Share market started closing modestly higher as U. S Congress got approval to pass a bill for increasing its debt ceiling. The standard S & P/ASX200 index increased to o.38% to 5,283.1 points after the official market closed whereas, 0.33% has been added by all ordinaries to 5,281.9 points. The plan expands the borrowing authority of United State Treasury until February 7 as well as funds the government until 15th January. According to Mr. Weston, financial dram seems to be priced into different benefits hence investors now think about how global data can affect the policy setting of US Federal Reserve.
Effects of share market on different sectors
Financials are one of those who were higher and higher. Almost 1.51% lifted to $35.64 by National Australia whereas, ANZ Increased 0.67% to $31.69 and Westpac rose 1.23% to $33.62. Increase in percentage has observed in different sectors. In insurance sector, QBE rose 0.2% to $$14.78. In the energy segment, Santos Lifted 1.09% to $ 14.89, whereas the retail sector was even mixed, Wesfarmers retreated 0.29% to $41.65 and Woolworths lost almost 1.18% to $ 33.42. Fairfax media in Media sector added nearly 0.96% to 52.5c and News Corp lifted 0.5% to $17.99.
Assurance of Woodside to complete production target
Great confidence has been shown by Woodside Petroleum to reach its production targets of year 2013 after posting nearly 9.5% boost in quarter production. Nearly 21.9 million barrels of oil was recorded in third quarter production to 30th September according to Woodside. Shares of Woodside got huge drop of 52% or 1.25% at $38.00. The year 2013 production range of the energy giant is unchanged at the same between 85 to 89 MMboe. On yearly basis, the production of Woodside on a comparative year fell to almost 17.4% whereas; income was reduced to 26.8%. The reason behind this is low oil sales from planned maintenance at its Vincent operations as well as low LNG sales too from Pluto resulted from an outage at the beginning of the third quarter.
Problems faced by Woodside to complete the target
According to the company another reason for low sales is the shipments timing. The average Brent cost for the quarter was $ 109.65, somewhat up the $109.42 in the equivalent period. In the meantime, capital expenses fell129.4 from $US $US116.9 on earlier quarter. According to Woodside, by observing update of Leviathan project, company was waiting for getting the result of Israeli Supreme Court challenge to the gas policy of the government on 20th October. In addition to this, it also had made almost $25.6 million in payments. Guidance will be released by Woodside for capital.