5:30 PM Sydney, Australia – ASX 200 Index remained flat in lackluster trading amid weak commodity prices and improving results of retail companies. Kathmandu Holdings sales in the first-quarter surged 8.5%. Myer Holdings quarterly same store sales jumped 3.9%.
Stock markets in Sydney were little changed as losses in energy stocks counterbalanced the strong quarterly reports of retailers.
Liquefied Natural Gas tumbled 11.6% and Santos plunged 4.4%. Woodside Petroleum slumped 1.6%, while Oil Search Limited increased 0.6%.
Kathmandu Holdings sales in the first-quarter surged 8.5% and sales in Myer Holdings jumped 3.4%. Primary Health Care forecasted operating profit for the fiscal 2016 to decline 5% from a year ago period.
The Australian dollar eased to 71.92 U.S. cents, while in stock trading turnover was 831 million shares worth $5.4 billion.
At the close, the ASX 200 Index gained 13.50 or 0.3% to 5,256.10 and the broader All Ordinaries Index rose 12.20 to 5,293.30.
For the week, ASX 200 soared 3.9%.
In commodities trading, gold increased US$8 to US$1,084 an ounce and Brent crude future for immediate month delivery edged up 14 cents to US$44.28 a barrel.
In its first day of trading, Xenith IP Group Limited
opened at $3.30 and closed at $3.24, down 4.7%.
The IP services provider priced its stock at $2.72.
Australian Stock Movers
Leighton Contractors, the construction company of CIMIC Group Limited
, signed a contract with Roads and Maritime Services for the design and construction of Sydney’s new motorway in a joint venture with Dragados and Samsung.
The motorway project is expected to generate revenues of approximately $1.5 billion for Leighton Contractors over four years.
CIMIC Group slid 0.2% to $26.12.
Kathmandu Holdings Ltd
jumped 4.1% to $1.53 after the outdoor clothing and equipment retailer reported a strong start of its fiscal 2016. Sales for the first-quarter ending in November surged 8.5% from a year ago to $83.32 million or NZ$91.3 million.
Same store sales soared 6.5% in Australia, increased 2.1% in New Zealand, and declined 0.9% in the U.K.
Myer Holdings Ltd
soared 4.6% to $1.03 after the department store operator reported sales in the first-quarter ending in September jumped 3.4% from a year ago to $714.8 million.
Same store sales in the quarter increased 3.9% due to the clearance in August.
The company expects operating profit for fiscal 2016 in the range of $64 million to $72 million.
Primary Health Care Limited
plunged 7.5% to $3.33 after the diagnostic imaging services provider forecasted operating profit for the fiscal 2016 to decline 5% from a year ago period.
The pathological services provider closed 48 collection centers and expects to close more as revenues weaken.