Australian Sharemarket Closes Firmer with BHP Leading the Charge

Strategic Insights -

The Australian sharemarket recorded a firm close on Friday, driven by several major stocks, including diversified miner BHP, which surged on the news of it winding up the Beswick Pty Ltd by 2001 as part of its corporate overhaul. The benchmark all ordinaries index rose 9.3 points to 2749.3, reaching an intra-day peak of 2756.8. Major stocks such as News Corp and National Australia Bank also contributed to the market's gains, with both stocks rising by 2.98 percent and 2.78 percent respectively.

Key Takeaways:

  • BHP led the market higher with a 2.83 percent gain, closing at 12.00 Australian dollars per share after announcing plans to wind up Beswick Pty Ltd by 2001.
  • News Corp and National Australia Bank fueled the market with gains of 2.98 percent and 2.78 percent respectively.
  • Strong gains by BHP and fellow diversified miner Rio Tinto boosted the all resource index 3.8 points to 965.6, despite weaker commodity prices.
  • Woodside Petroleum dropped 23 cents, while Santos dipped 10 cents and Novus eased 9 cents in response to the bombing raids on Iraq.
  • The gold index tumbled 15.5 to 1119.2 points, with Newcrest shedding 8 cents and Normandy sliding 4 cents.

Statistics:

  • The benchmark all ordinaries index rose 9.3 points to 2749.3.
  • BHP shares rose 33 cents to 12.00 Australian dollars, a gain of 2.83 percent.
  • News Corp shares rose 2.98 percent, while National Australia Bank shares rose 2.78 percent.
  • The all industrials index added 16 points to 4931.9.
  • The all resource index rose 3.8 points to 965.6.
  • The gold index tumbled 15.5 to 1119.2 points.

Sources:

  • XINHUA
  • Morgan Stockbroking
  • Henderson Charlton Jones
  • COMTEX (http://www.comtexnews.com)