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Market Update

Australia Halts 6-Day Fall; Westpac Splits Retail, Business Units

Author: Marcus Jacob
Last Update: 9:08 AM ET June 10 2015

5:30 PM Sydney – Australian market indexes halted 6-day losing streak and the Aussie dollar was in focus after comments from the Reserve Bank Governor Glenn Stevens. Westpac Banking Corp is looking to split its retail banking unit. Woolworths plans to invest $650 million in Victoria State.

Market indexes in a roller coaster trading managed to closed higher at close and snapped a six-day losing streak.

Aussie dollar was in focus after traders interpreted rates may increase after latest comments from Reserve Bank Governor Glenn Stevens in Brisbane today.

Australian dollar closed at 77.30 U.S. cents and in stock trading turnover fell to 702 billion shares worth $4.3 billion.

At close, the ASX 200 Index rose 7.30 to 5,478.60 and the broader All Ordinaries Index added 6.30 to 5,486.

In commodities trading, gold gained US$3 to US$1,181 an ounce and Brent crude rose 0.68 cents to close at US$65.56 a barrel.

Australian Stock Movers

Origin Energy Ltd increased 0.7% to $12.65 after the integrated energy company said it would reduce costs of about $100 million in natural gas and electricity business and approx $50 million in capital spending in power generation and retailing business on weak demand on the grid.

OceanaGold Corporation slipped 1.9% to $3.07 after the gold producer agreed to acquire Newmont’s Waihi gold mine for US$101 million.

Westpac Banking Corp edged up 0.03% to $31.36 after the banking and financial services provider will split its most profitable retail and business banking division into two separate units to simplify the operations.

Woolworths Limited gained 1.2% to $27.43 after the supermarkets operator plans to invest $650 million to open 20 new stores and refurbish existing 40 stores in Victoria State.

The retailer said this will add more than 2,000 jobs and 1,000 temporary construction jobs in the next three years.

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