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Market Update

Australian Indexes Climb Wall of Lower Oil Price Worries

Author: Marcus Jacob
Last Update: 1:24 PM ET October 08 2015

5:30 PM Sydney, Australia Australian market indexes closed higher and Aussie dollar stayed above 71 U.S. cents. Indexes lacked direction in trading and energy stocks closed higher but immediate outlook for crude oil is cloudy as traders prepare for a new price downturn.

Australian market indexes closed higher in average trading but energy and resource stocks were under pressure in the morning.

Iron ore traders looked for a new bottom and crude oil price gained but traders worried that the immediate outlook for the oil is not positive.

Australian dollar closed at 71.71 U.S. cents and in stock trading turnover added to 793 billion shares worth $5.2 billion.

At close, the ASX 200 Index rose 12.50 or 0.2% to 5,210.40 and the broader All Ordinaries Index increased 13 to 5,241.40.

In commodities trading, gold fell US$5 to US$1,144 an ounce and Brent crude future for immediate month delivery increased 49 cents to US$51.82 a barrel.

Australian Stock Movers

Australia and New Zealand Banking Group gained 0.8% to $27.93 after the financial services provider agreed to sell its vehicle-finance business Esanda Dealer Finance to Macquarie Group Ltd for about $8.2 billion or US$5.91 billion.

The Esanda portfolio consists net lending assets of $7.8 billion and includes retail and wholesale dealer finance on vehicles across Australia.

Aditya Birla Minerals Limited jumped 3.1% to 16.5 cent after the Australia-based India-focused copper miner said it plans to sell its operations in an effort to maximise value for shareholders including a sale of the company.

Bank of Queensland Limited soared 7.3% to $12.46 after the retail bank, leasing finance and insurance services provider reported interest income in the year ending in August jumped 5.7% from a year ago to $2.23 billion.

Net profit in the year surged 21.8% to $318 million compared to $261 million and diluted earnings per share increased to 82.8 cents from 75.9 cents in the same period a year ago.

IPH Ltd was halted at $6.97 after the intellectual property services provider said its subsidiary Fisher Adams Kelly Pty Limited agreed to acquire Melbourne-based Callinans Patent and Trade Mark Attorneys business for $11.5 million in cash.

The transaction is expected to close by the end of this month.

Macquarie Group Ltd was halted at $77.84 after the financial services provider is expected to announce a share buyback plan at the time of release of half-year results onOctober 30.

Macquarie revised net earnings forecast for the first-half to surge 55% from a year ago period, a 40% higher than the previous guidance in mid-September and estimated an interim dividend of $1.60 per share from $1.30 a year ago period.

QIC Ltd, the Australian state pension fund agreed to acquire the Victoria-based Iona Gas Storage Facility for $1.78 billion from EnergyAustralia, a member of the China Light & Power Group.

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