Aussie shares jumped around 60 points on the open, following a surge on Wall Street overnight. The market then retreated steadily throughout the day, though still finished 0.6% above the line.
Macquarie shares were lower, while across most sectors there was a distinct mix of gainers and losers.
Going in to the weekend, the All Ords added 24.7 to 4,097.3 and the ASX/200 gained 25.7 to 4,089.8. Over 2.2 billion shares, or $5.4 billion had changed hands.
The big four banks were mixed. CBA and Westpac jumped 2.1% and 2.4%, while NAB fell 0.4%.
ANZ gained 1.1% as it appointed John Morschel to replace Charles Goode as chairman of the company.
The Banks and Financials sector rose 0.6%.
Macquarie Group sank 4.3%. This morning the investment bank agreed internalise the management of Macquarie Airports. As a result MQG would be issued 150 million new MAp shares, increasing its stake in its satellite from 21% to 27.3%.
Suncorp-Metway was the only major insurer to improve, rising 1%.
AMP and QBE slid 2.1% and 1.1% respectively.
Bourse operator ASX added 0.8%.
Miners tracked metals prices higher, sending the Materials and Resources sector 1.1% above the line. Rio Tinto and BHP Billiton advanced 0.1% and 1.1%.
Fortescue slipped 1.8%, while Murchison Metals surged 17.3% on reports Chinese groups are interested in assisting the iron ore miner in developing its Oakajee port and rail project.
Agrichemical company Nufarm spiked 13% as it revealed it has been approached by Chinese firm Sinochem regarding a possible takeover. Incitec Pivot climbed 10.3%.
Steelmaker Bluescope gained 2.1%, while rival Onesteel sank 0.7%.
Gold miner Lihir shed 1.8% despite a rise in the price of the precious metal overnight. Newcrest edged 0.1% higher.
The Energy sector put on 0.2%. Origin advanced 1.6%, while Santos gave up 0.4%.
A 6% slide in production during the June quarter versus the previous quarter failed to dampen Woodside, whose shares put on 1.8%.
Oil Search bucked the trend among the majors with a 1.4% fall.
Whitehaven Coal advanced 0.3% after reporting record production figures.
Paladin and Aquila climbed 2.5% and 3.7%, while ROC Oil sank 5% after reporting a decline in production due to unplanned oilfield shutdowns.
A 3.8% rise from sector heavyweight Wesfarmers sent the Consumer Staples sector 1.1% into the black. Woolworths slid 1.7%, while Goodman Fielder rose 2.3%.
Beverage markers Coca-Cola Amatil and Fosters put on 1.4% and 2.6%.
Consumer Discretionary added 1.0%, with larger capped media stocks Fairfax and News Corp leading the rally with 1.1% and 2.4% gains.
Gamers Aristocrat and Crown rose 7.1% and 0.1%, while Billabong showed strength among retailers, adding 3.4%.
Industrials lost 0.4% with significant falls from Macquarie satellites. Macquarie Airports dipped 6.8% after it would cut ties with Macquarie Group, which in turn dragged Macquarie Infrastructure Group 2.8% lower.
Leightons surged 5.3%, while Brambles added 0.3%, CSR was flat and Qantas shed 0.5%.
Property Trusts stocks were mixed, overall edging only 0.1% higher. Westfield gained 0.9%, while Mirvac was 1.7% dearer.
Dexus shed 3.4%.
A 1.8% rise from Telstra sent the Telecommunications sector 1.4% higher.
Despite a 2.4% gain from hearing implant manufacturer Cochlear the Healthcare sector dipped 1.0%. CSL dropped 1.6%.
Around the region, the Nikkei 225 added 148.3 to 9,941.2, the Straits Times Index put on 20.7 to 2,505.6 and the NZSE50 gained 42.5 to 2,961.2. The Hang Seng rose 92.3 to 19,910.0.
Spot gold was trading at US$948.70 per ounce and the Aussie was buying US$0.8149.
Minister upholds Karara project appeals
Gindalbie Metals said all of the key appeals lodged by the Karara Joint Venture against the Environmental Protection Authority’s recommendations and conditions for the Karara Iron Ore Project have been upheld.
At the bell, Gindalbie shares were up 7c to 84c.
Metals X signs deal with Yunnan Tin
Metals X has signed an agreement with Chinese tin miner Yunnan Tin Group Company Limited to form a joint venture to advance its Tin interests in the state of Tasmania. The Australian tin and nickel explorer said under the agreement it would sell up to a 60% interest in all the assets of its wholly owned subsidiary Bluestone Mines Tasmania Pty Ltd to Yunnan Tin for $60m.
At the end of the day, Metals X shares were up 1.5c to 12.5c.
TSI to book $80m in writedowns
Transfield Services Infrastructure Fund said that it was expecting a non-cash impairment writedown of $80m pre-tax when its final results are released on 17 August. The fund said its post-tax profit would be down around $60 million as a result.
At the close, TSI shares were down 2.5c to 93.5c.
ROC Oil production down in June qtr
In its June quarterly report, ROC Oil said production for the quarter averaged 10,293 barrels of oil equivalent per day (“BOEPD”), down 20% from the prior quarter. The company attributed this to unplanned downtime at the Basker-Manta-Gummy ("BMG") and Cliff Head fields.
At the finish, ROC Oil shares were trading down 4c to 76c.
Okajee talks with Chinese groups positive
Murchison Metals said ongoing talks with Chinese groups regarding Oakajee Port & Rail project have been very positive. Murchison and Mitsubishi Development Pty Ltd jointly own the project.
At the bell, Murchison Metals shares were up 26.5c at $1.795.
ANZ appoints Morschel as chairman
Australia and New Zealand Banking Group said John Morschel would succeed Charles Goode as chairman in February 2010. The announcement followed Sir Rod Eddington decision to withdraw his offer to serve as an ANZ Director and to succeed Mr Goode.
At end of the day, ANZ shares were up 18c to $16.95.
Nufarm spikes on takeover talk
In response to market speculation and an ASX price query, Nufarm said it had been approached by Chinese firm Sinochem regarding a possible takeover. Despite the approach the Australian company said the talks remained “on a confidential, preliminary and incomplete basis”.
At the close, the company shares were trading at $11.12, up $1.28.
Country Road profit jumps
Country Road said it had a strong six months to June 30. As a result, the clothing retailer said it expected pre-tax profit to climb between 52% and 56% for the year.
At the finish, Country Road shares were unchanged at $3.25.
MAp agrees to internalise management
Macquarie Airports reached agreement with Macquarie Group to internalise the management of MAp. As a result MQG would be issued 150 million new MAp shares, increasing its stake in its satellite from 21% to 27.3%.
At the bell, MAp shares were down 18c to $2.46, while Macquarie Group shares were down $1.80 to $40.00.
Woodside 2Q production slides 6% qoq
Woodside Petroleum said second quarter production was up 1% on last year’s corresponding quarter but down 6% from the first quarter of 2009. Corresponding revenues were down 36% and 14% respectively.
At the end of the day, Woodside shares were up 79c to $44.49.
Whitehaven reports record production
Whitehaven Coal reported record raw coal production of 1.074 million tonnes for the June quarter. The company said this was up 29% on the previous corresponding period (“pcp”).
At the close, Whitehaven shares were trading up 1c to $3.20.
