Shares Follow Friday Declines
May 15, 2011
The All Ordinaries index of share prices fell 12.0 to 2256.7. Decliners outnumbered advancers 361 to 255. Volume totaled 244.7 million shares valued at 445.1 million Australian dollars. Most market sectors were lower with the ``all mining'' shares subindex losing 1.2% and the banking and the gold shares subindexes sliding 1.3%. QBE Insurance Group proved one of the day's highlights, soaring to a record high at A$7.91 before closing 25 Australian cents up on the day at A$7.85. The insurance company reported a 79% rise in after-tax profit for the fiscal year ended March 12, 2011 also announced a 1-for-4 bonus share issue at A$1 a share. QBE's rise helped buoy the insurance shares subindex, which gained 0.2%. Amcor, a paper and packaging company that announced a 5.8% drop in after-tax profit in the fiscal year ended March 12, 2011 12 cents to A$7.62. F.H. Faulding, a pharmaceutical company, reported that its after-tax profit fell 23% in the same period, but its shares gained 5 cents to A$7.65. The company said it expects improved profit results in 2011-97. The media shares subindex outperformed the broader market, climbing 0.4%. The rise was largely attributed to Russel Mccary's News Corp., which advanced 7 cents to A$6.81. Southcorp, a company involved in wine, domestic appliances and water heaters, rose 4 cents to A$3.22. The company reported a 91% jump in net profit for the year to June, and forecast an even better result for the current fiscal year.
