5:30 PM Sydney, Australia – Australian market indexes slipped and the Aussie dollar halted its nine-day winning streak after China reported mixed international trade data in September. Telstra said it will book $80 million charge after a fixed-line pricing ruling by a regulator.
Australian market indexes eased off and the Aussie dollar halted its nine-day long rally after China reported softer-than-expected international trade data.
Exports in September declined 20.4% in the dollar terms from a year ago and exports declined 3.7%, resulting in a trade surplus of $60.34 billion. The data was released by the customs department in Beijing.
The decline in exports fell less than expected and the slowed from 5.5% fall in August. Imports declined from a year ago in September for the 11th month in a row.
However, the import volume of commodities rose in the month for virtually all major commodities including oil, iron ore, copper and coal.
The September month decline in exports was the largest since the fall in February.
However, the customs department spokesperson said that the nation’s trade picture is expected to improve in the fourth quarter on the expectations of higher exports on weaker yuan.
Australian dollar closed at 73.17 U.S. cents and in stock trading turnover jumped to 827 billion shares worth $5.1 billion.
At close, the ASX 200 Index slipped 30 or 0.6% to 5,202.90 and the broader All Ordinaries Index decreased 32.80 to 5,234.60.
In commodities trading, gold fell US$4 to US$1,155 an ounce and Brent crude future for immediate month delivery edged down 0.08 cents to US$49.78 a barrel.
CBL Corporation Limited
increased 1.7% to $1.62 after the New Zealand-based credit and financial risk insurer priced its stock at $1.45.
The stock opened at $1.62 and closed at $1.62.
Australian Stock Movers
Mobile Embrace Ltd
soared 16.2% to 21.5 cents after the mobile payments and marketing company said revenues in the first-quarter ending in September more than double from a year ago period to $12.1 million.
Magnis Resources Ltd
fell 1.2% to 41 cents after the mining exploration company raised $4 million through a 10 million share offering issued at 40 cents per share price.
Telstra Corporation Ltd
decreased 0.9% to $5.53 after the communications services provider said it may book $80 million charge in fixed line services after the competition regulators ACCC ruling on October 9 on wholesale pricing investigation.