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Market Update

Aussie Extends Rebound to Second Week, Kathmandu Plunges 12%


Author: Marcus Jacob
ticker.com
Last Update: 9:02 AM ET March 24 2015

5:30 PM Sydney – In volatile and active trading, Australian market indexes closed higher and the Aussie dollar extended gains for the second week in a row. Kathmandu Holdings plunged 12% after announcing weak sales during holiday period.

Australian market indexes lacked direction in above average trading volume and the Aussie dollar inched higher for the second week in a row.

Australian dollar closed at 78.61 U.S. cents and in stock trading turnover jumped to 753 million shares worth $4.2 billion.

ASX 200 Index gained 13 or 0.2% to 5,969.10 and broader All Ordinaries Index gained 13.50 to 5,934.50.

In commodities trading, gold climbed US$4 to US$1,187 an ounce and light crude oil increased 88 cents to US$47.45 a barrel.

Brent crude rose 0.69 cents to close at US$56.61 a barrel.

Australian Stock Movers

Freelancer Ltd declined 4.9% to $1.05 after the outsourcing services provider agreed to acquire Spain-based Projectlinkr.com, an online marketplace operator for undisclosed financial terms.

Kathmandu Holdings Limited tumbled 12.4% to $1.38 after the New Zealand-based outdoor equipment retailer reported revenues in the first-half ending in January climbed 7% to NZD$179.4 million from NZD$167.6 million in a year ago period.

Net in the period swung to a loss of NZD$1.8 million compared to profit of NZD$11.4 million and diluted loss per share swung to 9 cents from earnings per share of 5.6 cents in the same period a year ago.

New Hope Corporation Limited jumped 2.8% to $2.55 after the coal producer said revenues in the first-half ending in January declined 5.6% to $269.1 million from $284.9 million a year ago period.

Net in the period swung to a loss of $23.1 million compared to profit of $22.7 million and diluted loss per share swung to a 2.8 cents from earnings per share of 2.7 cents in the same period a year ago.

Despite the cash balance of $1.1 billion, the company’s managing director Shane Stephen said ''''We are also actively pursuing asset-level acquisition opportunities.”

TPG Telecom Ltd climbed 3.5% to $9.14 after the communication services provider reported revenues in the first-half period ending in January soared 59% to $627.3 million from $394.6 million a year ago period.

Net profit in the period climbed 18% to $106.7 million compared to $90.1 million and diluted earnings per share jumped to 13.4 cents from 11.4 cents in the same period a year ago.

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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