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Market Update : 
Australian Stocks Surge 4%, Westpac Net Up
Author: 123jump.com Staff
123jump.com
Last Update: 3:45 PM ET October 30 2008


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Stocks in Australia surged on a steep rise in copper and crude oil prices. The U.S. Fed rate cut of 0.5% to 1% lifted prices of base metals and energy in Asian trading. The benchmark index ASX 200 index surged 4% and closed at 4,001.10. Australian dollar surged 5% to 68.22 U.S. cents to a dollar.

 
Sino Gold and Lihir Gold increased 19.3% and 19.2% respectively.

Macquarie DDR led decliners in the ASX 200 index shares with a fall of 10.6% followed by losses in Goodman Corp. of 9.1%, in West Australia Newspaper of 8.4%, Macquarie Countrywide of 8.3%, and GPT Group of 7.1%.

Westpac Full-Year Profit Rises 6% to A$3.72 billion

Westpac reported today that full year profit in the period ended September 30 increased 6% to A$3.72 billion, in line with the market consensus. Cash earnings per share gained 5% to 198.3 cents per share.

Revenue soared to A$11.1 billion and lending and deposit growth increased 13% and 16% respectively.

However provision for bad and doubtful debts surged 93% to A$931 million from A$482 million a year earlier on rising unemployment.

The lender increased its second half dividend by 8% to 72 cents per share, increasing the full year dividend to A$1.42 per share.


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