Australia's S&P/ASX Index Is Little Changed: Alumina Declines

Wednesday, Oct 11, 2006
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Oct. 11 (Bloomberg) -- Australia's S&P/ASX 200 Index was little changed. Alumina Ltd. fell after its U.S.-based partner Alcoa Inc.'s earnings fell short of analysts' estimates.

James Hardie Industries NV and Rinker Group Ltd. gained after JP Morgan raised its rating on their U.S. peers.

The S&P/ASX 200 Index lost 0.50 point to 5247.80 as of 10:18 a.m. in Sydney. About 10 stocks declined for every seven that rose.

New Zealand's NZX 50 Index gained 0.3 percent to 3605.09 as of 1:18 p.m. in Wellington.

Alumina, a partner with Alcoa in a venture with a quarter of the world's alumina production capacity, slid 17 cents, or 2.7 percent, to A$6.18.

Alcoa, the world's largest aluminum producer, said third- quarter net income climbed to 61 cents a share from 33 cents a year earlier. That's less than analysts' average estimate of 77 cents according to Thomson Financial. Alcoa shares slumped 7.2 percent in extended U.S. trading.

James Hardie, the biggest supplier of home siding in the U.S., added 12 cents, or 1.6 percent, to A$7.65. Rinker, the biggest supplier of cement blocks in the U.S., rose 15 cents, or 1 percent, to A$14.63.

U.S. homebuilders D.R. Horton Inc. and Toll Brothers Inc. rose in New York after JPMorgan raised its rating on the shares. Growth in inventories that resulted from slowing demand following rate increases in the past two years has leveled off and should start to reverse in the first half of next year, JPMorgan analysts wrote in a note.

Both James Hardie and Rinker get about 80 percent of their earnings in the U.S.

The S&P/ASX 200 Index's futures contract for December rose 0.3 percent to 5260. The broader All Ordinaries Index rose 0.2 percent to 5219.40.

 

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