The S&P/ASX 200 index (Index: ^AXJO) (ASX: XJO) has climbed for the third consecutive day, up 0.6% to close at 4,269.2, following overnight rises on European markets. Investors’ confidence in European policy makers appears to have picked up. The Energy sector led the way, rising 1.5%. For the month, the S&P/ASX 200 has risen 4.3%.
Bell Potter’s Charlie Aitken has suggested to clients that this could be the turning point in the euro crisis. Meanwhile, the Aussie dollar continues its climb against the US dollar, now buying more than 105 US cents.
Campbell Brothers Limited (ASX: CPB) shares fell more than 10%, after the company lowered its expectations for the next six months, despite forecasting a $130m to $140m first half profit for the six months to September 2012. At the lower end, that’s 27% more than the same period last year. Shares in Campbell brothers closed at $46.90.
Lower gas production and sales volumes didn’t stop Origin Energy Limited (ASX: ORG) from producing a 3% rise in full year revenue. The company reported sales of $856m for the twelve months to June 2012, mainly thanks to higher energy prices, despite production falling 4% and sales volumes falling 7%. Origin shares rose 2% to close at $11.81.
On an Olympics note, one of Australia’s most well-known swimmers, Kieran Perkins, has been appointed state manager of Queensland for National Australia Bank’s (ASX: NAB) Private Wealth division. Old rival and fellow 1500m ex-swimmer, Grant Hackett is an employee of Westpac Banking Corporation (ASX: WBC).
Winners and Losers
Of the majors, BlueScope Steel Limited (ASX: BSL) climbed 6% to 26.5 cents while Incitec Pivot Limited (ASX: IPL) posted a 4% rise to end at $3.11, and Qantas Airways Limited (ASX: QAN) posted a 3.6% rise to close at $1.14.
Toll Holdings Limited (ASX: TOL) was the worst performer from the top 50 stocks, losing 0.7% to end at $4.02.
All eyes will be on yet another European policymaker meeting, when the European Central Bank gets together on Thursday. The meeting is expected to detail the next actions the Euro zone will take to resolve its debt crisis.
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Motley Fool writer/analyst Mike King doesn’t own shares in any companies mentioned. The Motley Fool‘s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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