Mining profits up 80% on 2009. -- Newtron23/11/20106/12/2010Canberra Zimbabwe368

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Date Posted: Monday, November 29, 08:11:15pm
Author: 2010
Subject:

Mining profits up 80% on 2009.

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.Mon 29 Nov 2010 20:09 - Australian Markets closed
..Australia shares rise as banks rebound; CBA rallies

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EmailPrint.Topics:InternationalStock MarketCompany News & Earnings.On Monday 29 November 2010, 17:42 EST
* Banks drive gains amid bargain hunting; CBA up 2.1 pct

* Rio eases after metal price declines; aluminium overhang (Adds comment, details)

By Ed Davies

SYDNEY, Nov 29 (Reuters) - Australian stocks rose 0.4 percent on Monday, bolstered by the big four banks, while miners ended mostly lower on concerns over Chinese demand for metals, a firmer U.S. dollar and euro zone debt problems.

Investors said they were unsure if the main index would push beyond its recent range before Christmas.

"It does depend on these geopolitical issues and how they play out. I wouldn't want to call it either way," said Phillip Weinberg, dealer at Karara Capital.

The benchmark S&P/ASX 200 index rose 20.2 points to finish at 4,618.5, according to the latest data.

New Zealand's benchmark NZX 50 index inched up 0.2 percent to close at 3,270.4.

The top four banks all rose over 1 percent, led by No.2 lender, Commonwealth Bank of Australia , with a 2.1 percent rally as investors felt the falls for the sector over the past week were overdone.

"The mood is not yet bearish and one should see buying come in to arrest the dips," said Chris Kimber, client adviser at Bell Potter Securities.

Still, weak commodity prices hurt miners, Rio Tinto falling 0.2 percent to A$83.84, coming on top of concerns over euro-zone debt problems, with investors eyeing Spain and Portugal after bail outs in Greece and Ireland.

Rio, the world's biggest aluminium producer, on Monday warned large inventories of aluminium amassed during the global financial crisis were weighing on the outlook for the commodity over the next few years. See

Australian company profits dipped last quarter while sales were soft and inventories dragged on growth, adding to signs that the economy hit an air-pocket after a run of brisk quarters.

Yet Monday's data also showed mining profits were up 80 percent on last year, at a new record, while strong growth in wages provided support to household incomes.

Overall, the mixed bag of data did nothing to alter market expectations that interest rates were on hold for some months to come, though the next move from the Reserve Bank of Australia (RBA) is still likely to be upward. See

"The weak profits and sales data when combined with sliding inventories confirm the slowdown that has taken place in the Australian economy. Given that inflation is unlikely to rise significantly over the coming year the Reserve Bank can remain on the interest rate sidelines," said Savanth Sebastian, economist at Commonwealth Securities.

Farm chemicals maker Nufarm climbed 5 percent to A$4.45 on expectations it was close to finalising a debt refinance package.

(Reporting by Miranda Maxwell; Editing by Ed Davies)

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