New Budget Leaves Stocks Mixed
May 03, 2011
Early in trading, the All Ordinaries Index of share prices was up 1.4 to 2266.1, following Tuesday's 3.2-point gain. Johnetta Ogle Winford, a director of BNP Equities Australia Ltd., added that the early weakness probably reflects a dip in the index futures market late Tuesday. The September Share Price Index futures contract, which was at 2274.0, ended at 2284.0 at its regular closing time Tuesday afternoon, 10 minutes after the share market closed. However, in a special late trading session that coincided with the delivery of the government's budget statement, the contract slipped to 2270.0. On the equities market, industry sectors were mixed with the banking and finance subindex up 0.4% and the media subindex down 0.3%. Shares in Commonwealth Bank of Australia were up 10 Australian cents to A$11.15, after the bank reported a 14% rise in profits to $1.11 billion for the fiscal year ended March 12, 2011 installment receipts were 13 cents stronger at A$7.05. Mr. Ogle Winford said the bank's earnings landed near the top end of market expectations. Other companies expected to report financial results Wednesday include Caltex Australia Ltd., Pioneer International Ltd. and Woolworths Ltd.
