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Market Update

Australian Indexes Trim Weekly Gains, Santos Revenues Drop 24%


Author: Marcus Jacob
ticker.com
Last Update: 9:38 AM ET April 17 2015

5:30 PM Sydney Australian market indexes reversed some of the weekly gains on weak commodities prices. Aussie dollar remained firm near 78 U.S. cents. Santos Limited first-quarter revenues declined 24% on 7% fall in production.

Australian market indexes took a breather after prices of metals and iron ore declined and crude oil weakened after a two-week long rally.

Australian dollar closed at 77.97 U.S. cents and in stock trading turnover rose to 776 million shares worth $4.9 billion.

At close, the ASX 200 Index declined 69.60 or 1.2% to 5,877.90 and the broader All Ordinaries Index dropped 66.10 to 5,851.50.

For the week, ASX 200 slumped 1.6%.

In commodities trading, gold fell US$4 to US$1,201 an ounce and Brent crude slipped 36 cents to close at US$63.62 a barrel.

Australian Stock Movers

AGL Energy Ltd slid 0.6% to $14.98 after the gas and electricity distributor said it will not acquire any more coal-fired power stations and may close its existing coal-fired power plants by 2050, to curb greenhouse gas emissions.

The utility company serves more than 3.8 million Australian households and businesses.

Macquarie Telecom Group Ltd surged 12.7% to $5.41 after the telecommunications company said Vocus Communications Limited agreed to acquire approximately 14.5% stake in the company for about $15.63 million of swap transaction.

Santos Ltd rose 0.4% to $7.96 after the oil and gas producer reported revenue in the first-quarter ending in March plunged 24% to $825 million form $1.09 billion in the fourth-quarter.

Production in the quarter, declined 7% to 14 million barrels of oil equivalent and sales tumbled 16% to 15.2 mmboe and average oil price for the quarter was $72 per barrel, 22% lower than the previous quarter.

Treasury Wine Estates Ltd fell 0.9% to $5.64 after the wine maker refinanced $300 million in syndicated debt facility maturing in April 2016.

The revised debt facility will be split into two tranches of $150 million with maturity dates in April 2018 and April 2020.

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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