Sydney, Feb 25, 2008 (ABN Newswire) - As predicted, the Australian stock market started the week mildly higher, after a positive late turnaround on Wall Street on Friday helped ease US recession concerns.

Buoyed by the increasingly volatile finance sector, the All Ordinaries was up 55.3 points to 5699.80.

The benchmark S&P/ASX 200 Index rose 1.11% or 61.70 points to 5621.60.

On the NYSE, the Standard &Poor's 500 Index gained 10.58 points, or 0.79%, to 1,353.11.

The big four banks all ended in the positive, with Commonwealth Bank up $2.08 to 444.67, National Australia Bank rising 53 cents to $29.12, ANZ gaining 24 cents to $22.60 and Westpac adding $1.05 to $23.52.

Woolworths Limited (WOW) shares rose 4.3% to $29.01 ahead of interim results to be announced tomorrow.

Following its formidable 53% rise in first-half profit on Friday, Wesfarmers (WES) continued its upward trend today, rising up $1.23 or 3.2% to $39.14.

But the troubled Allco Finance Group (AFG) plummeted 63% percent to $1.11.after it announced it planned to sell non-core assets to cut debt.

Australia's largest steelmaker BlueScope Steel announced first-half underlying profit fell 21%, due to stronger Australian dollar. But the company said higher earnings are expected in second half, pushing shares up 30 cents to $11.70.

Dyno Nobel (DXL) rose 3.6% to $2.27 after the company announced a 20.4% rise in full-year profit, helped by acquisitions and new business in Asia.

Shares in Zinifex (ZFX) gained 35 cents to $10.50 after it reported net profit of $1.3 billion for the six months ended 31 December 2007, up from $751 million in the same period in fiscal 2006.

Its takeover target, Allegiance Mining (AGM) rose 2.8% to $1.10 after it recommended an improved offer from Zinifex that values the nickel miner at $852.42 million.

Transfield Services (TSE) posted a 90% increase in half year net profit, propelling shares in the engineering services company a24% higer to $11.80.

Toys retailer Funtastic (FUN) slumped nearly 10% to 44 cents as it said its year to December 2007 net profit dropped 57% to $5.2 million.

Top miner BHP Billiton (BHP) fell 68 cents to$39.05 and Rio Tinto (RIO) slid 17 cents to $135.43.


 

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