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Market Update

Australian Indexes Halt 6-day Slide, Woodside to Explore Near Gabon

Author: Marcus Jacob
Last Update: 10:24 AM ET August 11 2014

5:00 PM Sydney, Australia Australian markets turned higher after six days of losses in a row. Treasury Wine Estates received second takeover bid. JB Hi-Fi reported annual net increased 10% and earnings met lowered outlook. Woodside Petroleum acquired deep water oil exploration rights off the coast of Gabon.

Australian markets held on most of the early gains after six days of declines in a row.

Total lending increased 7.6% to $72.9 billion in June, according to the latest data released by the Australian Bureau of Statistics. The increase in lending was driven by 12.1% rise in business lending.

Australian dollar closed at 92.75 U.S. cents and stock trading turnover dropped to 516 million shares worth $3.2 billion.

ASX 200 index jumped 21.70 or 0.4% to 5,457 and the broader All Ordinaries gained 19.80 to 5,449.40.

Stocks in Review

G8 Education Ltd climbed 2.7% to $4.91 after the child care service provider reported revenue in the first-half ending in June surged 59% to $187.2 million from $117.4 million a year ago period.

Profit in the period soared 48% to $16.3 million compared to $11 million and diluted earnings per share jumped to 5.21 cents from 4.14 cents a year earlier.

Today in addition, the company agreed to acquire 25 premium childcare and education centers from a number of different vendors for about $72.7 million.

JB Hi-Fi Limited declined 7.9% to $17.84 after the consumer products retailer said total sales in the year ending in June climbed 5.3% to $3.48 billion from $3.31 billion a year ago period. Comparable store sales in the year jumped 2%.

Net income in the year soared 10.3% to $128.4 million compared to $116.4 million from a year earlier.

The retailer added online sales in the year surged 13.9% that represent 2.2% of total sales and unique visitors to the websites increased 9.9% from a year ago.

The company said total sales in July dropped 3.2% and comparable store sales in the month declined 5.5%. The retailer also declared 29 cents a share final dividend totaling 84 cents a share for the year.

Bendigo and Adelaide Bank Limited jumped 2.3% to $12.46 cents after the financial service provider reported net interest income in the year ending in June climbed 8.3% to $1.43 billion from $1.32 billion a year ago period.

Profit in the year jumped 5.7% to $372.3 million compared to $352.3 million and diluted earnings per share increased to 83.6 cents to 79.9 cents a year earlier.

Treasury Wine Estates Limited said it received a competing second bind in as many weeks from an anonymous suitor offering $5.20 a share matching the sweetened offer from Kohlberg Kravis and Rhone Capital.

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