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Among bank stocks, ANZ Bank and National Australia Bank are trading higher by 2.8% and 2.3% respectively, while Commonwealth Bank of Australia and Westpac Banking Corporation are up with modest gains.
In the mining space, BHP Billiton and Rio Tinto are gaining 0.7% and 0.8% respectively, while Newcrest Mining is up 1.8% over its previous closing price.
Among energy stocks, Woodside Petroleum is up modestly and Origin Energy is gaining about 1.2%, while Santos is in negative territory with a loss of 1.2%.
Shares of QBE Insurance Group Ltd are down nearly 7% despite the firm posting a 6% rise in net profit for calendar 2009. Australia's largest insurer by market value reported a net profit of A$1.97 billion for the 12 months ended December 31, up from A$1.86 billion in the prior corresponding period.
Woolworths Ltd.'s first-half profit rose 11.4% to A$1.1 billion from A$998 million in the prior corresponding period. Revenue rose 4.2% to A$27.2 billion. Woolworths also announced it will buy back A$400 million of its shares on market. The stock is currently trading 3.5% up.
Shares of retail giant Harvey Norman Holdings Ltd are up 2.7% after the company reported a sharp 59.9% rise in first-half profit. Net profit from continuing operations was A$158.86 million for the six months ended December 31, up from A$99.33 million in the previous corresponding period. Net profit for its underlying business operations was A$171.00 million in the first half, compared to A$123.52 million last year, up 38.4%.
On the economic front, the total amount of credit extended to private sector in Australia increased 0.4% in January 2010 versus the preceding month. The Reserve Bank of Australia reported Friday that for the full year to January 2010, private sector credit increased 1.3%. Credit for housing increased 0.7% for the month, matching the increase seen in December. For the year to January, housing sector credit increased 8.2%. Business credit declined 0.1% on month and was down 7.8% for the year to January. In the currency market, the Australian dollar was trading lower and was quoting at US$0.8867-US$0.8872 in early trades, down from Thursday's close of US$0.8878-US$0.8884.
Among other markets in the Asia-Pacific region, South Korea and Taiwan are trading higher, while Japan, New Zealand and Singapore are exhibiting weakness. Markets across the region had ended lower on Thursday.
On Wall Street, stocks posted modest losses on Thursday, as jobless claims unexpectedly rose to a three-month high, deflating market sentiment. The major averages all closed in negative territory, although well off of their lows of the session.
The Dow ended lower by 55.1 points or 0.5% at 10,321, the Nasdaq edged down by 1.7 points or 0.1% to 2,234.2 and the S&P 500 slipped by 2.3 points or 0.2% to 1,102.9. Major European markets declined on Thursday. The U.K.'s FTSE 100 index and the German DAX index lost 1.2% and 1.5% respectively, while the French CAC 40 index ended with a 2% loss.
Crude oil drifted lower on Thursday, as bearish data from the US labor market strengthened worries about the economic health of the top oil consumer even as Federal Reserve Chairman Ben Bernanke relieved fears of an immediate rate hike by the central bank. A firm greenback and rise in crude inventory levels also weighed on oil prices.
Crude oil for delivery in April settled US$1.83 lower at US$78.17 per barrel on the New York Mercantile Exchange, retreating from an intraday high of US$80.32.
by RTT Staff Writer
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