Aust stocks marginally up, energy stocks and CBA down
18 Dec 2008 4:35 PM
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&P/ASX200 +10.6 3581.2 Dow Jones -99.80 8824.34
All Ords +6.7 3521.7 S&P 500 -8.76 904.42
SPI contract +4.0 3585.0 Nasdaq -10.58 1579.31
Gold $USoz +9.40 864.00 Nikkei +16.53 8629.05
$A/USD +.0061 0.7044 NZSE-50 +11.661 2707.591
PERTH, Dec 18 AAP - The Australian share market finished marginally in the black with a weaker Commonwealth Bank and energy stocks weighed on the bourse.
The benchmark S&P/ASX200 index was up 10.6 points, or 0.3 per cent, at 3,581.2, while the broader All Ordinaries index gained 6.7 points, or 0.19 per cent, to 3,521.7.
On the Sydney Futures Exchange at 1618 AEDT, the March share price index contract was four points higher at 3,585 on a volume of 28,448 contracts.
The March contract replaces the December contract, which expired at 1200 AEDT.
The December share price index futures contract settled 74 points lower to 3,504 points on a volume of 7,048 contracts.
Shares in Commonwealth Bank of Australia (CBA) slumped to their lowest level in almost six years after the country's biggest lender finalised a $2 billion raising of capital underwritten by UBS, of which $1.65 billion was replaced on Wednesday.
"The capital raising and increase in bad debt provisions has attracted significant attention from the brokers, with a number of downgrades coming across the wire," IG Markets research analyst Ben Potter said, describing the capital raising as "bungled".
CBA's shares plunged $2.65, or 9.09 per cent, to $26.50.
National Australia Bank head of Australia operations Ahmed Fahour has apparently lost his position after group chief executive designate Cameron Clyne decided to combine the roles, cementing his power at the bank.
"At their AGM this morning, NAB reiterated their expectations for slowing volume growth and rising bad debt provisions given the slowing global economy," Mr Potter said.
NAB shares advanced 50 cents, or 2.59 per cent, to $19.82.
ANZ said it planned to take advantage of opportunities offered by the financial crisis as it seeks to grow its business in Asia and become a "super regional bank".
Shares in ANZ rose 57 cents, or 4.16 per cent, to $14.27.
Westpac gained 22 cents, or 1.4 per cent, to $15.94.
Among the mining giants, Rio Tinto was down 32 cents to $40.00 and BHP Billiton gained five cents to $31.00.
BHP Billiton said in a letter to shareholders that it would focus on expanding existing mines rather than new developments in nations where it had not yet operated during the current economic uncertainty.
"Moody's downgraded Rio's senior unsecured debt to Baa1 from A3, saying that the downgrade captures increased financial risk linked with the firm's Alcan debt and limited progress with asset disposals," Mr Potter said.
Stock Move Price
AMP -0.100 5.190
ANZ Bank +0.570 14.270
BHPBilton +0.050 31.000
CBA -2.650 26.500
NAB +0.500 19.820
NewsCorp +0.090 12.790
Polartech +0.030 .195
Rio Tinto -0.320 40.000
TelstraCp +0.140 3.700
WestpacBk +0.220 15.940
Woolwrths -0.400 25.350
