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Market Update

Australian Markets Ease, Oil Search Venture with Exxon Raises $1.5 Billion

Author: Marcus Jacob
Last Update: 10:49 AM ET October 04 2013

4:45 PM Sydney Australian market indexes traded lower and the Aussie dollar gained as commodities prices were flat in regional trading. Leighton Holdings faced more media allegations of corruption. Oil Search and its Papua New Guinea LNG gas venture partner Exxon Mobil completed $1.5 billion financing.

Australian stocks traded lower and the dollar gained all international currencies as commodities prices traded flat.

For the September quarter the benchmark ASX 200 index gained 9% and in the current week the index has been struggling near five-year highs.

The ASX 200 index declined 27 and for the week fell 99 points to close at 5,208. In trading 521 million shares changed hands worth $3.2 billion.

The Australian dollar gained to 94.49 U.S. cents.

Gold in international trading closed down to $1,320 an ounce. Light crude traded up to close at $103.31 a barrel.

Stocks in Review

Clean Seas Tuna plunged 42% after it began trading from a halt and the company asked shareholders to participate in rights offering.

Leighton Holdings Limited extended losses for the second day in a row and declined 4.5% to $16.74 after more corruption claims surfaced against former executives including former chief Wal King.

Oil Search Limited eased 0.7% and the company said its partner Exxon Mobil in a LNG venture in Papua New Guinea has raised $1.5 billion and the project is on track to begin delivering gas in the second-half of 2014.

Sunland Group Limited increased 0.8% and the company said it has racked up $7 million in legal bills and will no longer pursue a high court challenge in Dubai against a claim of $63 million.

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