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Market Update

Australian Stocks Extend Losses

Author: Marcus Jacob
Last Update: 10:27 AM ET May 27 2013

5:00 PM Sydney – Australian index declined for the fifth day in a row and extended losses to 5% in the last six days of trading. Commodities prices fell and resource stocks closed lower. Australian dollar drifted to a new one-year low.

Australian markets extended losses for the fifth day in a row as market indexes extended losses of last week on the growing worries of economic slowdown in China.

The ASX 200 index slipped 23.60 or 0.5% to 4,959.90 and the broader All Ordinaries dropped 25.70 to 4,938.60.

National Bureau of Statistics said industrial profits in April increased at fastest pace compared to March.

Separately, Chinese companies reported a total profit increased 9.3% in April to $71.22 billion, according to National Bureau of Statistics.

The rise in profit was ahead of expectations but the broader weakness in exports and consumer spending has dragged the commodities prices in the last three weeks.

Australian dollar dropped to 96.37 cents against the U.S. dollar and in stock trading turnover declined to 805 million worth $4 billion.

Stocks in Review

Rio Tinto dropped $1.40 to $53.11 and BHP slid 35 cents to $34.01.

Woodside Petroleum Limited fell 17 cents to $36.83.

David Jones Limited lowered 2 cents to $2.56 and Breville Group down 6 cent to $7.13. Woolworths slipped 35 cents to $33.11.

Mirvac Group closed unchanged at $1.68. Lend Lease jumped 17 cents to $10.05.

Westpac slid 10 cents to $29.22, Commonwealth fell 0.8% to $68.19 and National Australia Bank lowered 0.2% to $31.24 and ANZ rose 0.6% to $27.85.

Australian Agricultural Company Limited closed unchanged at $1.08 after the farming and breeding company reported revenue in the quarter ending in March climbed to $22.1 million compared to $19.6 million but net loss widened to $46.5 million from $5.07 million a year-ago period.

After auction was passed in last week, the company has sold Brighton Downs Station for $11.75 million to local pastoralists.

David Jones Ltd. decreased after the department store operator said total revenue in the third quarter ending in March fell 2.2% to $391.1 million and like-for-like sales dropped 3.4%.

Paul Zahra chief executive officer said “David Jones will be the first department store in this country to accept the national Chinese credit and debit card UnionPay.”

Karoon Gas Australia Ltd declined 26 cents or 4.5% to $5.50 after the hydrocarbon explorer completed its three well at Santos Basin at a total net cost of $30 million.

Westfield Retail Trust closed unchanged at $3.17 after the real estate investment developer plans to spend $435 million on redeveloping Westfield Miranda in New South Wales.

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