QR National pushes up Qld stocks


Reopening of flood-damaged coal railway lines helped QR National drive up Queensland's stock market by 3 percent in March

QR National pushes up Qld stocks
QR National pushes up Qld stocks

April 12, 2011

The reopening of flood-damaged coal railway lines has helped QR National drive up Queensland’s stock market by 3 percent in March.

According to the latest Deloitte Queensland Index, QR posted the largest movement in market capitalisation over the month - rising by $342 million or 4.4 percent.

Early in the month, QR announced the reopening of the Rolleston coal railway line, which had been closed since December 24, 2010.

This was the final part of QR’s recovery work on damaged lines, and was fully funded by Xstrata, whose Rolleston coal mine is serviced via this line.

During March, QR also approved a $185 million expansion of the Goonyella coal rail network to support a major expansion of the Hay Point Coal Terminal, near Mackay.

QR ended the month at number two on the Deloitte Queensland Index.

Despite no significant announcements or market events during March, the market capitalisation of Campbell Brothers increased $271 million, or 9.5 percent, during the month.

The chemical manufacturer and distributor ended the month at number five on the Index.

DECREASES
While QR managed to bounce back from the recent floods in Queensland, surf retailer Billabong continues to be troubled by natural disasters abroad.

Billabong International had the largest decrease in market capitalisation during March, decreasing $231 million or 10.8 percent.

With a substantial presence in the region, the majority of Billabong’s fall in market capitalisation came following the earthquake and tsunami in Japan.

Billabong has both company-owned stores and wholesale accounts in Japan, and admits the total impact on both will not be known for some time.

The company ended the month at number nine on the Deloitte Queensland Index.

Transpacific Industries Group also decreased during March, with a fall in market capitalisation of $115 million (9.7 percent), despite no significant announcements.

According to Deloitte, tumours emerged during March that former Transpacific Executive Chairman, Terry Peabody, is seeking a return to the company as part of a larger board shake-up.

Transpacific ended the month at number 12 on the Deloitte Queensland Index.

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