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Market Update

Australian Indexes Struggle, Graincorp Net Falls 8%

Author: Marcus Jacob
Last Update: 10:42 AM ET November 13 2014

5:30 PM Sydney – Australian dollar was in focus after market indexes trimmed losses in the day and price of oil, iron ore and gold trended lower. Graincorp said annual revenues declined 8%. Ramsay Health Care Ltd reaffirmed its 2015 outlook.

Australian market indexes opened lower and struggled to trim losses in volatile trading.

Australian dollar closed at 86.98 U.S. cents and in stock-trading turnover slipped to 694 million shares worth $4.59 billion.

ASX 200 Index fell 20.40 or 0.4% to 5,442.70 and broader All Ordinaries Index slid 19.50 to 5,423.50.

In commodities trading, gold decreased US$2 to US$1,163 an ounce and light crude oil dropped 76 cents to US$77.18 a barrel.

Australian Stock Movers

Graincorp Ltd slumped 1% to $8.45 after the agribusiness operator reported revenue in the year ending in September declined 8.2% to $4.09 billion from $4.46 billion a year ago period.

Net profit in the year plunged 64.3% to $50.3 million compared to $140.9 million and diluted earnings per share dropped to 22 cents from 61.6 cents in the same period a year ago.

Ramsay Health Care Limited rose 0.02% to $52.80 after the private hospitals operator reaffirms its guidance for fiscal 2015 of core net profit-after-tax and core earnings per share growth between 14% and 16%.

Singapore Telecommunications Ltd increased 0.9% to $3.45 after the company’s Australia-based subsidiary Optus announced revenue in the second-quarter rose 1.7% to $2.16 billion from $2.12 billion a year ago period.

Net profit in the quarter jumped 5.4% to $230 million compared to $218 million in the same period a year ago.

Optus reported EBITDA in the quarter increased 1.2% to $652 million.

Westpac Banking Corp dropped 1.1% to $32.96 after chief executive officer Gaily Kelly announced her resignation from February next year after six years to be replaced by bank''s Australian Financial Services CEO Brian Hartzer.

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