daytrade diaries october 24/25 wk., page-2

http://www.theaustralian.news.com.au/business/story/0,28124,26251416-36418,00.html

Banks deposit bourse into the black

October 24, 2009
Article from: Australian Associated Press

THE Australian sharemarket closed firmly in the black yesterday, driven by banks and Wesfarmers after the Coles supermarket chain owner said it was gaining on rival Woolworths.

The benchmark S&P/ASX 200 index was up 46.6 points, or 0.97 per cent, at 4859.4 points while the broader All Ordinaries index rose 40.9 points, or 0.85 per cent, to 4859.7 points.

On the Sydney Futures Exchange, the December share price index contract was 33 points higher at 4852 points on a volume of 19,225 contracts.

"We're definitely seeing most of the strength coming through from banks," CommSec market analyst Juliette Saly said yesterday.

National Australia Bank rose 19c to $30.91, Westpac advanced 80c to $27.30, Commonwealth Bank of Australia appreciated $1.70 to $56.24 and ANZ Banking Group put on 32c to $23.85.

"Also, the big miners are managing to shake off generally lower commodity prices, which is good to see, considering we saw them under pressure during the week," Ms Saly said.

BHP Billiton was up 54c, or 1.36 per cent, at $40.20 and Rio Tinto added 70c, or 1.05 per cent, to $67.50.

Wesfarmers announced yesterday that Coles had a solid performance in the first quarter of 2009-10, helped by rising food and liquor sales and an improvement in consumer confidence.

Wesfarmers jumped $1.82, or 6.88 per cent, to $28.26, while Woolworths fell 10c to $29.31.

Woodside Petroleum reported a plunge in year-on-year September-quarter revenue due to reduced sales volumes and lower commodity prices, and said the collapse of a potential gas purchase deal with Apache Corporation would not affect its Pluto expansion plans.

Ms Saly said some analysts were concerned that talks between the parties had been terminated.

Woodside was down 94c, or 1.78 per cent, at $51.80.

Oil Search slipped 2c lower to $6.11 and Santos retreated 11c to $15.55.

In other news yesterday, shares in Nick Scali closed at an 18-month high of $1.31, up 6c or 4.8 per cent, after the furniture retailer said it was expecting a 77 per cent jump in first-half 2010 profit.

The spot price of gold in Sydney was $US1063.27 per fine ounce, up $US4.40 on Thursday's close of $US$1058.87.

Newmont was 5c stronger at $4.97 and Lihir Gold inched 2c higher to $3.23 but Newcrest backtracked 1c to $35.47.

Among media stocks, Fairfax Media was 6.5c higher at $1.78 and Consolidated Media Holdings added 7c to $3.10. News Corporation gained 9c to $16.09 and its non-voting scrip was up 11c at $13.76

The most-traded stock by volume was Macquarie Infrastructure with 338.64 million shares worth $478.25 million changing hands.

Shares in Macquarie Infrastructure fell 11c, or 7.14 per cent, to $1.43.

Overall market turnover was 3.69 billion shares worth $6.55 billion, with 647 stocks up, 469 down and 352 steady.