Australian Stocks: What Happened Today?

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            [0] => ((WHC))
            [1] => ((CWN))
            [2] => ((EGP))
            [3] => ((BBG))
            [4] => ((LNC))
            [5] => ((SIR))
            [6] => ((KAR))
            [7] => ((PRU))
            [8] => ((CPU))
            [9] => ((ABC))
            [10] => ((JBH))
            [11] => ((FXJ))
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            [0] => WHC
            [1] => CWN
            [2] => EGP
            [3] => BBG
            [4] => LNC
            [5] => SIR
            [6] => KAR
            [7] => PRU
            [8] => CPU
            [9] => ABC
            [10] => JBH
            [11] => FXJ
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)

This story features WHITEHAVEN COAL LIMITED, and other companies.
For more info SHARE ANALYSIS: WHC
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

By Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives

Australian Market

The Australian market (XJO) closed up 50.6 points or 1.07% to 4794.7 today. The market opened strongly this morning with an over 50 point jump to the day's high of 4800.5. After a small pull back the XJO ranged for the rest of the day. The XJO took a lead from last night's activity overseas with The Dow Jones rose 56.14 points or 0.38% to 14,988.50. All except one market sector finished positive today. Information technology fell -1.72% while the big winners were the Energy and Gold sectors, adding 2.69% and 2.65% respectively.

In economic news, today a report for approvals for the construction of new homes dropped 1.1% across Australia for the month of May, forecasted for a 1% drop. Local councils approved the construction of 13,781 new homes, including houses, townhouses and apartments in multi-unit buildings, in May, compared to 13,932 approvals in April, seasonally adjusted.

Today the Australian Federal Chamber of Automotive Industries VFACTS total vehicle sales report showed sales in June were 118,758, a 22.7% increase on May. After adjusting for seasonal factors, sales were up 5.8%. Sales were also up 5.5% on June last year, while sales for the first six months of 2013 were running 4.7% ahead of the same period last year. Demand for sports utility vehicles remained brisk with sales 8.3% higher than in June last year. The light commercial market had a strong month with sales jumping 15.3% on last year, a pointer to solid business investment.

Whitehaven Coal Limited ((WHC)) today has received the final approval for building its Maules Creek project in NSW worth $767 million. WHC Managing director Paul Flynn said preparation of the mine site, near Boggabri, would begin next week. First coal sales are expected by the second half of 2014. ''The project is one of the most significant investments currently underway in regional NSW,'' he said in a statement. ''It expects to employ 340 full time equivalent employees and contractors in the construction phase and approximately 470 during ongoing operations.''

AMP Capital has stuck a deal to buy a 42% stake in a New Zealand electricity and gas distributer called Powerco. The deal will be for N.Z. $525 million from Brookfield Infrastructure Partners. Once approved by New Zealand's Overseas Investment Office, the deal is expected to be completed by the end of 2013. Powerco is New Zealand's second largest electricity and gas distributor, supplying over 420k customers on the north island.

Crown Limited ((CWN)) has received approval from NSW Premier Barry O'Farrell today to proceed to the third stage of the government's unsolicited proposal process for major projects. An independent panel has concluded that Crown's new invite only casino would have more benefits to the state than an expansion to Echo Entertainment Group's ((EGP)) Star City casino. Crown will pay a $100 million licence fee for 20 years and all gaming revenue will be taxed at 29%.

AUD is currently trading at $0.9114, up $0.0030 against the USD.

Top Performers

Billabong International Limited ((BBG)) up $0.03 or 15.00% to $0.225

Linc Energy Limited ((LNC)) up $0.13 or 14.29% to $1.01

Sirius Resources Limited ((SIR)) up $0.28 or 13.59% to $2.29

Karoon Gas Australia Limited ((KAR)) up $0.58 or 11.26% to $5.73

Perseus Mining Limited ((PRU)) up $0.06 or 10.00% to $0.625

Bottom Performers

Echo Entertainment Group Limited (EGP) down -$0.13 or -4.28% to $2.91

Computershare Limited ((CPU)) down -$0.27 or -2.69% to $9.77

Adelaide Brighton Limited ((ABC)) down -$0.06 or -1.88% to $3.13

JB Hi-Fi Limited ((JBH)) down -$0.21 or -1.24% to $16.66

Fairfax Media Limited ((FXJ)) down -$0.005 or -0.97% to $0.51

Our Comments

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
 

Re-published with permission. Views expressed are not by association FNArena's (see our disclaimer).

Stephen Hogan is an Authorised Representative of Novus Capital. Authorised Representative No.345411 – http://www.stephenhogan.com.au

Novus Capital Limited ("Novus") is holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this e-mail or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.

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