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Market Update

Australian Indexes Drop 1.3%, Commonwealth Bank Launches A$5 B Rights Issue


Author: Marcus Jacob
ticker.com
Last Update: 9:27 AM ET August 12 2015

5:30 PM Sydney, Australia Australian market indexes declined for the second day and Aussie dollar firmed up after China devalued the yuan. Commonwealth Bank said quarterly net rose 5% and launched rights issue of A$5 billion.

Australian market indexes dropped more than 1% for the second day in a row after China devalued the yuan.

Australian dollar closed at 72.61 U.S. cents and in stock trading turnover jumped to 913 million shares worth $5.9 billion.

At close, the ASX 200 Index dropped 91.10 or 1.7% to 5,382.10 and the broader All Ordinaries Index slumped 89.60 to 5,383.50.

In commodities trading, gold gained US$13 to US$1,113 an ounce and Brent crude slid 0.29 cents to close at US$48.89 a barrel.

Australian Stock Movers

AGL Energy Ltd slumped 1.1% to $16.41 after the gas and electricity retailer said total revenues in the year ending in June jumped 2.2% to $10.68 billion from $10.45 billion in a year ago period.

Net profit in the year tumbled 61.8% to $218 million compared to $570 million and diluted earnings per share declined to 33.3 cents from 98.2 cents in the same period a year ago.

The utility retailer recognizes impairment loss of $275 million in the group operations in respect of the Gloucester Gas Project.

Commonwealth Bank of Australia was halted at $82.12 the banking services provider reported interest income in the year ending in June increased 1.3% to $34.10 billion from $33.65 billion in a year ago period.

Net profit in the year climbed 5% to $9.06 billion compared to $8.63 billion and diluted earnings per share jumped to 531.6 cents from 521.9 cents in the same period a year ago.

The bank launched a $5 billion rights issue of 1 new share for every 23 shares held at an offer price of $71.50 per new share.

The new shares will be issued at a 10.5% discount to the last closing price.

Carsales.Com Ltd plunged 6.4% to $10.08 after the online car seller said total revenues in the year ending in June surged 32% to $311.8 million from $235.6 million in a year ago period.

Net profit in the year jumped 8% to $103.2 million compared to $95.5 million and diluted earnings per share increased to 43.2 cents from 40.2 cents in the same period a year ago.

Echo Entertainment Group Ltd dropped 2.3% to $4.98 after and gambling company stated total revenues in the year ending in June soared 18.9% to $2.14 billion from $1.80 billion in a year ago period.

Net profit in the year climbed 59.3% to $169.3 million compared to $106.3 million and diluted earnings per share gained to 11 cents from 8 cents in the same period a year ago.

Primary Health Care Limited soared 4.3% to $4.64 after the healthcare company said revenues in the year ending in June jumped 6.2% to $1.62 billion from $1.52 billion in a year ago period.

Net profit in the year soared 19.2% to $136.5 million compared to $114.5 million and diluted earnings per share increased to 26.7 cents from 22.7 cents in the same period a year ago.

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