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Market Update : 
Australian Index Up 12%
Author: 123jump.com Staff
123jump.com
Last Update: 10:34 AM EST December 31 2007

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Australian stocks on the last day of trading closed nearly unchaged. in 2007, ASX 200 gained 12% in local dollar and added 25% in the U.S. dollar on rising mining and metals companies. Banks in Australia fell after the credit market turbulence in the second half of the year. Rio Tinto, BHP, and Fortescue were leading gainers in the ASX 200 Index. Australian dollar crossed 88 cents to one U.S. dollar and solid private sector credit data.

 
Of the ASX 200 index stocks Fortescue Metals led the decliners with a fall of 11.5% followed by losses in Centro Retail Group of 6.4%, in Australand Properties of 4.1%, in James Hardie of 3.3%, and in PMP Limited of 4.3%.

In other stocks the banking sector was mixed, with Westpac gaining 0.1%, Commonwealth Bank of Australia up 0.4% and Australia and New Zealand shed 0.2%. The retailers were mixed, with David Jones adding 0.5%, Harvey Norman up 1.3% and Wesfarmers shed 0.6%.

The media sector was also mixed, with Fairfax was up 1.1%, News Corp lost 0.8% and Consolidated Media Holdings declined 1.8%.

Shares in Lincoln Minerals fell 5.26% on news it had concluded a joint venture agreement with India''s Mineral Enterprises.
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