Australian Stock Market Report – Midday July 17, 2014
By Juliana Roadley, CommSec Market Analyst | July 17, 2014 3:06 PM EST
Midday Report (12.25pm AEST)
A nice start for the Australian market, at the open of trade the ASX 200 hit a 6 year high of 5559.4 points the highest level since June the 10th 2008. Today the early volumes on the market were also solid and by lunch time the All Ordinaries Index was at 5,528.9 points.
An employee of the Tokyo Stock Exchange (TSE) places his hand next to the TSE logo at the bourse in Tokyo
Overnight in the US markets moved higher helped by solid quarterly results. The material sector lifted from the start of trade today the sectors up by 1.39%
After falling so far this week gold and oil prices lifted overnight, so far in the Asian session the US$ gold price was up US$2 to US$1,302 an ounce and the oil price was above US$101.50 a barrel.
Fortescue (FMG) shares moved higher again today after its upgrade to expected FY14 production report yesterday now up 2.95% and OZ Minerals Limited (OZL) also higher up 4.6% while BHP Billiton Limited (BHP) added 1.37%
Mount Gibson (MGX) reported June quarter numbers today saying it had shipped 9.7Mwt in FY14, above the MGX and market guidance of 9.0-9.5Mwt, largely due to higher shipments of low grade ore. MGX share price lifted by 3.75%
Woodside Petroleum (WPL) announced its 2Q14 results today. Revenue lifted to US$1,679M, up 24.8% (Y/Y). Production was also stronger at 23.5MMboe up 17.5% due to higher Pluto LNG volumes. WPL also lifted its FY14 production guidance to 89-94 from 86-93mmboe and its share price lifted by 0.9%.
Boart Longyear Limited (BLY) shares fell over 34% yesterday after the company came out of a trading halt and responded to an ASX enquiry on its new strategic plans. Today the share price moved higher in morning trade up 3.4%
Syrah Resources (SYR) today announced it is looking to sell (or spin off) or IPO its Tanzanian exploration business and told the market it will hold an Extraordinary General Meeting (EGM) to allow shareholders to vote on its plans. SYR up 3.89%.
Retailer David Jones (DJS) was placed in a trading halt this morning, pending court hearing on Takeover by South African Woolworths Holdings. DJS shares last traded at $3.98.
Australian Agricultural Company (ACC) held its Annual General Meeting (AGM) today. ACC mentioned that it had been a tough year and that drought conditions contributed to a $37.1Million fall in valuation of AACo's property portfolio over the year. ACC share price was slightly higher up 0.2%
The Australian Dollar relatively unchanged over the session now at 0.9364
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