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Australian Market Report of August 5, 2010
Australian Market Report of August 5, 2010
Sydney, Aug 5, 2010 AEST (ABN Newswire) - The Australian stock market opened higher this morning after Wall Street returned to gains on better-than-expected corporate earnings and encouraging economic data.

In early trade, S&P/ASX200 index was up 0.77 per cent, at 4577.2 points, while All Ordinaries index had risen 0.74%, to 4593.6 points. Materials stocks gained 0.9%, Industrials rose 0.7% and the financials index was 0.6% higher.

In economics news, the index of commodity prices for July released by the Reserve Bank of Australia earlier this week indicated a 2.7 per cent increase in special drawing right (SDR) terms. Australia's trade balance has been back into surplus as coal and iron ore demands from China continue to surge.

Companies News

News Corporation (ASX:NWS) today reported a net income of US$2.5 Billion in the 2009/10 financial year, compared with a net loss of US$3.4 billion in fiscal 2009. Revenue was US$32.8 billion, 8% up from the previous year. The media group, which owns Dow Jones, MySpace, 20th Century Fox, Sky Italia and newspapers in Australia and elsewhere, released blockbuster movie Avatar in the late 2009. The biggest movie ever in history became the biggest earner, helping the company return to profit. Commenting on the fiscal 2010 results, chairman and chief executive Rupert Murdoch said he was very pleased with the overall increase and was confident in an even greater result to be delivered in 2011.

Ceramic Fuel Cells Limited (ASX:CFU), a leading developer of high efficiency and low emission electricity generation units for homes and buildings, today announced its first BlueGen product sale in the United States. About the size of a dishwasher, BlueGen uses patented fuel cell technology to convert natural gas into electricity and heat with very high efficiency, far higher than any other technology in the global market for small scale electricity generation. Aside from the newly established partnership in the US, the company has already secured alliance with major utilities and energy companies in Europe, Japan and Australia including E.ON (ETR:EOAN), EWE, GdF Suez (EPA:GSZ) and Osaka Gas (TYO:9532).

Australian wholesale voice and data provider, Vocus Communications Limited (ASX: VOC) today announced the signing of a contract with New Zealand's mobile and fixed line operator Vodafone New Zealand Limited (LON:VOD). Under the NZ$11.3 million deal, Vodafone New Zealand will award 100% of its international data capacity to Vocus on a multi-year term, once current supply contracts finish. Formed in March 2008, Vocus Communications provides wholesale voice and IP transit to telecommunications companies and internet service providers across Australia, New Zealand and the US.

Contact

Qiubei Fu
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: qiubei.fu@abnnewswire.net


Related Companies

Vodafone Group plc        
Osaka Gas Co., Ltd        
News Corporation             
GDF Suez SA       
E.ON AG       
Ceramic Fuel Cells Limited       

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