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Market Update

Australian Indexes Plunge 1.9% on Weak Oil and Gold

Author: Marcus Jacob
Last Update: 10:30 AM ET December 01 2014

5:30 PM Sydney – Australian market indexes plunged 1.9% and the Aussie dollar eased after crude oil prices dropped sharply following 7% plunge in New York trading. Resource stocks also dropped after gold dropped 3% and crude oil futures tumbled nearly 10%. Metcash Limited plunged more than 16% and the wholesaler reaffirmed its restructuring plan.

Australian market indexes plunged after crude oil prices extended losses in Asia and in Sydney following 7% drop in international markets on Friday.

Market indexes were also under pressure after Switzerland resisted to increase its gofld holding and the latest manufacturing survey in China showed declining growth.

In addition, Australian dollar declined in active trading in Sydney.

The Australian Bureau of Statistics reported seasonally adjusted gross operating profits for companies in the third-quarter increased 0.5% from the previous quarter.

Australian dollar closed at 84.56 U.S. cents and in stock-trading turnover climbed to 985 million shares worth $4.99 billion.

ASX 200 Index declined 105.30 or 1.9% to 5,207.70 and broader All Ordinaries Index slumped 107.40 or 2.1% to 5,190.70.

In commodities trading, gold tumbled US$33 to US$1,152 an ounce and light crude oil plunged $7.54 to US$66.15 a barrel.

Australian Stock Movers

Metcash Limited tumbled 16.5% to $2.18 after the grocery wholesaler reported revenues in the first-half ending in October rose 1% to $6.64 billion from $6.58 billion a year ago period.

Net income in the period jumped 2.8% to $101.7 million compared to $98.9 million and diluted earnings per share rose to 11.4 cents from 11.2 cents in the same period a year ago.

Rey Resources Limited declined 5.6% to 0.085 cents after the mining company’s subsidiary signed an agreement with Backreef Oil Pty Ltd to acquire 50% stake in petroleum exploration licence EP487 located in Western Australia.

Senex Energy Ltd plunged 13.4% to 29 cents after the oil and gas explorer commenced commercial production of gas sales from a field in the Cooper Basin.

Sedgman Limited climbed 3.8% to 54 cents after the mining project and service provider secured an infrastructure development contract for a manganese mine of Groote Eylandt Mining Company worth $133 million.

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