Aust stocks close higher after gains from banks and resources =3D3
14 Jan 2009 4:32 PM
INDEX MOVEMENT POSITION INDEX MOVEMENT POSITION
S&P/ASX200 +32.4 3687.0 Dow Jones -25.41 8448.56
All Ords +30.4 3624.3 S&P 500 +1.53 871.79
SPI contract +38.0 3661.0 Nasdaq +7.67 1546.46
Gold $USoz +2.60 825.25 Nikkei +35.01 8448.92
$A/USD +.0011 0.6758 NZSE-50 +12.142 2786.784
MELBOURNE, Jan 14 AAP - The Australian stock market closed higher on Wednesday on the back of gains in the banking and resource sectors as bargain hunters took advantage of recent falls on the bourse.
At the close, the benchmark S&P/ASX200 index was 32.4 points, or 0.89 per cent, higher at 3687, while the broader All Ordinaries picked up 30.4 points, or 0.85 per cent, to 3624.3.
At 1615 AEDT on the Sydney Futures Exchange, the March share price index contract was 38 points higher at 3661, on a volume of 17,613 contracts.
"The banking sector has been strong and the big resources, both BHP and Rio, have picked up over the day," MF Global senior trader Anthony Anderson said.
"I think people are keen to buy on a little bit of weakness at the moment."
The Australian share market opened slightly higher after oil prices rose and US stocks ended mixed overnight.
Locally, the big miners were stronger, with BHP Billiton adding 51 cents to $30.94 while rival Rio Tinto put on 26 cents to $40.61.
Rio Tinto plans to cut production and reduce the workforce at its Argyle diamond mine in Western Australia to conserve cashflow and reduce debt amid the global economic downturn.
Stock Move Price
AMP - 5.500
ANZ Bank +0.480 15.330
BHPBilton +0.510 30.940
CBA +0.030 28.420
NAB +0.320 20.670
NewsCorp +0.480 13.980
Polartech -0.005 .145
Rio Tinto +0.260 40.610
TelstraCp -0.010 3.730
WestpacBk +0.200 16.750
Woolwrths +0.560 26.920
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The banking sector was stronger, with ANZ picking up 48 cents to $15.33, National Australia Bank gaining 32 cents to $20.67, Commonwealth Bank adding three cents to $28.42 and Westpac putting on 20 cents to $16.75.
The retailers were mixed, with Woolworths putting on 56 cents to $26.92, Harvey Norman adding 12 cents to $2.53, Wesfarmers losing 50 cents to $16.99 and David Jones shedding six cents to $2.92.
Wesfarmers, the owner of coles, has warned it may need to cut dividend payments after flagging a hit to the balance sheet from provisions and asset write-downs.
Telstra lost one cent to $3.73 and will appeal the Australian Competition Tribunal's overturning of a ruling to release the telco from some wholesale local service regulation in some metropolitan areas.
The media sector was stronger, with Consolidated Media Holdings adding 2.5 cents to $1.98, News Corp putting on 48 cents to $13.98, its non-voting shares finding 50 cents to $13.05 and Fairfax picking up nine cents to $1.65.
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The energy sector was mixed, with Woodside gaining 88 cents to $35.65, Santos adding 31 cents to $14.09 and Oil Search losing five cents to $4.37.
Oil refiner Caltex Australia put on 42 cents to $7.90 after the company said its 2008 operating profit would be higher than previous guidance, but still lower than the prior year.
The spot price of gold at 1619 AEDT was trading at $US825.40 an ounce, up $US2.75 on Tuesday's local close of $US822.65 an ounce.
The gold miners were mixed, with Newmont adding 14 cents to $5.39, Newcrest losing $1.48 to $30 and Lihir giving up two cents to $2.66.
IM Medical was the most traded stock by volume, with 128 million shares changing hands, collectively worth $650,905.
The company put on 0.2 cents, or 66.67 per cent, to close at half a cent.
Preliminary market turnover reached one billion, worth $2.6 billion, with 446 stocks moving up, 380 moving down and 258 unchanged.
