5:30 PM Sydney, Australia – Australian market indexes in Sydney declined on the worries that banks may need to increase bad loan reserves in the mining sector. ANZ lifted its estimate of loan losses. QBE Insurance said quarterly net jumped 25%. Sydney Airport half-year results improved on higher passenger count.
Market indexes in Sydney dropped more than 1% on a weakness in bank stocks.
The seasonally adjusted vehicle sales in July dropped 1.3% to 96,388 units followed by 3.8% increase in June, the Australian Bureau of Statistics said.
Total passenger vehicles sales in the month rose 0.2% and sports utility vehicles sales increased 0.7% while sales in other vehicles gained 0.4%.
Australian dollar closed at 73.61 U.S. cents and in stock trading turnover jumped to 921 million shares worth $6.8 billion.
At close, the ASX 200 Index dropped 64.60 or 1.2% to 5,303.10 and the broader All Ordinaries Index slumped 59.20 to 5,309.40.
In commodities trading, gold added US$1 to US$1,119 an ounce and Brent crude slid 0.26 cents to close at US$48.48 a barrel.
Australian Stock Movers
Australia and New Zealand Banking Group
slipped 1.9% to $28.97 after the financial services provider said cash profit in the nine-month-period ending in June soared 11% to $5.58 billion from a year ago period.
ANZ reserved more capital for mining and New Zealand dairy-related projects.
The bank estimated total impairment charge for bad debts in the fiscal year ending in September of about $1.2 billion or 21 basis points compared to 19 basis points in the same period a year ago.
soared 7.2% to $8.69 after the rail freight and cargo port operator reported revenues in the year ending in June slumped 3.3% to $3.79 billion form $3.93 billion a year ago period.
Net income in the quarter jumped 40.4% to $360.8 million compared to $257 million and diluted earnings per share soared to 36.8 cents from 26.1 cents in the same period a year ago.
QBE Insurance Group Ltd
rose 0.4% to $14.02 after the general insurance company reported gross written premium in the year ending in June increased 2.4% to $8.69 billion form $8.49 billion a year ago period.
Net income in the quarter soared 24.5% to $488 million compared to $392 million and diluted earnings per share gained to 35.5 cents from 30.5 cents in the same period a year ago.
Sydney Airport Holdings Ltd
slipped 1.2% to $5.63 after the airport operator said total revenues in the first-half ending in June jumped 4.6% to $594.8 million form $568.4 million a year ago period.
Net income in the quarter surged 149.7% to $134.6 million compared to $53.9 million and diluted earnings per share jumped to 6.07 cents from 2.44 cents in the same period a year ago.
Sonic Healthcare Limited
decreased 1.7% to $19.79 after the medical diagnostic services provider reported total revenues in the year ending in June soared 7.3% to $4.20 billion form $3.91 billion a year ago period.
Net income in the quarter declined 5.6% to $363.3 million compared to $384.9 million and diluted earnings per share slumped to 89.8 cents from 95.5 cents in the same period a year ago.