24 JUNE 2011www.ticker.com
Australian Stocks Struggle; BHP Alumina Project Cost Up $3 Billion
Edited by : AL CIRCLE
2 min read
5:00 PM Sydney – Australian stocks struggled after crude oil plunged more than 4%. The commodities markets also trended lower. BHP said it will invest nearly $500 million in its potash mining operation in Canada and its alumina refinery operation in Western Australia will cost significantly more.
Australian stocks edged a fraction higher as crude oil plunged and Greece agreed with the International Monetary Fund with austerity terms. In domestic news, Australia completed the sale of $750 million bonds due in 2015.
International Energy Agency controlled by wealthiest nations of the world decided to release 60 million barrels in the world market to make up for the lost production from the NATO aggression in Libya.
The U.S. will release 30 million barrel from its reserves as part of the IEA action.
The ASX 200 index increased 7.60 or 0.2% to 4,508.1 and All Ordinaries index fell 0..08% 3.6 to 4,565.
The Australian dollar decreased to US$1.052 and crude oil dropped 4.3% to US$91.67.
In trading, turnover was flat at 2.34 billion shares worth $7.5 billion. Of the stocks traded, 509 stocks increased, 653 decreased and 399 closed unchanged.
Reserve Bank of Australia assistant governor Phil Lowe said at a gathering in Adelaide that inflation may increase if the optimistic world economic scenario becomes real and the central goal of the bank is the keep “low and stable inflation.”
Australian stocks edged a fraction higher as crude oil plunged and Greece agreed with the International Monetary Fund with austerity terms. In domestic news, Australia completed the sale of $750 million bonds due in 2015.
International Energy Agency controlled by wealthiest nations of the world decided to release 60 million barrels in the world market to make up for the lost production from the NATO aggression in Libya.
The U.S. will release 30 million barrel from its reserves as part of the IEA action.
The ASX 200 index increased 7.60 or 0.2% to 4,508.1 and All Ordinaries index fell 0..08% 3.6 to 4,565.
The Australian dollar decreased to US$1.052 and crude oil dropped 4.3% to US$91.67.
In trading, turnover was flat at 2.34 billion shares worth $7.5 billion. Of the stocks traded, 509 stocks increased, 653 decreased and 399 closed unchanged.
Reserve Bank of Australia assistant governor Phil Lowe said at a gathering in Adelaide that inflation may increase if the optimistic world economic scenario becomes real and the central goal of the bank is the keep “low and stable inflation.”
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