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Market Update

Australian Dollar and Stocks Fall, Lend Lease Estimated Net to Jump 45%

Author: Marcus Jacob
Last Update: 8:34 AM ET June 25 2014

5:00 PM Sydney Australian market indexes traded lower and the Aussie dollar eased. Trading volume picked up after banks and resources stocks led the most actively traded stocks. Lend Lease estimated full-year profit to jump 45%. Treasury Wine Estates plans to write-down $260 million in assets.

Australian market indexes opened lower and struggled in the session but a late rally trimmed some of the losses.

Banks and resource sector stocks led the decliners after the Bureau of Resources and Energy Economics estimated iron ore prices to hover near $97 a ton and total mining exports are expected to rise in the current and the next year.

Australian dollar dropped to 93.60 U.S. cents. Stock trading turnover climbed to 827 million shares worth $5.54 billion.

ASX 200 index fell 30.80 or 0.6% to 5,402 and the broader All Ordinaries slipped 28.30 to 5,386.80.

Stocks in Review

Gentrack, the provider of utility software solutions priced its initial public offering at $2.19 a share and closed at $2.30.

Managed Accounts priced its initial public offering at 20 cents a share and closed down at 19 cents.

Devine Limited surged 7.9% to 95 cents after the property developer reported Leighton Holdings Limited plans to sell its 50.6% stake in the company.

Lend Lease Group declined 3.7% to $13.12 after the property and infrastructure developer forecasted net profit for the year to climb 45% to between $810 million to $830 million. The company also plans to divest its 30% stake in Bluewater Shopping Centre in the UK.

The company estimated fiscal 2015 profit in the range of $600 million to $620 million.

Treasury Wine Estates Ltd climbed 4.9% to $5.07 after the wine maker plans to write-down $260 million of assets to reflect lower values of equipment and struggling market conditions.

The company expects to launch its luxury wine collection in October.

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