Thursday, December 22, 2005

Off the highs - and heading for muck-up day

The sharemarket pulled back from Wednesday's record gains in a more subdued day of trading in the countdown to Christmas.
Bell Potter senior adviser Stuart Smith said the banking sector was a drag on the market throughout the day.
The benchmark ASX 200 index closed down 10.4 points at 4707.8 while the All Ordinaries fell 7.9 to 4652.
But both indices beat Wednesday's highs with the ASX 200 hitting 4728.7 and the All Ords touching 4669.8
"The market has let its breath out after the extraordinary run," Mr Smith said. "The banks led the weakness and that has continued. There's a certain amount of unmotivation."
Profit takers hit the banking sector. The Commonwealth slid 36c to $42.04, Westpac lost 21c to $22.48, NAB slumped 55c to $31.80 and ANZ fell 10c to $24.04.
All four of the big banks now own cash logistics provider Cash Services Australia, with NAB on Thursday taking a 25 per cent stake in the business.
The big miners closed mixed as Rio Tinto gained 57c to $67.75 while BHP Billiton shed 1c to $22.49.
Iron ore producer Murchison Metals dipped 0.5c to 43c after it announced it was teaming with Toll Holdings to advance plans for a billion-dollar port and rail development in Western Australia's mid-west.
Toll shares fell 2c to $14.61.
Amcor shrank 11c to $7.45 despite receiving immunity from prosecution in a price fixing case being brought by the competition watchdog into the $1.8 billion packaging industry. Standard & Poor's upped the short-term credit rating of global packager Amcor to stable following the news.
But Wattyl jumped 46c as investment bank Allco Equity Partners launched a $274.8 million takeover bid for paint maker.
Surfwear company Billabong International climbed 36c to $13.57 after announcing plans to buy Californian youth brand Nixon for $73 million.
And Brambles inched ahead 1c to $10.03 after selling its specialised tank container assets for $144 million in the first sale since the logistics group announced plans to divest a big chunk of its businesses last month.
The media sector was patchy, with News Corp off 1c to $22.34 as its non-voting stock fell 10c to $21.10. PBL eased 7c to $16.40 but Seven Network was up 2c to $8.22 and Ten Network found 1c at $3.11.
John Fairfax lifted 3c to $3.94. The newspaper publisher has agreed to buy Stayz Australia, an online holiday accommodation booking company, for $12.7 million.
Among other blue-chip stocks, Telstra added 1c to $3.94 while Optus owner Singapore Telecommunications rose 1c at $2.14.
Qantas Airways fell 2c to $3.98 and Virgin Blue dipped 1.5c to $1.57.
Gold stocks were boosted by a firmer gold price. Newcrest surged 78c to $22.35, Newmont jumped 21c to $6.85, Lihir Gold gained 3c to $2.11, and AngloGold Ashanti rose 74c to $12.99.
Ballarat Goldfields, up 0.5c to 35.5c, has poured the first gold at its project on the historic Victorian goldfields.

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