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| Sunday, May 17, 09:22:48pm | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, [7], 8, 9, 10 ] |
| Subject: 16jul03 | |
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Author: A weakening Aussie Dollar on balance is good for ERG |
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Date Posted: Saturday, July 19, 04:28:34am http://townsvillebulletin.news.com.au/common/story_page/0,7034,6762170%5E462,00.html Resources lift stocks 16jul03 THE share market closed slightly higher today on the back of stronger resources stocks boosted by a lower dollar and a late firming by the main banks. A firmer The News Corporation Ltd and Telstra also helped pull the local bourse into positive territory, in contrast to the United States market overnight, which finished weaker. The benchmark S&P/ASX 200 index was up 13.4 points to 3095.3, while the all ordinaries index lifted 14.2 points to 3075.2. On the Sydney Futures Exchange, the September share price index contract was five points heavier at 3095.0 - a 0.3 point discount to the underlying index on a volume of 14,435 contracts, according to preliminary calculations. On Wall Street overnight, the blue-chip Dow Jones industrials shed 48.18 points to 9128.97 despite Federal Reserve chairman Alan Greenspan's cautiously optimistic view on the US economy and before tech bellwether Intel Corp reported stronger-than-expected earnings. "It wasn't a bad showing," Ord Minnett research director Russell Lander said. "It was probably due to a slightly easier tone in the dollar, which helped sentiment here. "There seems to be a feeling that we might see a (interest) rate cut fairly shortly, which most economists see as being the key to taking the pressure off the dollar and perhaps giving housing a soft landing." In the banking sector, National Australian Bank was up four cents at $32.74, ANZ nudged up one cent to $18.02, Commonwealth Bank of Australia added 14 cents to $29.94 and Westpac eased two cents to $16.06. Among resources stocks BHP Billiton gained 14 cents to $9.27. Rio Tinto, which today initiated legal proceedings disputing a $500 million Australian tax bill, jumped 54 cents to $30.99. WMC Resources picked up two cents to $3.60, despite some analysts downgrading its 2003 profit forecast after the company revealed a 15 per cent fall in nickel production. Woodside Petroleum shed five cents to $12.94 as it said a gas pipeline from Australia's north-west to south-east could be viable by the middle of next decade but would need the assistance of both government and private enterprise. Santos found seven cents at $6.10. Global media player News Corp was eight cents healthier at $11.96 while its preferred scrip was 10 cents heavier at $9.94. Among other media stocks, Kerry Packer's PBL rose 10 cents to $9.92 and Fairfax advanced six cents to $2.92. The Ten Network was three cents lower at $2.27, as a major international shareholder in the company called for "as many changes as possible" to Australia's media laws. Gold stocks were mixed. Newmont was down 14 cents at $4.90, Newcrest descended 13 cents to $7.99, Lihir slipped two cents to $1.32 and Sons of Gwalia firmed four cents to $2.52. Kalgoorlie gold miner Croesus Mining was 6.5 cents higher at 54 cents after it announced record annual gold production of 265,862 ounces and an unaudited pre-tax profit of $14.2 million. The price of gold in Sydney at 1646 AEST was $US341.85 per fine ounce, down $US6.30 on yesterday's close. Among the telcos, Telstra was six cents richer at $4.73. TelstraClear, Telstra's New Zealand arm, said today it had shortlisted four builders for a potential mobile phone network in the country. Optus-owner Singapore Telecommunications stepped up four cents to $1.41. Retailer Woolworths strengthened 19 cents to $12.39 and Coles Myer added six cents to $7.30, after a report showing Australian consumer sentiment was at a nine year high in July. Among other stocks, Macquarie Airports was steady at $1.52 as it said it had completed a $54 million placement to acquire 2.9-3.5 per cent of Abbey National's 4.96 per cent stake in Sydney Airport. Niche retailer Brazin slipped three cents or 4.4 per cent to 66 cents after it said a review of its Sanity Entertainment stores in Australia would see 17 marginal stores close over the next six months. Information technology company ERG added seven cent or 6.5 per cent to $1.16. The top traded stock by volume was junior gold explorer Yamarna Goldfields, with 28.77 million shares worth $370,500 changing hands. Yamarna improved 0.6 cents to 1.5 cents. Preliminary national turnover was 880.97 million shares worth $2.45 billion, with 607 stocks up, 426 down and 313 unchanged. STORIES IN THIS SECTION Rio Tinto queries tax bill Upbeat Fed hits dollar Resources lift stocks Greenspan bucks $A trade Stocks pull back Consumer confidence high 17 Sanity stores to close Motorola sales drop 10pc Intel profit doubles Greenspan may cut again Optus chief dials up more numbers than boss Merrill Lynch earnings rocket Citigroup buys Sears cards Japan set to reject Howard's beef plea Profit at WMC on hold for analysts Farmers feel lean times Elliott lashes out Aldi wants apology Caltex shops around Samsung banks on upward cycle Wall St dips on Fed threat Vodafone discovers Victoria Raider skates on Globe Telstra cashback tip Prima lifted by trial Dollar pips the funds WA Inc court hangover Big Kev talks realty SARS cloud has a silver liner Gas stalls over loo dispute [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Australian industries, in particular our exports, should be able to pick up now that it gives them a competitive edge on a global scale. | Saturday Report | Saturday, July 19, 02:13:40pm |