S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Australian Stocks Rally; Newcrest Cuts Capex, James Hardie Net Doubles

Author: Marcus Jacob
Last Update: 8:47 AM ET August 12 2013

4:45 PM Sydney Australian indexes closed higher after a rally in resource stocks lifted sector by 2.9% and an increase in gold price supported a 7% surge in precious metal sector. James Hardie Industries said net doubled. Newcrest reported annual loss of $5.78 billion.

Australian stocks surged on the back of advance in mining and resource stocks however trading volume was near the low in the year so far.

Australian dollar jumped to 92.05 U.S. cents and in stock trading turnover advanced to 714 million shares worth $3.8 billion.

The ASX 200 index climbed 53.50 or 1.1% to close at 5,108.70 and the broader All Ordinaries jumped 55.30 to 5,094.10.

Newcrest Mining gained despite reporting a large loss and the gold miner slashed capital expenditure plan.

Stocks in Review

Rio Tinto jumped $1.58 to $61.83 after signed a memorandum of understanding with Gumatj Aboriginal Corporation to carry feasibility study on bauxite mining on Gumatj lands in north-east Arnhem Land.

BHP gained 87 cents to $36.81 and Woodside Petroleum Limited added 1 cent to $38.38.

David Jones Limited surged 13 cents or 5% to $2.74 and Breville Group rose 1 cent to $7.38. Woolworths added 20 cents to $33.

Mirvac Group closed unchanged at $1.65 and Lend Lease advanced 22 cents to $9.07.

Westpac increased 31 cents to $31.08 and Commonwealth gained 1.3% to $73.82. National Australia Bank rose 12 cents to $30.69.

The GPT Group rose 0.5% to $3.73 after the retail and industrial assets developer said net income in the first-half dropped 6.7% to $257 million compared to $275.5 million a year earlier. Net operating income in the retail property division declined to $139.6 million from $160.4 million a year ago.

GPT lifted its earnings outlook for the fiscal 2014 by 1%.

JB Hi-Fi Limited climbed 3.2% to $19.12 after the electronics products retailer reported total revenue in the year ending in June jumped 5.8% to $3.31 billion from $3.127 billion. Net profit in the year soared 11.2% to $116.4 million compared to $104.6 million a year earlier.

JB Hi-Fi expects revenues in the year fiscal 2014 to grow between 6% and 8% from a year ago.

James Hardie Industries plc jumped 3.1% to $9.57 after the construction materials maker reported revenue in the first quarter ending in June net sales jumped 9.6% to $372.2 million from $339.7 million. Net income in the quarter surged 109% to $142.2 million compared to $68.2 million and diluted earnings per share doubled to 32 cents from a year ago.

The company expects underlying profit for the year between $165 million and $194 million.

Leighton Holdings Limited soared 5.6% to $16.70 after the civil engineering company is close to an agreement with private developer Winten Property Group on it North Sydney''s skyscraper. The tower will be above $1 billion in the North Sydney.

Newcrest Mining, Ltd surged 8.3% to $12.43 after the gold and copper producer said revenue in the year ending in June declined 15% to $3.78 billion from $4.42 billion a year earlier. Net in the year swung to a loss $5.78 billion compared to profit of $1.12 billion.

Underlying profit for the year plunged 58% $451 million from the prior year from $1.084 billion a year earlier.

  1  2
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc