Newmont Mining (ASX:NEM) posted a profit of US$162 million in second quarter, 40 per cent down from the profit of US$271 million a year ago. Newmont said the fall was largely due to lower copper prices and a significantly higher tax rate, partially offset by higher sales volumes and lower operating costs.
Sydney, July 24, 2009 AEST (ABN Newswire) - Wall Street posted a strong gain overnight with Dow index jumped above 9000 points mark for the first time since January. The market was bolstered by upbeat housing data and favourable corporate earnings.
Yesterday the Australian shares closed marginally lower after the fall of US stocks. The benchmark S&P/ASX200 ended its rally, losing 4.4 points or 0.1 per cent at 4064.1. But the broader All Ordinaries rose 3.7 points, or 0.1 per cent, to 4072.6 points.
Key Economic Facts and Figures
Reserve Bank of Australia (RBA) Assistant Governor Guy Debelle has played down fears that house prices in Australia could fall steeply, as they have in the United States. He also noted that Australia's current account deficit had fallen from around 7 percent of gross domestic product to around 1.5 percent with little trouble to the economy.
Today the Housing Industry Association - RP Data will release their residential land report for the March quarter.
M&A News
Nufarm Ltd (ASX:NUF), Australia's biggest supplier of farm chemicals, said it has been approached by Sinochem in relation to the potential acquisition of Nufarm on a confidential, preliminary and incomplete basis. The company said there is no certainty that any agreement will be reached or that an offer or proposal will be put to Nufarm shareholders.
Important Corporate News
Macquarie Airports (ASX:MAP) has agreed to buy back the management rights from Macquarie Group (ASX:MQG), becoming the latest Macquarie satellite to sever ties with its parent. Macquarie Group will receive 150 million new MAp securities worth A$345 million, increasing Macquarie's stake in the airports group to 27.3 per cent from 21 per cent. Macquarie Airports said it had no plans to raise capital and would remain listed.
Newmont Mining (ASX:NEM) posted a profit of US$162 million in second quarter, 40 per cent down from the profit of US$271 million a year ago. Newmont said the fall was largely due to lower copper prices and a significantly higher tax rate, partially offset by higher sales volumes and lower operating costs.
Oil and gas company Santos (ASX:STO) has reported falling revenue for four straight quarters. The oil producer posted A$484 million in sales during the second quarter of 2009, down from A$749.3 million in the same period last year. Santos said part of the decline on lower production due to maintenance work at the Mutineer-Exeter oil field off the north-west coast and last year's sale of a 40 per cent stake in its Queensland coal seam gas assets to Malaysia's Petronas.
Woodside Petroleum (ASX:WPL) said its revenue in the June quarter was A$938 million, down 36 per cent on the prior corresponding period. The company said lower commodity prices in Q2 2009 outweighed higher sales volumes compared to Q2 2008.
ANZ Bank (ASX:ANZ) says John Morschel, who has been on the lender's board since October 2004, will take over the chairman's role from Charles Goode in next February. The previously appointed chairman Rod Eddington withdrew his acceptance to the role.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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