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Market Update

Australian Markets Extend Weekly Losses, Santos Net Plummets


Author: Marcus Jacob
ticker.com
Last Update: 1:11 PM ET August 21 2015

5:30 PM Sydney, Australia – Australian market indexes extended weekly losses on growing China worries and weakening international sentiment. ASX 200 dropped the most in six years as crude oil extended weekly losses in a second sell-off in the calendar year. Santos Ltd said quarterly revenues fell 15% and net plunged 82%.

Australian market indexes sold off following Asia-wide correction after markets weakened in overnight trading in Europe and in New York.

ASX 200 index is set for its worst monthly decline since the financial crisis in 2009 as oil prices flirted with $40 a barrel in New York and slowdown worries in China gripped world markets.

World market accelerated weekly decline and are set to lose the most in six years after fresh worries resurfaced in the euro zone after Greece’s prime minister resigned and the U.S. Federal Reserve left investors guessing on the interest rate hike timetable.

Australian dollar closed at 73.11 U.S. cents and in stock trading turnover soared to 1.2 billion shares worth $8.2 billion.

At close, the ASX 200 Index slumped 74 or 1.4% to 5,214.60 and the broader All Ordinaries Index dropped 70.70 to 5,224.80.

For the week, ASX 200 decreased 2.7%.

In commodities trading, gold surged US$23 to US$1,162 an ounce and Brent crude slid 0.21 cents to close at US$46.41 a barrel.

IPO

Glennon Small Companies Limited closed unchanged at $1 after the investment company priced its stock at $1.

The stock opened and closed at $1.

Australian Stock Movers

Coca-Cola Amatil Ltd jumped 2.7% to $8.78 after the beverages bottling company said revenues in the year ending in June jumped 4.9% to $2.50 billion from $2.37 billion a year ago period.

Net income in the quarter rose 0.9% to $183.9 million compared to $182.3 million and diluted earnings per share gained to 24.1 cents from 23.9 cents in the same period a year ago.

Insurance Australia Group Ltd plunged 5.2% to $5.52 after the general insurance company reported gross written premium surged 17% to $11.44 billion from $9.78 billion in a year ago period.

Net income in the quarter tumbled 41% to $728 million compared to $1.23 billion and diluted earnings per share slumped to 53.62 cents from 30.45 cents in the same period a year ago.

The insurer said decline in profit in the year was mainly due to loss in nature related losses totalling to $559 million.

Medibank Private Limited surged 13.4% to $2.28 after the healthcare company said total revenues in the year ending in June increased 3.2% to $6.58 billion from $6.37 billion a year ago period.

Net income in the quarter soared 118.1% to $285.3 million compared to $130.8 million and diluted earnings per share increased to 10.4 cents from 4.7 cents in the same period a year ago.

The company reported claims expense in the year jumped 4.7% to $5.08 billion but lowered than the 5.1% increase in health insurance revenue and growth in members rose 0.3% to 3.9 million from 3.87 million.

Santos Ltd slid 0.2% to $5.60 after the oil and gas producer reported sales revenues in the year ending in June plunged 15% to $1.61 billion from $1.89 billion a year ago period.

Net income in the quarter plummeted 82% to $37 million compared to $206 million and diluted earnings per share declined to 3.7 cents from 21 cents in the same period a year ago.

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