Australian stocks poised to retest peak, AMP up
17:45, Wednesday, 23 June 2004
(Updates to midsession)
SYDNEY, June 23 (Reuters) - Australian stocks firmed in
early afternoon trade on Wednesday, pushing the benchmark index
towards its record high as AMProse after reaffirming
plans to pay higher dividends or buy back shares.
Advances in top phone company Telstraand
diversified miners BHP Billitonfollowing a positive
lead from Wall Street also helped underpin the overall market.
The benchmark S&P/ASX 200 index <.AXJO> put on 14.4 points,
or 0.4 percent, to 3,555.1 shortly after midday, regaining all of
the losses in the previous session to be within easy reach of the
record high of 3,556.3 set on Monday.
"We're going to be heading into a solid reporting season and
so the strength we've seen in the market has been people
positioning themselves for that," said Matt Williams, Australian
equities manager at Perpetual Investments.
Life insurer and fund manager AMP advanced 2.7 percent to
A$6.09 -- its best level since April 2003 -- after paying down
another chunk of its debt and saying it plans to return surplus
cash through dividends or share buybacks.
Telstra shares rose 1.2 percent to A$5.06, resuming its climb
after a pause on Tuesday, continuing to be buoyed by recent news
that it would pay a total of A$4.5 billion over the next three
years to shareholders.
Among other index heavyweights, diversified miner BHP
Billitonedged 0.6 percent higher to A$12.40 despite a
fall in most base metals overnight, while global miner Rio Tintowas up 0.3 percent at A$35.60.
But the big four local banks were mixed with National
Australia Bankextending recent gains by 0.3 percent to
A$30.04, but Commonwealth Bankinched 0.3 percent lower
to A$32.97.
Elsewhere, financial services company Challenger Financial
Servicesadded 1.2 percent to 44 cents in heavy turnover
after announcing a reshuffle in top management with Director
Michael Tilley taking over as chief executive.
Chris Cuffe, one of Australia's best known fund manager, will
step aside to concentrate on developing the company's wealth
management business, it said.
Airline Qantaswas weighed down by worries about
increased competition in its lucrative London to Sydney route
from Virgin Atlantic. Its shares were down 0.3 percent
at A$3.39.
In overnight action, the Dow Jones industrial average <.DJI>
put on 0.2 percent to 10,395.07, while the technology-laced
Nasdaq <.IXIC> climbed 1.0 percent to 1,994.15.
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