Markets ended flat today amidst a flurry of activity both on the international and local markets scene.
The benchmark S&P/ASX 200 Index was 5.4 points up at 5,625, while the broader All Ordinaries ended 20.40 points up at 5,684.
Following positive metals prices on Friday, resource stocks surged today. BHP Billiton was up 25 cents to $40.55, and Rio Tinto was up $6.06 to $136.91.
Metal prices were all up on Friday – Zinc up 1.9%, Aluminium up 1.5% and Copper up 1.4%. Nickel up 0.7%. Zinifex up 21c to 1001c.
Oil price up $2.17 to $106.09 – The Iranian President has urged OPEC members to form a joint bank and stop pricing oil trades in $US. Woodside was up 21 cents to $56.25.
The banks were again in the spotlight, with ANZ Banking Group leading the pack downwards after it announced a bigger than expected total provision for credit impairment in the first half fiscal 2008. ANZ lost $1.55 or 6.6% to $22.01. CBA shed $1.42 or 3.12% to $44.06, Westpac lost $1 or 3.98% to $24.13 and National Australia Bank lost $1.46 to $29.64. SGB was down $1.49 to $26.22 with the rest of the sector. It had appointed Les Matheson as a new head of Retail Operations to commence in June.
Newcrest was up $1.78 to $35.38 after it announced a joint venture agreement with Australian Oriental Minerals (AOM) and its joint venture partner SmartTrans Holdings Limited (SMA related to the Connors Arch project in Queensland.
Shares in Fortescue Metals were up 49 cents or 7% at $7.47, after transporting its first load of iron ore to its port in the Pilbara.
Consolidated Media shares remained at $4.07 after the a deal to take over the media company fell through.
