Australian stocks edged lower for the second day following weak results from BHP Billiton and Rio Tinto. Ongoing turmoil in Greece also weighed on investor sentiment. ANZ and Westpac raised interest rates on mortgage lending.
Australian stocks eased after China reported a surge in inflation in January. After the close, Rio Tinto said its annual earnings dropped 59% to $5.8 billion after it wrote down its Alcan Aluminum business by $8.9 billion. Tabcorp and News Corp gained on earnings.
BHP Billiton, the largest Australian company reported earnings declined 6% in the six month period on the fall in iron ore prices and rising operating costs. Separately, Rio Tinto announced expansion of $3.4 billion in Western Australia. In trading, Australian stocks advanced.
Reserve Bank of Australia left its key lending rate on hold as the mining sector revs up spending and inflation remains within the target range. The Australian dollar rose to a record high against the euro and 27-year high against the UK pound. Cochlear jumped on lower than expected annual loss.
Australian retail sales increased 2.4% in 2011, the slowest annual pace in 27 years when record keeping began. Perpetual chief executive resigned and Spotless Group permitted Pacific Equity Partners to conduct due diligence.
Australian stocks edged lower and declined in the week for the first time this year. Commodities traded lower. The service sector index expanded at the fastest pace in five months in January. Magma Metals soared after it received a takeover bid from Panoramic Resources.
Australian stocks gained after a streak of 3-day losses and on the rising exports of commodities to Asia. December exports rose 2% to $27.92 billion and trade surplus widened to $1.71 billion. The supermarket chain Coles said food and liquor sales increased 4.1% in the quarter to December.
Australian indexes eased after home prices fell December quarter. Wesfarmers traded down ahead of its quarterly results tomorrow. Fortescue Metals Group declined after a key investor cut its stake to 1%.
Australian stocks edged lower today but surged in the month on the optimism that the euro zone will succeed in containing its debt crisis. For the month, the benchmark index added 5.1%. Woolworths comparable sales in December increased 4.1% and decided to sell its electronics retailer Dick Smith.
Australian stocks and indexes edged lower on the worries that four largest banks may face another ratings downgrade and retailers ease as the dollar strengthened. Transurban chief executive resigned.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites.
Market data: BATS Exchange. Inc.
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