MELBOURNE, Apr 26: Australian shares rose 0.5 percent to the highest intraday level in six months on Thursday as miners and banks were boosted by signs the U.S. Federal Reserve is prepared to offer more stimulus, but media companies fell after a profit warning.
Boosting investor confidence was a rally in Apple Inc on the back of another spectacular quarter that included soaring iPhone sales in China.
‘What is encouraging about Apple’s profit figures is that a lot of growth was attributed to China. This has somewhat alleviated concerns over the slowing growth in the world’s second largest economy,’ said Miguel Audencial, trader at CMC Markets.
China is Australia’s no. 1 market for exports such as iron ore.
The benchmark S&P/ASX 200 index was up 28 points at 4,388.8 at 0021 GMT, its highest intraday level in six months. The index hit an 8-month closing high on Friday.
New Zealand’s benchmark NZX 50 index slipped 0.3 percent to 3,510.4 points. New Zealand’s central bank held its official cash rate steady on Thursday, as expected.
STOCKS ON THE MOVE:
• Seven West Media plunged 16 percent to A43.16 after a profit warning due to soft advertising across TV, newspapers and magazines. Rival Fairfax Media fell 3.2 percent while Southern Cross Media fell 4.4 percent.0222 GMT
• Leighton Holdings Ltd rose 2 percent to A$20.61 after it was awarded a $765 million project in Saudi Arabia. 0220 GMT
• Challenger Financial rose 1.6 percent to A$3.91. A company executive said in an interview it plans to expand its property debt portfolio by investing A$300 million ($310 million) to A$400 million annually in the capital-hungry sector as major banks reduce their exposure. 0220 GMT
• Newcrest Mining fell 2.7 percent to A$25.87 as analysts downgraded the stock after it lowered production guidance. (agencies)
Australia bank, mining shares rise; media issues down
Hyundai Motor Q1 net profit up 31 pct on overseas gains
SEOUL, Apr 26: South Korea’s Hyundai Motor increased its quarterly net profit by 31 percent, beating forecasts, as strong sales of its Sonata and Elantra models in the United States and its i30 compact in Europe more than offset weak sales at home.
The world’s fifth-biggest automaker with affiliate Kia Motors posted a 2.45 trillion won ($2.15 billion) net profit for January-March, compared with a consensus forecast of 2.07 trillion won from Thomson Reuters I/B/E/S.
That is up from 1.88 trillion won in net profit a year ago and 2.0 trillion won in the preceding quarter.
Shares in Hyundai Motor have risen about 13 percent this month, while most of its global rivals have fallen. The stock hit a life high of 269,500 won ($240) on April 9. The benchmark stock index has slipped 2.3 percent. ($1 = 1141.2500 Korean won) (agencies)
RBI increases Housing loan limit to Rs 10 lakh
MUMBAI, Apr 26: To promote housing for low income groups Reserve Bank of India (RBI) has increased the limit of home loans to Rs 10 lakh from Rs 5 lakh.
The ceiling limit has been extended for the bank loans to non-governmental agencies, approved by National Housing Bank (NHB)
for their refinance, for on-lending for the purpose of construction or reconstruction of individual dwelling units or for slum clearance and rehabilitation of slum dwellers, a RBI circular said.
The Finance Minister Pranab Mukherjee, in his Budget for 2012-13
proposed to enhance the limit of indirect finance under priority sector lending from Rs 5 lakh to Rs 10 lakh for construction or reconstruction of houses for the weaker section.
This will ease the banks effort in meeting the weaker sections target within the priority sector lending.
The revised limit is applicable to the bank loans sanctioned from the date of this circular, it added. (UNI)
JSW Steel production up by 26 pc
MUMBAI, Apr 26: JSW Steel said its production surged by 26 per cent to 2.07 million tonnes in the fourth quarter ended March 2012 over fourth quarter ended March 2011.
JSW Steel’s production of flat steel products rose 13 per cent to
1.49 million tonnes in Q4 March 2012 over Q4 March 2011.
The production of long steel products jumped by 67 per cent to 0.47 million tonnes in Q4 March 2012 over Q4 March 2011, a company release said.
JSW Steel is one of the lowest cost steel producers in the world.
The company is engaged in manufacture of flat and long products viz H R Coils, C R Coils, Galvanised products, Galvalume products,
auto grade/white goods grade CRCA Steel, Bars and Rods.
The company is one of the largest producers and exporters of coated flat products in the country, with presence in over 100 countries across five continents.
The company’s crude steel production rose by 16 per cent to 7.43 million tonnes in the year ended 31 March 2012 over the year ended 31 March 2011.
The production of flat steel products increased by 9 per cent to 5.36 million tonnes, while the production of long steel products increased by 34 per cent to 1.52 million tonnes in the year ended 31 March 2012 over the year ended 31 March 2011, the release added. (UNI)
Progesterone might relieve menopause symptoms
NEW YORK, Apr 26: A hormone called progesterone helps reduce how frequently and how severely women experience hot flashes and night sweats after menopause somewhat, according to a new study. Progesterone capsules might offer an alternative therapy to women who don’t want to be on an estrogen-based treatment, said the lead author of the study, Christine Hitchcock. (agencies)
Feds weigh pulling drug licenses for two Florida CVS stores
ARLINGTON, VA, Apr 26: A federal hearing began yesterday on whether to bar two CVS Caremark Corp drugstores in Florida from selling potentially addictive painkillers as part of a government crackdown on prescription pain pills, especially oxycodone. The CVS drugstores, both in Sanford, ranked 23rd and 37th respectively among the thousands of US pharmacies for distribution of oxycodone, Drug Enforcement Administration (DEA) district supervisor Gayle Lane told the court. (agencies)
Mixed evidence on acupuncture for irritable bowels
NEW YORK, Apr 26: The research on whether acupuncture helps ease irritable bowel syndrome has so far been a mixed bag, according to a new review of past clinical trials. The review, published in the American Journal of Gastroenterology, found that in some trials, acupuncture seemed to work better than certain medications for irritable bowel syndrome, or IBS. (agencies)
Doctors not all on board with new prostate cancer recommendations
NEW YORK, Apr 26: Many doctors don’t expect new guidelines to affect how often they screen men for prostate cancer, results of a new survey suggest. Last fall, the US Preventive Services Task Force (USPSTF) issued a draft of new prostate cancer screening guidelines, which recommend against routine prostate specific antigen (PSA) testing in average-risk men. (agencies)
High salt intake linked to higher stroke risk
NEW YORK, Apr 26: Older adults with salty diets may have an increased risk of suffering a stroke, a new study suggests. The new findings strengthen the case for heavy salt intake as a stroke risk factor, according to Dr Francesco P. Cappuccio, of the University of Warwick in the UK, who wrote an editorial published with the study in the journal Stroke. Researchers found that of close to 2,700 older, mostly minority adults, those who got well above the recommended sodium intake were nearly three times as likely to suffer a stroke over 10 years as people who met guidelines recommended by the American Heart Association (AHA). (agencies)
In the shadow of mad cow case, US beef exports unfazed
CHICAGO, Apr 26: For California meat exporter James Geller, it’s just business as usual one day after the first case of mad cow disease in six years was confirmed in the United States. For Geller, president of Geller International in Burlingame, California, that means putting together an order of choice grade beef for customers in Hong Kong. (agencies)