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Market Update

Australian Indexes at a New 5-Year High

Author: Marcus Jacob
Last Update: 9:11 AM ET September 27 2013

4:30 PM Sydney – Australian market indexes closed above 5,000 and gained for the seventh week in a row. Australian budget deficit was lower than previous estimated at $18.8 billion but the deficit is estimated to surge above the $30 billion estimate. Mirabel Nickel plunged after losing a major customer.

Australian market indexes reached a new five-year high and extended gains for the seventh week in a row.

ASX 200 index increased 12.6 points or 0.25% to 5,307.1 and the broader All Ordinaries index added 14.1 or 0.3% to 5,302.3.

In currency trading Australian dollar advanced to 93.67 U.S. cents. In commodities trading, gold eased and fell $37.09 to US$1,327 per ounce.

In stock trading, 668 million shares changed hands worth $6 billion.

Australian budget deficit in the last financial year was lower than expected $18.8 billion and better than expected $19.4 billion estimated in May.

The recently appointed Federal Treasurer Joe Hockey said that the current year’s budget deficit is expected to surpass the previous government estimate of $30 billion.

Stocks in Review

BHP Billiton increased 1 cent to $36.36 and Rio Tinto decreased 10 cents to $63.29.

Origin Energy increased 18 cents to $14.47 despite the company faced a legal challenge from competition watchdog over its door-to-door sales practices.

Mirabel Nickel Limited plunged 59% to 3 cents after the company said one of its smelting client will shut down its facility at the end of this year ahead of the contract time till the end of 2014.

AGL increased 25 cents to $15.68 and CSL advanced $1.03 to $65.54. Sonic Health Care added 26 cents to $16.20 and Ramsay Health Care gained 6 cents to $36.35.

ANZ decreased 4 cents to $31.52, Westpac declined 7 cents to $33.30, Commonwealth Bank eased 5 cents to $73.16 and National Australia Bank fell 22 cents to $35.11.

Virgin Australia Holdings Limited increased to 43 cents and the company said pay package for its chief executive decreased only 2% to $2.7 million despite the carrier booked a net loss of $98 million.

Alan Joyce’s pay package at the rival Qantas Airways Limited increased to $3.3 million.

Harvey Norman Holdings increased to $3.24 and the retailer said its founder and Chairman Gerry Harvey’s salary remained nearly unchanged at $723,000 and total package at just over $1 million.

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