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Market Update

Australian Markets Faltered Despite China Growth Data


Author: Marcus Jacob
ticker.com
Last Update: 5:27 PM ET October 19 2015

5:30 PM Sydney, Australia – Australian market indexes traded volatile and the Aussie dollar held near its recent high. Iron ore prices firmed up after China reported better-than-expected 6.9% economic growth. Treasury Wine Estate completed capital raising to pay for the wine unit of Diego in the U.S. and U.K.

Australian market indexes closed higher after a day of volatile trading.

Stocks opened weak and struggled but gained some traction after China reported better-than-expected third-quarter economic growth.

Second-largest economy expanded at 6.9%, more than what many economists were looking for the growth rate of 6.8%.

The growth rate was good for Australian resource exporters and supported a minor rally in the sector in Sydney trading.

Australian dollar closed at 72.70 U.S. cents and in stock trading turnover slid to 639 billion shares worth $4.1 billion.

At close, the ASX 200 Index edged up 1.50 to 5,269.70 and the broader All Ordinaries Index added 0.90 to 5,304.60.

In commodities trading, gold slipped US$5 to US$1,173 an ounce and Brent crude future for immediate month delivery fell 70 cents to US$49.76 a barrel.

IPO

Donfang Modern Agriculture Holding Group Limited surged 25% to $1.25 after the agriculture products maker priced its stock at $1.

The stock opened at $1.06 and closed at $1.25.

Australian Stock Movers

Arrium Ltd surged 14.3% to 12 cents after the struggling iron ore miner and steelmaker reported iron ore production in third-quarter declined 20% to 2.19 million tons and average price per ton declined to US$40 to US$48.

The miner already declared that it will reduce the costs at its Whyalla Steelworks in South Australia for about $100 million in a year.

Cardno Limited increased 7.8% to $3.04 after the infrastructure and environmental services provider said that Crescent Capital agreed to lift its offer price for 30 cents to $3.45 per share.

IOOF Holdings Limited was halted at $8.94 after the smaller rival financial services provider Hub24 Ltd rejected the non-binding proposal of $2.74 per share as the offer was “inadequate and its too low.”

Reckon Limited jumped 10.9% to $2.14 after the software developer retained Macquarie and evaluate its financial and strategic options.

Treasury Wine Estates Ltd soared 16.3% to $7.40 after the wine maker completed $368 million capital raising through a stock offering to acquire Diageo''s U.S. and U.K. operations.

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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