Woodside to Replace PetroChina in Browse Project

Mayank Mehta
04 Jan, 2010
New York City

Australian stocks edged higher. A rally in metals and energy prices helped stocks on the first day of trading. Deputy Prime Minister Gillard asked more time for police investigation after a killing of young Indian student. Australia has still not solved hundreds of attacks on India students.

[R]8:00 AM Sydney, Australia – Australian stocks edged higher. A rally in metals and energy prices helped stocks on the first day of trading. Deputy Prime Minister Gillard asked more time for police investigation after a killing of young Indian student. Australia has still not solved thousands of attacks directed at Indian students in the summer of 2009.[/R]

ASX 200 index in Australia increased 5.70 or 0.12% to 4,876.30 and of the stocks in S&P ASX 200 index, 112 increased, 71 declined and 17 were unchanged.

Indian student Nitin Garg was brutally killed in Melbourne and Indian government has voiced its displeasure and asked Australian government to bring killers to justice.

Julia Gillard, deputy prime minister of Australia said that local police should be given time to investigate the issue. However, Indian students have little confidence in Gillard. She has made similar statements in the summer of 2009 when more than 1,800 Indian students have been attacked in Melbourne and few perpetrators have been brought to justice.

ASX Movers

PaperlinX Limited led the decliners in the S&P ASX 200 index with a loss of 3.9% followed by losses in Austar United Communications Limited of 3.8%, in Harvey Norman Holdings Limited of 3.3%, in Goodman Group 3.1% and in Charter Hall Group 2.8%.

Eastern Star Gas Limited led gainers in the S&P ASX 200 index with a rise of 13.3% followed by gains in Murchison Metals Limited 10.4%, in Hastings Diversified Utilities Fund of 5.9% and in Mincor Resources NL of 5.3%.

Other Movers

AMP Limited the asset manager declined 0.7% to A$6.72.

BHP Billiton plc decreased 0.09% to A$43.08 and Director General for coals and menerals Bambang Setiawan said BHP will divest only 25% stake in the Maruwai coal project in Indonesia.

He said that ""We want them to make the decision faster, because they have no reason to prolong the process as with the 75% stake, they will remain the operator of the project.""

Lihir Gold Limited climbed 0.6% to A$3.30 after a rally in precious metals.

National Australia Bank Limited closed unchanged at A$27.40 and the bank is likely to make a bid for U.K. lender Northern Rock, the Observer newspaper reported on its Web site.

Newcrest Mining Limited advanced 1.9% to A$36.00.

Rio Tinto Limited added 0.04% to A$74.92 after the mining company said Nippon Yusen K.K. has concluded 20 year long term transportation contract with the mining company.

Santos Limited the oil and gas explorer rose 1.4% to A$14.29.

Woodside Petroleum Ltd increased 0.7% to A$47.53 after the oil and gas produce has lost a foundation customer for one of its key growth projects with the expiration of an agreement to potentially sell up to 3 million tons of liquefied natural gas a year to PetroChina Co. Ltd. from the Browse project.

The company is still in negotiation to sell 1.5 million tons of fuel a year to Osaka Gas Co. from the project.