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Market Update

Australian Home Prices Rise 2.8% in July; CSL, Novartis in Flu Vaccine Deal

Author: Marcus Jacob
Last Update: 11:59 AM ET August 03 2015

5:30 PM Sydney, Australia Australian market indexes closed down and home prices rose 2.8% in July according to a private survey. CSL agreed to acquire influenza business of Novartis AG for US$275 million.

Australian market indexes closed lower on weak international markets and another day of decline in commodities.

A private survey showed home prices continued to rise across Australia with Sydney and Melbourne leading the nation.

Prices across the nation, rose 2.8% in July and soared 11.1% in twelve month period.

Australian dollar closed at 73 U.S. cents and in stock trading turnover jumped to 849 million shares worth $6.7 billion.

At close, the ASX 200 Index slipped 19.90 or 0.4% to 5,679.30 and the broader All Ordinaries Index decreased 17.40 to 5,664.30.

In commodities trading, gold gained US$8 to US$1,093 an ounce and Brent crude fell 0.52 cents to close at US$51.69 a barrel.

Australian Stock Movers

Argo Investments Limited rose 0.1% to $8.29 after the diversified investment company reported total revenues in the year ending in June soared 14.8% to $241.9 million form $210.7 million in a year ago period.

Net profit in the year surged 16.5% to $228.1 million compared to $195.9 million and diluted earnings per share jumped to 34.3 cents from 30.2 cents in a year ago period.

CSL Limited fell 0.1% to $98.83 after the biotechnology company completed the acquisition of Switzerland-based vaccines and diagnostic products maker Novartis AG''s influenza business, including influenza vaccines development pipeline for about $376 million or US$275 million.

Federation Centres Ltd declined 4.3% to $2.87 after the property developer agreed to sell its Queensland-based convenience centre Lutwyche City to Abacus Property Group and Zenonos Group for $65 million.

The transaction is expected to close in late October.

Maca Limited soared 9.1% to 78 cents after the mining and civil construction company received a letter of intent from Avanco Resources Limited for the contract worth about $120 million to provide mining services to the Antas North copper project in Brazil for the five-year.

UXC Limited jumped 3.3% to 94.5 cents after the software developer won three-year contract with Ausgrid and Endeavour Energy with an estimated total value of about $25 million.

On July 29, the company secured four new annuity based managed services contracts worth about more than $100 million.

The company forecasted net income for the year between $20 million and $22 million and earnings per share in the range of 6 cents to 6.7 cents.

UXC schedule to release its earnings results on August 20.

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