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Market Update

Australian Indexes in 2-Day Rally, Flight Centre Plunges 14%

Author: Marcus Jacob
Last Update: 9:59 AM ET June 23 2015

5:30 PM Sydney Banks led the gainers in Sydney trading and the reference ASX 200 index jumped 1.3%. Healthscope Limited agreed to sell its domestic pathology operations for $105 million. Flight Centre Travel Group Ltd plunged 14% after the tour bookings operator lowered revenues outlook.

Market indexes in Sydney traded higher following the advance in international markets.

Stocks in Sydney gained for the second day but market indexes have been struggling for the last one month on stretched valuations.

The average home price in March quarter jumped 1.6% compared to home prices were unchanged in the previous quarter, the Australian Bureau of Statistics said.

Established home prices in Sydney increased 3.8% and attached home prices rose 2.2%.

For the year, home prices soared 6.9% followed by downwardly revised 6.7% increase in the fourth-quarter.

The mean price of homes rose to $576,100, an increase of $8,400 from the previous quarter.

Australian dollar closed at 77.14 U.S. cents and in stock trading turnover climbed to 827 million shares worth $5.6 billion.

At close, the ASX 200 Index jumped 74.10 or 1.3% to 5,684.30 and the broader All Ordinaries Index increased 68.30 to 5,671.40.

In commodities trading, gold declined US$11 to US$1,186 an ounce and Brent crude edged down 0.06 cents to close at US$63.28 a barrel.


Shriro Holdings Limited soared 8% to $1.08 after the kitchen appliances distributor priced its stock at $1.

The stock opened at $1.08 and closed at $1.08.

Australian Stock Movers

FlexiGroup Limited plunged 7% to $3.19 after the diversified financial services provider forecasted net profit for the year in the range of $90 million to $91 million.

Flight Centre Travel Group Ltd tumbled 13.6% to $37.51 after the travel company forecasted operating profit for the year ending in June between $355 million and $365 million, less than the estimated range between $360 million and $390 million.

However, the company said net cash balance for the year is likely to exceed $500 million.

Healthscope Ltd climbed 3.4% to $2.74 after the healthcare and pathological services provider announced to divest its Australian pathology operations to Crescent Capital Partners for about $105 million to focus on to its core hospitals business.

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