Australian Stocks: What Happened Today?

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February 13, 2013 6:18 AM EST

The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research

ASX breaks through 5,000 as CBA, LEI beat estimates

The ASX 200 surged 0.9% today, breaking through 5,000 and closing at the highest level since September 2008 as earnings from Commonwealth Bank of Australia ((CBA)) and Leighton Holdings ((LEI)) beat estimates.

To today's high of 5,010, the ASX 200 has rallied 25.7% from a low of 3,985 in June 2012 (just nine months ago). CBA rose 2.4% today to close at a record high of $67.11; leading a 1.4% gain for financials after the bank posted a 1% increase in 2H 2012 profit to $3.66 billion on the back of strong results from its retail banking and wealth management divisions.

Leighton, Australia's largest construction company, surged 11% (its biggest gain in almost four years) after reporting a return to full-year profitability after completing two major projects and reducing debt levels.

Elsewhere in Asia, the Nikkei-225 slumped over 1% after the yen rallied overnight as an unidentified G-7 official said the group is concerned about excessive moves in the currency.

To read today's report in PDF in full, see link at the top of this story.

(For a more comprehensive summary of last night's market action see FNArena's Overnight Report.)

Analyst Certification: Any views expressed in this research report by Seismic Research Solutions Pty Ltd ('Seismic Research') accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research report receives compensation based on overall revenues of Seismic Research and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

Disclaimer: This document is intended solely for informational purposes and solely for the particular person to whom it was provided by Seismic Research Solutions Pty Ltd ('Seismic Research', ABN: 96 143 340 194). This document should not be relied upon by any other person. All statements contained herein are subject to change without notice. This document is not an offer to buy or sell any financial instruments. This document contains general advice only. In preparing this document, Seismic Research has not taken into account any recipient's investment objectives, financial situation or particular needs of the reader. Seismic Research is not acting as advisor or fiduciary in providing this document, the reader should not make an investment decision on the basis of this document. Although we believe that the information this document contains is accurate and reliable, Seismic Research has not independently verified the information contained in this document, which is derived from publicly available sources. Seismic Research is an Authorised Representative of an Australian Financial Services Licence holder (AFSL: 338 943). Authorised Representative number: 389 109.

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