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Market Update : 
Accenture, Oracle, and Nike Rise on Earnings
Author: 123jump.com Staff
123jump.com
Last Update: 12:52 PM EST December 20 2007


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U.S. stocks traded sideways as the credit market worries dominated the earnings news in the morning. Bear Stearns reported its first quarterly loss in nine decades on higher mortgage market related lossed. The earnings report also suggested that other business divisions at the brokerage are suffering fromt the current weakness in the market. FedEx earnings declined by 6% on higher fuel cost and weak domestic shipments. Accenture, Oracle, and Nike reported better than expected earnings.

 
Western Plains Resources Ltd said it will continue talking to OneSteel on port access following its decision to block Western plans to export iron ore through the Port of Whyalla. OneSteel, which owns the port, said today, it is unlikely to approve a Western Plains'' plan to build a rail loop, barge loader and storage shed at Whyalla in South Australia State.

OneSteel''s spokesman was reported to have said that it plans to export 4 million tons of iron ore through its port in fiscal 2008. Western Plains was down 39 percent, while Onesteel was up 0.5%.

Of the ASX 200 index shares, Centro properties led the gainers with a rise of 9.5% followed by increases in Centro Retail Group of 9.3%, in Tishman Speyer by 7%, in Allco Finance Group by 5.7%, and in Paperlinx Limited by 5.2%.

Of the ASX 200 index stocks IOOF Holdings led the decliners with a loss of 5.2% followed by losses in Newcrest mining by 5.1%, in Macmahon Holdings and Nexus Energy Limited of 4.8%, and in Mount Gibson Iron of 4.5%.

In other stocks, National Australia Bank lost 0.7%, Westpac dropped 1.8% and St George Bank shed 1.9%.

In the energy sector, Oil Search was up 0.9%, Woodside Petroleum dropped 0.9% and Santos shed 0.9%. Gold miner Lihir added 1.6%.

The retailers were mixed with Woolworths adding 0.5%, Wesfarmers dropping 1.6%, Harvey Norman losing 2.1%, and David Jones declining 0.2%.

The stocks in media sector were mixed. News Corp gained 0.3% but Fairfax Media shed 0.9%.

Insurance Australia Group looks set to report a fall in its fiscal 2007 annual profit of between 13% and 18%, according to three different brokers. IAG declined 1.2%.

Rail and ports operator Asciano is planning to sell its stake in pallet provider Brambles lowering its stock by 1.6%.
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