14.8% to A$109 million and said it would begin the process of becoming a public company. Full-year sales fell 1.8% to A$3.26 billion. The company expects to file prospectus by the end of the month. After operational improvement the retailer has improved the margin to 7.23% from 2% in 2006.
Myers operates 60 stores in Australia and said that net debt declined to A$694 million from A$979 million when it was acquired in 2006.
Consolidated Media Holding Limited decreased 9.0% to A$3.02 after the announcement that Seven Network, which holds 19.9% stake wouldn''t increase its interest in Consolidated Media for the next 12 months.
Crown Limited the gaming and entertainment business declined 5.5% to A$8.14.
Hills Industries Limited the electronic security and entertainment added 5.4% to A$1.83.
Macquarie Office Trust rose 7.4% to A$0.29 and Macquarie Media Group rose 6.0% to A$1.65.
Nufarm Limited the manufacturer and supplier of a range of agricultural chemicals dropped 4.3% to A$10.98.
Paladin Energy Ltd declined 3.7% to A$4.57 and St Barbara Limited increased 6.7% to A$0.31.
Asian Markets Review
The Nikkei 225 Index in Tokyo closed lower 69.34 or 0.66% to 10,444.33, Hang Seng index in Hong Kong increased 91.86 or 0.44% to 21,161.42 and CSI 300 index in China higher 75.22 or 2.38% to 3,238.13. ASX 200 index in Australia increased 25.30 or 0.55% to 4,596.10. The FTSE Bursa KL Composite index in Malaysia closed higher 7.00 or 0.58% to 1,208.28.
The Kospi Index in South Korea increased 7.02 or 0.43% to close at 1,651.70. SET index in Thailand closed higher 4.72 or 0.67% to 707.81 and JSE Index in Indonesia increased 4.08 or 0.17% to 2,415.95. The Sensex index in India increased 47.44 or 0.29% to 16,264.30.
Annual Returns
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Earnings
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