Sydney Index Surges 2%; Westfield Loss Shrank

Mayank Mehta
17 Feb, 2010
New York City

Australian stocks and dollar closed higher. Better economic outlook and expectations of higher rates in the year drove the market sentiment. Westfield annual loss shrank on a stake sale. CSL Ltd surged 5% on 23% increase in first half net. Coca-Cola Amatil Ltd net increased 16%, lower than expected.

[R]8:00 PM Sydney, Australia – Australian stocks and dollar closed higher. Better economic outlook and expectations of higher rates in the year drove the market sentiment. Westfield annual loss shrank on a stake sale. CSL Ltd surged 5% on 23% increase in first half net. Coca-Cola Amatil Ltd net increased 16%, lower than expected.[/R]

Australian stocks and dollar closed higher on the economic outlook and a rise in commodities prices in the international markets. Skilled job available in Australia increased according to a government report.

ASX 200 index in Australia increased 100.10 or 2.19% to 4,667.90 and of the stocks in S&P ASX 200 index, 167 increased, 22 declined and 11 were unchanged.

Westpac Banking Corp and the Melbourne Institute index of leading indicators increased 0.5% in December from the previous month.

The Skilled Vacancies Index increased 1.6% in February from January according a report

The Australian dollar rallied after currency traders interpreted latest statement from the Reserve Bank of Australia as a sign of future rate increases. The Australian dollar traded at 90.11 U.S. cents.

Australian 10-year government bonds closed unchanged at 5.52%.

ASX Movers

iSOFT Group Limited led the decliners in the S&P ASX 200 index with a loss of 5.4% followed by losses in Primary Health Care Limited of 3.8%, in Sundance Resources Limited of 3.5%, in ResMed Inc 2.7% and in Roc Oil Company Limited 2.5%.

Minara Resources Limited led gainers in the S&P ASX 200 index with a rise of 15.4% followed by gains in Gindalbie Metals Ltd 10.5%, in Atlas Iron Limited of 9.2% and in Panoramic Resources Limited of 7.9%.

Other Movers

Ansell Limited added 7.8% to A$11.00 after the glove and condom maker said first-half sales fell 12% to A$614.3 million from A$694.6 million a year ago. Net profit for the first-half fell 15% to A$61.4 million compared to net profit of A$72.2 million a year ago.

Arrow Energy Limited advanced 2.8% to A$3.64 after the gas exploration company said first-half revenues rose 136.5% to A$92 million from A$38.9 million a year ago. Net loss for the first-half was A$15.4 million or 2.25 cents per diluted share compared to net profit of A$241.2 million or 33.70 cents per share a year ago.

AXA Asia Pacific Holdings Limited climbed 0.4% to A$6.32 after the life insurance and wealth management company said full-year net profit was A$679.2 million compared to net loss of A$278.7 million a year ago.

Brambles Limited increased 5.8% to A$7.04 after the supplier of pallets said first-half sales rose 1% to $2.09 billion from $2.07 billion a year ago. Net profit for the first-half fell 3% to $207.1 million or 14.7 cents per diluted share compared to net profit of $212.8 million or 15.3 cents per share a year ago.

Coca-Cola Amatil Ltd declined 2.4% to A$10.57 after the soft- drink maker said full-year revenues rose 7.6% to A$4.55 billion from A$4.23 billion a year ago. Net profit for the full-year rose 16.4% to A$449 million or 60.4 cents per diluted share compared to net profit of A$385.6 million or 52.3 cents per share a year ago.

Count Financial Limited closed unchanged at A$1.32 after the financial planning and accounting firm said first-half revenues fell 1% to A$60.6 million from A$61.3 million a year ago. Net profit for the first-half rose 134% to A$13.8 million or 5.33 cents per diluted share compared to net profit of A$5.9 million or 2.28 cents per share a year ago.

CSL Limited rose 5.1% to A$33.90 after the maker of human plasma products said first-half revenues rose 2.5% to A$2.42 billion from A$2.36 billion a year ago. Net profit for the first-half rose 23% to A$617.4 million compared to net profit of A$501.9 million a year ago.

Westfield Group fell 1.4% to A$11.75 after the shopping mall developer and operator said full-year revenues fell 5.2% to A$4.12 billion from A$4.35 billion a year ago. Net loss for the full-year was A$457.8 million or 3.34 cents per diluted share compared to net loss of A$2.2 billion or 43.82 cents per share a year ago.