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Market Update

Australian Dollar Eases and Stocks Caught in Volatile Trading

Author: Marcus Jacob
Last Update: 9:24 AM ET July 25 2013

5:00 PM Sydney Australian stocks barely budged after volatile trading and the dollar eased for the second day in a row. Real estate operating companies were in focus after two deals. McMillan Shakespeare Limited plunged 42% after the government proposed a tax rule change for car leasing.

Australian stocks rebounded from early losses in morning after a strength in real estate operators and in bank stocks. Mining and resource companies were under pressure and the dollar declined for the second day in a row.

The ASX 200 index inched up 0.50 to close at 5,035.60 and the broader All Ordinaries edged down 3.50 to 5,018.30.

Australian dollar decreased to 91.58 U.S. cents and in stock trading turnover climbed to 890 million shares worth $4.8 billion. The dollar eased after the release of lower than expected inflation data yesterday and declined for the second day in a row.

Stocks in Review

Rio Tinto fell 18 cents to $57.50 and BHP rose 4 cents to $34.77. Woodside Petroleum Limited added 2 cents to $37.88.

David Jones Limited closed unchanged at $2.58 and Breville Group gained 12 cents to $7.60. Woolworths closed unchanged at $33.54.

Mirvac Group gained 3 cents to $1.70. Lend Lease slid 6 cents to $8.96.

Westpac jumped 31 cents to $30.06 and Commonwealth rose 0.9% to $73.52. National Australia Bank added 20 cents to $30.87. ANZ increased 14 cents to $29.12.

Ausenco Limited tumbled 30.9% to $1.49 after the engineering and construction group lowered its revenues and earnings for the first-half and expects to unveil of $255 million and EBITDA in the range of $15 million to $16 million and underlying net profit after tax between $6 and $7 million.

For the year, the company expects revenues between $564 million and $661 million and net profit after tax in the range of $29 million to $41 million.

DEXUS Property Group gained 1.9% to $1.05 after the property investment manager agreed to acquire 15% stake in Commonwealth Property Office Fund.

Kaboko Mining Limited agreed to acquire 51% interest in a neighboring exploration license in northern Zambia.

McMilllan Shakespeare Limited plunged 42% and the salary packaging company was in a freefall after Prime Minister Kevin Rudd proposed a tax change to car lease.

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