Investors give BHP a slap

THE Australian share market rallied yesterday, as gains in the information technology, industrial and financial sectors offset losses among mining stocks. The S&P/ASX 200 was 21 points (0.43%) higher at 5100 points, while the All Ords added 0.42% to 5090.3 points.

US stocks closed mostly higher on Tuesday, following some solid retail earnings reports. The Dow Jones Industrial Average was down 7.75 points (–0.05%) to 15,002.99 points, but the broad-based S&P 500 gained 6.29 points (0.38%) to 1652.35 points. The Nasdaq Composite Index rose 24.50 points (0.68%) to 3613.59 points. All three indices had fallen over the prior four sessions.

European stock markets fell further as US stimulus scale-back speculation triggered new sell-offs. The FTSE 100 lost 12.3 points (–0.19%) to 6453.5 points, while the German DAX closed flat.

In local trade, BHP plunged 80c (–2.2%) to $35.74 to be the weakest performer on the ASX 100. The loss follows a disappointing yearly earnings report, released after the bell on Tuesday. Rival Rio Tinto added nine cents (0.2%) to $59.60.

Woodside Petroleum sank 60c (–1.6%) to $38.10, despite a rise in its half-year net profit. Meanwhile, Boral shrugged off a $200 million annual loss, to add 10c (2.3%) to $4.37.

Fairfax was the top performer on the ASX 100, ad- ding three cents (4.5%) to $0.58. Ports and rail operator Asciano followed close behind after announcing a 40% increase in annual net profit, closing 22c (4.2%) higher at $5.45. The major banks were all higher.

Information: For the latest share prices visit www.asx.com.au. To speak to a wealth adviser phone 1800 789 789.