Firmer finish to a rocky quarter of disasters
Sydney Morning Herald
Friday April 1, 2011
THE sharemarket finished slightly firmer yesterday, capping a March quarter in which it rose 1.7 per cent above the previous three months.Weaker energy stocks and a stronger BHP Billiton dominated the day's trading.The ASX200 closed 15.7 points, or 0.33 per cent, higher at 4837.9, and the broader All Ordinaries index rose 15.9 points, 0.32 per cent, to 4928.6.The director of equities with RBS Morgans, Bill Chatterton, said the March quarter had been greatly affected by natural disasters."I think we can see the market bubbling over 5000 points, maybe 5100, in the next three months," he said. The All Ordinaries traded within a 30-point range yesterday, and there was no obvious end-of-quarter movement by fund managers affecting major stocks, he said.BHP Billiton was the highlight, its shares rising 95 (2.08 per cent) to $46.56."It may be [investors] are starting to respond to the [BHP share] buy-back," Mr Chatterton said."When they reduce the number of shares on issue, that will have a positive effect on earnings per share and the share price."The miner said it would invest $US319 million ($310 million) in its Escondida copper mine in Chile.Its rival Rio Tinto added 47 to $84.75.The banks were lacklustre. National Australia Bank was the best performer; its shares rose 22 to $25.85.The major movers included Telstra, which rose 2 to $2.82, and Sonic Healthcare, which climbed 49 (4.26 per cent) to $11.98.Woodside fell 95 to $46.80 after investors digested its statement to the Australian Securities Exchange late on Wednesday that it had no explanation for the 20 per cent jump in its share price over the past two weeks.The statement quashed recent speculation that BHP Billiton would make a bid for the oil major.Oil Search fell 3 to $7.12, and Santos fell 3 to $15.55.The retail sector was mixed despite the publication of retail trade figures for February that showed retail spending rose 0.5 per cent on the previous month.Wesfarmers, which owns Coles, fell 56 to $31.78, Myer rose 2to $3.21 and JB Hi-Fi rose 10to $20.13.National turnover was 3.29 billion shares worth $6.85 billion.ALL ORDSAUSTRALIA4928.6^15.9 (0.32%)HIGH 4935.5LOW 4903.6MAR 31 SOURCE: BLOOMBERGWINNERSIluka Resources +8.75%White Energy Co +5.80Primary Health +5.43Sonic Healthcare +4.26Transfield Services +4.04Lynas Corp +3.21OZ Minerals +2.90Hastings Diversified +2.89TPG Telecom +2.77Gindalbie Metals +2.71LOSERSRoc Oil Co -3.66%Kingsgate -2.58St Barbara -2.24Abacus Property -2.08Sandfire Resources -2.00Woodside Petroleum -1.99Intrepid Mines -1.91Flight Centre -1.81QR National -1.76Wesfarmers -1.73
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