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ASX Afternoon Market Wrap – 8th February 2012
8-Feb: Australian shares rose today, but gains were capped by a drop in BHP, after the miner reported a lower than expected first-half profit.
The benchmark S&P/ASX200 gained 16.5 points, or 0.4 per cent, to 4290.7, while the broader All Ords rose 18.7 points, or 0.4 per cent, to 4363.6.
All sectors bar utilities (down 0.2 per cent) closed in the black. Energy stocks led the gains, jumping 1.6 per cent. Materials rose 0.3 per cent and financials edged 0.2 per cent higher.
A slightly disappointing first-half profit result from BHP Billiton was the main drag on the market, while three of the big four banks were also lower.
In company news, BHP Billiton has reported a rare fall in earnings, hurt by labour battles and weaker commodity prices, but the result shows it is still in a different league from its would-be rival: Glencore-Xstrata.
Despite the 6 per cent drop in half-year profit to $US9.94 billion ($9.2 billion), BHP made more cash profits in six months than the $US90 billion marriage of commodities trader Glencore and miner Xstrata would have made in all of 2011 - and from far fewer revenues.
That was largely due to BHP's hugely profitable iron ore business, a strength it shares with its main rival, Rio Tinto, which separately unveiled a $3.4 billion expansion in the Pilbara.
The result is one of the biggest in Australian corporate history, but fell short of the record $US10.52 billion set by BHP last year and the expected $US10 billion level analysts had predicted.
It's the first time in two years the world's biggest miner posted a profit fall, as numbers were hurt by lower commodity prices and higher costs.
Billionaire investor Richard Chandler will inject $150 million into revamping forestry company Gunns, as part of a $280 million capital raising.
The New Zealander's private Richard Chandler Corporation confirmed today it was taking a stake in Gunns, and would seek to "catalyse" the long-planned $2 billion plus Bell Bay pulp mill.
Gunns shares skyrocketed by as much as 60 per cent on the news, before closing up 36 per cent at 17 cents.
RCC will become Gunns' major shareholder, with 39 per cent of the company.
Gunns also plans to raise about $130 million in a 1.3 for one share rights issue at 12 cents a share.
Individual stock performances
BHP Billiton was at $37.75 down 15 cents. Rio Tinto was at $71.76 up 75 cents.
Banks
Westpac was at $20.90 down 2 cents. NAB was at $22.93 down 28 cents. ANZ was at $21.61 up 25 cents. Commonwealth Bank was at $50.32 down 19 cents.
Media
News Corp was at $18.74 down 10 cents. John Fairfax was at 77 cents up 10 cents.
Retail
Woolworths was at $24.30 up 2 cents. Harvey Norman was at $2.07 down 2 cents. David Jones was at $2.54 up 3 cents.
Toll Holdings was at $4.96 down 14 cents. Qantas was at $1.63 up 1 cent.
Food
Coca Cola was at $11.55 down 2 cents. Goodman Fielder was at 53 cents up 3 cents.
Insurance
AMP was at $4.33 up 1 cent. QBE was at $12.15 down 12 cents. IAG was at $2.91 up 4 cents.
Gold
Gold was unchanged and was trading at $1,748 an ounce.
Oil
Oil was up by 54 cents, or .55 per cent to trade at $98.95 a barrel.
Dollar
At 1600 AEST the Australia dollar was:
AUD/USD 1.08
AUD/EUR .815
AUD/GBP .679
AUD/JPY 83.24
AUD/NZD 1.29
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