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Market Update

Active Small Cap Trading Trend Extends in Australia, Home Loans Growth Flat

Author: Marcus Jacob
Last Update: 10:22 AM ET June 10 2014

5:00 PM Sydney Stocks in Australia closed lower in thin trading following higher market index opening. Active trading in smaller companies dominated extending the trend in place for the last three months. Australian dollar closed higher.

Australian stocks opened higher following market advances in Europe and New York but afternoon selling in domestic trading dragged indexes.

The Australian Bureau of Statistics reported home loan approval in April were flat while new home construction loans indicated rising building activities to come.

Australian dollar jumped to 93.73 U.S. cents and stock trading turnover declined to 587 million shares worth $3.56 billion.

ASX 200 index rose 5.70 to 5,469.70 and the broader All Ordinaries rose 5 to 5,448.50.

Stocks in Review

APN Property Group Ltd closed unchanged at 27 cents after the real estate developer executed a new $5 million debt facility agreement with Macquarie Bank Limited that will expire in August 2015.

Newsat Limited tumbled 20% to 30 cents after the satellite communication provider lowered its revenue forecast to between $30 million to $33 million and net loss in the range of $5 million to $6 million compared to profit of $10.5 million in fiscal 2013.

Pacific Brands Limited declined 8.9% to 51 cents after the consumer product retailer lowered its underlying EBIT for the year and now it expects earnings to be declined 14% or in the range of $90 million to $93 million down from previous estimate of $105 million.

The company warned that its net debt is expected to increase and estimated restructuring cost between $25 million and $30 million in the current year.

Reject Shop Ltd plunged 12% to $8.05 after the discount retailer estimated profit after-tax for the year between $14.5 million and $15.5 million.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc