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Market Update

Australian Markets Higher Despite Another Plunge in Shanghai


Author: Marcus Jacob
ticker.com
Last Update: 12:50 PM ET August 25 2015

5:30 PM Sydney, Australia – Australian stocks braved higher despite the continued market sell-off in China and Japan. Resource and banking stocks led the gainers. BHP Billiton said quarterly net tumbled 86% and said oil and copper production to decline 6% in fiscal 2016.

Australian market indexes rebounded despite another day of selloff in China and in Japan.

The People’s Bank of China lowered its one-year bench mark rate by 25 basis points to 4.6% and its one-year deposit rate by the same amount to 1.75%.

The move by the central bank was designed to avert another market slide but indexes in Shanghai opened down 6% and closed down 7.6% to an eight-month low.

Australian dollar closed at 71.91 U.S. cents and in stock trading turnover soared to 1.5 billion shares worth $10.1 billion.

At close, the ASX 200 Index jumped 136 or 2.7% to 5,137.30 and the broader All Ordinaries Index increased 129.60 or 2.5% to 5,143.80.

In commodities trading, gold slid US$2 to US$1,153 an ounce and Brent crude rose 29 cents to close at US$42.98 a barrel.

Australian Stock Movers

Amcor Limited soared 4.3% to $13.05 after the packaging solution provider reported revenues in the year ending in June dropped 3.5% to US$9.61 billion from US$9.96 billion a year ago period.

Net income in the quarter surged to US$680.3 million compared to US$502.9 million and diluted earnings per share rose to 55.5 cents from 41 cents in the same period a year ago.

BHP Billiton Limited increased 1.9% to $23.34 after the mining company reported total revenues in the year ending in June declined 21.4% to US$44.64 billion from US$56.76 billion a year ago period.

Net income in the quarter tumbled 86.2% to US$1.91 billion compared to US$13.83 billion and diluted earnings per share dropped to 65.3 cents from 255.7 cents in the same period a year ago.

Petroleum production in the year jumped 4% to 255.7 million barrels of oil equivalent.

Total iron ore production soared 13% to 232.5 million tons and metallurgical coal which is used in steel making surged 13% form a year ago period to 42.6 million tons.

The miner said net operating cash flow in the year was about US$17.8 billion but free cash flow dropped 26% to US$6.3 billion.

BHP said net debt in the year fell 5% to US$24.4 billion after savings of US$4 billion, two years ahead of schedule. Capital and exploration expenditure declined 24% to US$11 billion.

BHP forecasted petroleum production in fiscal 2016 to decline 7% to 237 million barrels of oil equivalent and copper output to drop 12% to 1.5 million tons.

While metallurgical coal production to fall 6% to 40 million tons and energy coal production to slide 2% to 40 million tons.

Scentre Group Ltd jumped 3.6% to $3.74 after the asset developer said revenues in the first-half ending in June surged 72% from a year ago period to $1.35 billion from $782 million.

Net income in the quarter plunged 79.7% to $1.08 billion compared to $5.31 billion and diluted earnings per share dropped to 1.23 cents from 229.77 cents in the same period a year ago.

Spotless Group Holdings Ltd surged 6% to $1.85 after the outsourced services provider said revenues in the year ending in June advanced 9.6% to $2.87 billion from $2.62 billion a year ago period.

Net in the quarter swung to profit of $142.8 million compared to a loss of $34.7 million and diluted earnings per share swung to profit of 12.9 cents from a diluted loss per share of 5.1 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