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Market Update

Aussie Dollar Drops to 8-month Low on Yield Trade Unwinding


Author: Marcus Jacob
ticker.com
Last Update: 10:33 AM ET September 29 2014

5:00 PM Sydney, Australia Australian stocks extended five-week long losses and the Aussie dollar dropped to an eight-week low. Banks led the decliners after Reserve Bank of Australia signalled more scrutiny for home loans. Treasury Wine Estates ended talks to sell the company.

Stocks in Sydney extended five-week losses and the Aussie dollar declined to an eight-month low.

Australian dollar traded at 86.4 U.S. cents and in stock trading turnover declined to 649 million shares worth $3.6 billion.

ASX 200 index slipped 49.20 or 0.9% to 5,264.20 and the broader All Ordinaries index fell 47 to 5,269.60.

Stocks in Review

Australia and New Zealand Banking Group dropped 1.5% to $30.53 after the financial services provider agreed to sell its 17.5% stake in Vietnam-based Saigon Securities Inc and did not disclose terms of the sale.

Lynas Corporation Limited tumbled 25.2% to 0.086 cents after the rare earth minerals explorer plan to raise $83 million from a 5-to-14 renounceable rights issue for existing shareholders.

The rare earths producer reported net loss in the year widened to $365.8 million from $107.4 million a year ago.

Qantas Airways Limited slipped 0.7% to $1.42 after the airline company said total number of passenger in August jumped 3% from a year ago and for the year-to-date climbed 3.2%.

Treasury Wine Estates Ltd plunged 8.5% to $4.50 after the wine maker rejected offer of $3.4 billion from the U.S.-based private equity bidders KKR and Rhone capital LLC and said the offer undervalued the company.

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