Australian Stocks: What Happened Today?

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    [0] => Array
        (
            [0] => ((RIO))
            [1] => ((WHC))
            [2] => ((LEI))
            [3] => ((MMS))
            [4] => ((EWC))
            [5] => ((TPI))
            [6] => ((REA))
            [7] => ((SWM))
            [8] => ((TPM))
            [9] => ((PDN))
            [10] => ((DML))
            [11] => ((SDL))
            [12] => ((PNA))
            [13] => ((MDL))
        )

    [1] => Array
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            [0] => RIO
            [1] => WHC
            [2] => LEI
            [3] => MMS
            [4] => EWC
            [5] => TPI
            [6] => REA
            [7] => SWM
            [8] => TPM
            [9] => PDN
            [10] => DML
            [11] => SDL
            [12] => PNA
            [13] => MDL
        )

)

This story features RIO TINTO LIMITED, and other companies.
For more info SHARE ANALYSIS: RIO
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

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

Australian Market

The Australian market (XJO) closed up 4.3 points or 0.09% to 5046.3 today. We spent the most of the morning in positive territory on the XJO hitting a daily high of 5059.5 at 10:58, until just before 1pm when we came back to flirt with opening price for the afternoon, matching 6 points higher. We had a mixed end to the week globally, with Europe slipping lower and the U.S. edging higher. Our best performing sector of the day was Information Technology, rising 0.73% and the worst was Gold, dropping -2.03%.

Rio Tinto Limited ((RIO)) is set to sell its majority stake in Northparkes mine in central NSW, a copper and gold mine. RIO will sell its 80% stake to China Molybdenum for U.S. $820 million. Rio chief financial officer Chris Lynch said a statement, "Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy. We believe it will have a strong future under its new ownership.''

Whitehaven Coal Limited ((WHC)) states that production levels have increased by more than half, however they are suffering due to falling commodity prices and a high Australian dollar. In their June quarterly production report, they said that production levels rose to 2.25 million tonnes during the June quarter, marking a 53% increase on the corresponding period in 2012. Total coal sales rose by 80% during the same time frame, to 2.58 million tonnes. Since the results, thermal coal prices have continued to fall, hitting U.S. $77 a tonne in July, from U.S. $93 a tonne in December as the Australian dollar continues to hold above 92 US cents. Meanwhile, coal sales from the Maules Creek project in northwest NSW are expected to commence in the December quarter of 2014, even though environmentalists have lodged appeals in the Federal Court.

Leighton Holdings Limited ((LEI)) subsidiary Thiess taken full control of National Broadband Network builder Silcar Under the terms of the acquisition Thiess will take 100% control of Silcar after it agreed terms to buy former joint venture partner German engineering giant Siemens' half stake in the group. Thiess managing director Bruce Munro said, "This acquisition broadens our services offering to our valued Thiess and Silcar clients and positions Thiess as one of the leading services companies in Australia." Thiess's takeover of Silcar comes at a time when the company is rumoured to be facing losses of up to $60 million and is considering whether it should continue with its contracts to build the NBN in Queensland, New South Wales and the Australian Capital Territory.

AUD is currently trading at $0.9254, down -$0.0004 against the USD.

Top Performers

McMillan Shakespeare Limited ((MMS)) up $1.00

Energy World Corporation Ltd ((EWC)) up $0.075 or 13.04% to $0.65

Transpacific Industries Group Limited ((TPI)) up $0.065 or 7.93% to $0.885

REA Group Limited ((REA)) up $1.63 or 5.28% to $32.48

Seven West Media Limited ((SWM)) up $0.10 or 4.88% to $2.15

TPG Limited ((TPM)) up $0.12 or 3.43% to $3.62

Bottom Performers

Paladin Energy Limited ((PDN)) down -$0.105 or -10.14% to $0.93

Discovery Metals Limited ((DML)) down -$0.015 or -8.82% to $0.155

Sundance Resources Limited ((SDL)) down -$0.006 or -7.06% to $0.079

Panaust Limited ((PNA)) down -$0.135 or -6.40% to $1.975

Mineral Deposits Limited ((MDL)) down -$0.14 or -6.36% to $2.06

Our Comments

It was a bit of a nothing day today, with not much happening on price action at all.

(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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