5:00 PM Sydney, Australia – Australian indexes declined in the week and extended losses for the fifth week in a row. The Aussie dollar dropped again and ASX 200 index dipped to a negative territory. Four largest bank suffered selloff and Westpac lost 4% in the week.
Australian stocks extended losses and the benchmark indexes declined for the fifth week in a row and dropped to a six-month low and dipped to negative return in the year-so-far.
The Aussie dollar declined 1.9% in the week on the resurgent dollar on the expectations of a rebound in the U.S. economy and rising U.S. interest rates.
In addition, the 3.8% slide in iron ore price over the last four trading sessions to Thursday weakened resource stocks. And, Australian banks continued to slide after investors sold companies paying dividend.
Australian dollar traded at 87.58 U.S. cents and in stock trading turnover gained to 755 million shares worth $5.28 billion.
ASX 200 index dropped 68.80 or 1.3% to 5,313.40 and the broader All Ordinaries index slumped 65.80 to 5,316.60. For the week, ASX 200 declined 2.2%.
Stocks in Review
Astro Japan Property Group
increased 1.4% to $4.40 after the asset property developer agreed to sell retail property in Kyoto at a 6.8% premium for $35.6 million.
fell 0.5% to 94 cents after the mining and energy service explorer reported revenue in the year ending in June declined 26.9% to $827.9 million from $1.13 billion.
Net in the year swung to a loss $43.9 million compared to profit of $90.4 million and diluted loss per share swung to 13.64 cents from earnings per share of 28.98 cents a year earlier.
Fonterra Co-operative Group
gained 0.4% to close at NZ$5.70 after the dairy operator reported annual after-tax-profit fell to NZ$179 million.
The decline in milk prices and higher input costs affected net results. Revenues in the year increased 19% to $22.3 billion and net profit plunged 76% to NZ$179 million. Earnings per share dropped 77% to 10 cents and the company will pay out 10 cents in dividend per share.
Mastermyne Group Limited
declined 5.3% to 62.5 cents after the contracting service provider agreed to acquire Diversified Mining Services Ltd for $20 million in cash.
Recall Holdings Ltd
fell 0.6% to $5.13 after the data protection service provider reported net sales in the year ending in June surged 172.4% to $613.7 million from $225.3 million a year ago period.
Net profit in the year dropped 3% to $42 million compared to $43.3 million and diluted earnings per share plunged to 20 cents from $1.02 cents a year earlier.
The company added operating expense in the year climbed $539.3 million from $161.4 million a year ago.
Virtus Health Limited
closed unchanged at $8.05 after the healthcare company said revenue in the year ending in June advanced 7.8% to $201.2 million from $186.6 million.
Net profit in the year surged 205.9% to $30.9 million compared to $10.1 million and diluted earning per share jumped to 38.48 cents from 16.78 cents a year earlier.