|
|
| |
|
| |
| Weekly Commentary Archive | | For archival copies of the Weekly Commentary click here... | | | | 15th November 2009 | The Australian share market made steady, incremental gains during the week, led in part by firmness in the mining sector. Property trusts, which have tended to lag the market in recent weeks, were also strong. News from this sector was also encouraging, with CFS Retail Property Trust reporting quarterly sales at its shopping centres increased by 1.3 percent. Commonwealth Property Office Fund said occupancy and rents were up. Australia’s biggest property trust, Westfield, gained ground, along with Stockland and GPT. Mining heavyweights BHP Billiton and Rio Tinto were well favoured by investors, as was Fortescue Metals. Other stocks to support the market’s overall gains were AGL Energy, Leighton, Wesfarmers and News Corp. Gold mining stocks Lihir and Newcrest added some backbone to the rally, as the spot price of gold continued to advance. However, gains were not across the board, with major banking stocks Commonwealth Bank and Westpac, weakening off.
The New Zealand share market continued to tread water during the week, with Fletcher Building (FBU) providing the main highlight. FBU, which is now New Zealand’s biggest company by market capitalisation, said it expected full year net earnings, excluding unusual items, to fall towards the low end of the range of analysts' forecasts for 2009-10, which is $261 million to $340 million. The company, whose shares have had a phenomenal run since its capital raising early this year, eased a little on the news. Infratil, fresh from exiting its stake in Auckland International Airport, gained ground. IFT is in the running for Royal Dutch Shell’s New Zealand downstream assets, which include a chunk of NZ Refining. Kiwi Income Property Trust, which plans to raise $125 million from a convertible notes issue, eased. Hi-tech electrical components manufacturer Rakon was firm after reporting a $6.1 million interim loss, which was slightly better than the company’s guidance to the market.
| |
|
|
|
