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Market Update

Australian Index Trade Down, ResMed Plunges 18%

Author: Marcus Jacob
Last Update: 9:44 AM ET May 14 2015

5:30 PM Sydney Australian market indexes traded lower and the Aussie dollar strengthened. Graincorp reported a decline in interim profit but held out for its annual outlook. ResMed plunged 18% after clinical results of heart failure and central apnoea failed to deliver results.

Australian stocks traded lower after the Aussie dollar gained and resource developers and exporters struggled.

In active trading, banks and mining companies dominated and Sydney Airport Holdings outlined its plan to spend $1.2 billion in capital spending in the next five years at its annual general meeting.

Australian dollar closed at 81.09 U.S. cents and in stock trading turnover gained to 820 million shares worth $6.1 billion.

At close, the ASX 200 Index slipped 18.50 or 0.3% to 5,696.60 and the broader All Ordinaries Index fell 18.30 to 5,692.50.

In commodities trading, gold soared US$22 to US$1,215 an ounce and Brent crude rose 0.48 cents to close at US$67.29 a barrel.

Australian Stock Movers

AusNet Services gained 1.4% to $1.46 after the diversified energy infrastructure developer reported revenues in the year ending in March jumped 1.9% to $1.83 billion form $1.80 billion in a year ago period.

Net profit in the year tumbled 87.3% to $22.6 million compared to $178.3 million and diluted loss per share dropped to 3.76 cents from 0.10 cents in the same period a year ago.

The earnings plunged after a binding agreement with the Australian Taxation Office to settle tax bill of $183.3 million and one-time charge linked to intra-group financing review.

Decmil Group Limited declined 2.6% to $1.14 after the mining, oil and gas, infrastructure services provider secured design and construct contract worth about $27.3 million for the Hastings Terminal Expansion in Victoria.

Graincorp Limited dropped 2.5% to $9.86 after the agriculture products maker said revenues in the first-half ending in March slipped 3.9% to $1.97 billion form $2.05 billion in a year ago period.

Net profit in the year plunged 39.6% to $30.2 million compared to $50 million and diluted loss per share slumped to 13.3 cents from 21.9 cents in the same period a year ago.

Westfield Corporation Limited increased 1.2% to $9.31 after the shopping centre operator said total assets under management in the first-quarter jumped to $28.5 billion and $2.4 billion of projects are under construction.

Westfield plans to invest about $11.4 billion in the coming years to create new centres or upgrade the existing ones.

The shopping plaza operator is also considering an international stock listing.

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