Benchmark S&P/ASX200 index up 1.7 points
The benchmark S&P/ASX200 index was up 1.7 points, or 0.04 per cent, at 4,619.9 points, while the broader All Ordinaries index was 4.8 points higher, or 0.10 per cent, at 4691.1 points. On the Sydney Futures Exchange the December share price index contract was two points lower at 4,630 points, with 25,602 contracts traded. Advancing stocks outnumbered declining companies by four to three in the S&P/ASX 50 index. The major miners closed stronger. BHP Billiton was up eight cents at $40.82, while Rio Tinto rose 75 cents to $78.62. Fortescue Metals Group was the best performing stock on the S&P/ASX 50 index, closing up 30 cents, or five per cent, at $6.30.
The iron ore miner says it is continuing talks with several entities regarding financial opportunities after recently refinancing $US2.04 billion of its debt to fund expansion. All four big banks closed lower on Wednesday. ANZ was down 19 cents, or 0.8 per cent, at $23.63, Commonwealth Bank eased 43 cents, or 0.85 per cent, to $50.02 and Westpac dropped 11 cents, or 0.49 per cent, to $22.55 and National Australia Bank was 15 cents, or 0.59 per cent, softer at $25.21.
In market news on Wednesday, Woodside Petroleum says chief executive Don Voelte intends to retire in the second half of next year, so the company will launch an internal and external search to replace him. Shares in the energy company finished 32 cents lower on Wednesday, or 0.73 per cent, to $43.72. JB Hi-Fi Ltd says sales have lifted 12.2 per cent in the new fiscal year, with the discount retailer forecasting a strong festive trading season. The retailer ended down 15 cents, or 0.74 per cent, to $20.10. Also, pharmaceuticals developer CSL says it expects solid underlying operational profit growth in 2010/11, with net profit of up to $1.03 billion. In August, CSL reported net profit in 2009/10 of $1.05 billion, down 8.1 per cent, and operational net profit of the same figure, up 3.2 per cent. Shares in the drugmaker closed up seven cents, or 0.22 per cent at $32.27. The most traded stock by volume on Wednesday was Continental Coal, with 324.48 million shares worth $24.62 million changing hands. Shares in the mining company were up 0.9 cents, or 13.24 per cent, at 7.7 cents. The miner said the company's South African subsidiary Continental Coal Ltd had received confirmation it could complete the purchase of South African thermal coal miner, Mashala Resources. Preliminary market turnover was 2.73 billion securities worth $5.30 billion, with 603 stocks up, 497 down and 369 unchanged.
The Australian dollar climbed in Asian trade Wednesday, helped by suggestions by the Federal Reserve that more action is needed to help jump start the U.S. economy. Australian bonds fell on the Fed's suggestion, though bonds pared back some of those declines over the course of the session. Setting off gains for the Australian dollar, the Fed late September meeting minutes released overnight suggested that though policymakers were somewhat divided, most thought new measures to fuel growth would be needed given that inflation remains too low and unemployment too high. The initial reaction on the minute's release was to sell the U.S. dollar, which helped the Australian dollar return to some of its highest levels since the currency was floated in 1983. The Australian dollar was at $0.9870, up from $0.9790 late Tuesday. The currency remains just off a post-float high of US$0.9918 hit late last week. The Australian dollar also traded at 80.66, from 80.255.