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Market Update

Australian Market Indexes Soar 1%, Oz Minerals Lifts Outlook

Author: Marcus Jacob
Last Update: 12:46 PM ET October 14 2014

5:30 PM Sydney Australian market indexes rebounded and the Aussie dollar hovered near 88 U.S. cents after iron ore prices gained 4%. Oz Minerals soared more than 7% after miner revised higher gold and copper production estimate. Pacific Brands estimated weak outlook for fiscal first-half 2015.

Australian market indexes closed higher in active and choppy trading and the Aussie dollar stabilized at 88 U.S. cents.

In overnight trading, iron ore prices in international markets in the U.S. and in Europe gained 4%, lifting resource sector stocks.

Australian dollar closed at 87.96 U.S. cents and in stock trading turnover jumped to 998 million shares worth $5.36 billion.

ASX 200 Index jumped 51.90 or 1% to 5,207.40 and broader All Ordinaries Index increased 50.90 to 5,204.

In stock trading, 868 million shares changed hands worth $5.39 billion.

Australian Stock Movers

Oz Minerals Limited surged 7.6% to $3.95 after the copper, gold and silver miner estimated gold production in the third-quarter between 130,000 ounces to 140,000 ounces and production of copper in the range of 85,000 tons to 90,000 tons.

The miner estimated production in the quarter from Prominent Hill mine is on track to meet full-year forecast.

Pacific Brands Limited gained 1.1% to 44.5 cents after the garments retailer estimated earnings before interest and tax to decline in the first-half of 2015.

The company plans to divest its work-wear business including Hard Yakka, KingGee and Stubbies brand to Wesfarmers for $180 million.

Telstra Corporation Ltd increased 0.9% to $5.29 after the communication services provider forecasted flat income and EBITDA in the fiscal 2015, excluding the profit on divesting of mobiles business for $561 million in May.

Telstra expected free cash flow between $4.6 billion and $5.1 billion in fiscal 2015.

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