Markets

Australian Stock Market Report – Afternoon 1/9/2013

AFTERNOON REPORT

(5pm AEDT)

Local stocks rose today, reversing most of yesterday's losses, despite falls on Wall Street overnight and weaker than expected retail sales data. By close of trade, the All Ordinaries Index (XAO) rose by 17.8pts or 0.4pct to finish at 4730.1.

After the bell on Wall Street overnight, aluminium giant Alcoa reported earnings of six US cents per share. Revenue, which is what analysts more closely look for, came in at US$5.9 billion, ahead of expectations of US$5.6 billion. Alumina ( AWC ), listed on our market which owns a joint venture with Alcoa, saw its share price rise by 4.6pct to $1.025 in response to the better than expected result. Alumina's only earning asset is its 40pct stake in Alcoa World Alumina and Chemicals (AWAC), with Alcoa holding the controlling remaining 60pct.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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