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StumbleuponThe Australian share market closed marginally higher ahead of key earnings reports by heavyweights BHP Billiton, Rio Tinto and Commonwealth Bank later in the week. The benchmark S&P/ASX200 index was up 7.3 points, or 0.16 per cent, at 4,521.4, while the broader All Ordinaries index firmed 6.3 points, or 0.14 per cent, to 4,538.8. He said both major indices had formed a double-top charting pattern and were clinging to the 4,500-point value line. Westpac outshone the other major banks, jumping 64 cents, or 2.83 per cent, to $23.25 following an announcement by Treasurer Wayne Swan on Sunday that the federal government would wind back its wholesale funding guarantee for local lenders. Commonwealth Bank firmed 10 cents, or 0.19 per cent, to $52.77, National Australia Bank (NAB) gained 16 cents, or 0.63 per cent, to $25.47 and ANZ Banking Group added seven cents, or 0.33 per cent, to $20.97. Wealth manager and insurer AMP put on 10 cents to $6.25 after confirming its exclusitivity agreement with AXA SA had lapsed, leaving rival predator NAB to seek AXA SA's agreement to acquire AXA Asia Pacific Holdings. AXA APH's stock closed steady at $6.45.
BHP Billiton rose five cents to $39.60 and Rio Tinto gained 58 cents to $67.18. Woodside Petroleum jumped 81 cents, or 1.95 per cent, to $42.33, outpacing Oil Search, which firmed two cents, or 0.39 per cent, to $5.18. Santos fell five cents to $13.15. Dual-listed gold producer Newmont Mining surged 29 cents, or 5.84 per cent, to $5.26 as investors prepared for the company's delisting from the Australian Securities Exchange. Lihir Gold advanced five cents to $2.79 and Newcrest Mining gained 37 cents to $31.52. The spot price of gold in Sydney was trading at $1066.50 per fine ounce, up $2.05 from Friday's close of $1,064.45. JB Hi-Fi dropped $1.03 or 5.12 per cent, to $19.07 even though its half year 2010 profit met market expectations. JB Hi-Fi shares were sold off after the announcement that chief executive Richard Uechtritz would leave the company. Harvey Norman gained seven cents to $3.69, while Woolworths dropped 15 cents to $25.52 and Wesfarmers added 13 cents to $27.31.
Major media stocks lost ground except for free-to-air television networks, which rose after the government said it would reduce licence fees in a bid to lift investment in locally produced content and help fund the switch to digital. Seven Network finished up 16 cents, or 2.38 per cent, to $6.88 and Ten Network Holdings surged 14.5 cents, or 9.57 per cent, to $1.66. Fairfax Media lost 2.5 cents, or 1.45 per cent, to $1.70, News Corporation fell 45 cents, or 2.53 per cent, to $17.35 and its non-voting scrip dropped 28 cents, or 1.84 per cent, to $14.94. In other news on Monday, explosives and fertiliser supplier Incitec Pivot Ltd said it would restart construction of its $935 million ammonium nitrate plant in central Queensland in May after an almost year-long delay. Incitec Pivot stock gained three cents to $3.29. AWB Ltd eased one cent to $1.00 ahead of a class action proceeding in the Federal Court on Wednesday involving over 1,000 investors seeking damages for the company's failure to disclose Iraqi kickbacks. Verus Investments was the top traded stock by turnover, with 274.25 million shares traded for $18.96 million. Verus stock firmed two cents, or 38.46 per cent, to 7.2 cents.
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