On Tuesday, afternoon before the Anzac Day public holiday, The
Australian share market rose 3.6 points to 4,433 points.
The Australian share market jumped on the back of the solid
leads from the overseas markets over the last 2 days. US and
European markets higher overnight, helped by positive earnings
result from key European banks and consumer product companies and
outstanding numbers from Apple and Boeing in the US.
The local share market started the trading day on higher, up
22 points. At lunchtime in the East markets had held on to early
gains with the All Ordinaries Index (XAO) rallied 21 points to
Rail transport firm, QR National Limited (QRN) and miner Atlas
Iron Limited (
) updated the market on their new Pilbara rail line project.
Atlas and QR National have been
on a possible 600 kilometre ore haulage rail line. Speculation
has been mounting for the last few weeks since it was made public
that QRN had applied for approval to use land from the Western
Australian Department of Mines for the project.
Atlas and QRN today said the rail line would be ready by 2015
and with a study of the project expected to be completed by 2012.
Atlas will be a "junior equity partner" and foundation customer
on the project enabling the miner to haul its own ore on the new
tracks. For QR National it helps the company build its Pilbara
iron ore haulage portfolio. QRN shares added 1.38 pct. to $3.68
and Atlas added 1.75 pct. to $2.90. QRN's rail rival, Asciano
Limited (AIO) unchanged at $4.67 and Toll Holdings Limited (
) higher by 2.07 pct.
By lunch the S&P/ASX 200 Consumer Discretionary was the
only sector to be in the red. The majority of the falls were in
media stocks after Seven West Media Limited (
) announced downgrade it its earnings late on Tuesday, after
revising its expectation on advertising revenues. The company
said that the expected return in the ad market has not so far
occurred. Seven west shares fell to a 5 month low in early trade,
at lunch time the shares were down 16 pct. to $3.16. Rivals; Ten
Network Holdings Limited's (
) share prices fell over 0.64 pct. to $0.81, Fairfax Media
Limited (FXJ) off 3.13 pct. Southern Cross Media Group Limited (
) off 4.38 pct to $1.31 and Consolidated Media Holdings Limited
(CMJ) had fallen by 0.92 pct.
Seven Group Holdings (SVW) still owns 29.6 pct. of Seven West
Media Limited (
) after is demerger earlier in April 2011. Seven Group shares
fell 1.5 pct. to $10.24.
Retail and mining giant, Wesfarmers (WES), the owner of Kmart,
, Bunnings and Coles added another 0.69 pct. or 20 cents to
$30.08 after releasing its quarterly sales update to the market
on Tuesday, rival Woolworths (WOW) gave back 0.08 pct to $ 25.83
and Metcash Limited MTS) added 0.76 pct. to $3.99.
S&P/ASX 200 Materials sector is up 0.22 pct. The country's
second largest miner, Rio Tinto Limited, (RIO) was up 0.9pct to
$66.21 and BHP Billiton Limited (BHP) adding 0.26pct. to $35.17.
Our largest listed gold miner Newcrest Mining Limited (NCM) fell
another 2.7 pct. to $25.86. On Tuesday the gold miner has cut its
forecasts for gold and copper production for 2012 after carrying
out a major review of its operations. Kingsgate Consolidated
Limited (KCN) was lower off 2.4 pct. to $6.10. Not all gold
stocks were lower Silver Lake Resources Limited (SLR) lifted
2.6pct. to $3.12 and AngloGold Ashanti Limited (
) up 1.5 pct.
The S&P/ASX 200 Financials sector is outperforming the
rest of the market, National Australia Bank's (NAB) share price
is up 0.68 pct to $25.34 and Australia and New Zealand Banking
Group Limited (ANZ) also up 1.12 pct to $23.45 while Commonwealth
Bank of Australia (CBA).
Macquarie Group (MQG) was up 1.3 pct. to $29.98 and QBE
Insurance Group Limited (QBE) holding on to a 1.9 pct. gain at
Elsewhere, Qantas Airways Limited (QAN) off 0.91 pct. to
$1.63, Leighton Holdings Limited (LEI) lifted 2.3 pct and
drilling service firm, Boart Longyear Limited (BLY) moved up 2.96
pct. to $4.17.
Telstra Corporation Limited (TLS) added up 1 pct. to $3.15.
The Australian dollar rallied higher in morning trade and at
12.15pm AEST was buying US103.58c and €78.35c.
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