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Market Update

Australian Stocks Halt Record 12-Day Long Advance


Author: Marcus Jacob
ticker.com
Last Update: 9:07 AM ET February 09 2015

5:30 PM Sydney – Australian market indexes halted record 12-day long advance after resource stocks and banks closed lower. A private survey showed employment market sustained its expansion after job placement ads rose for the eighth month in a row. Aussie dollar closed at 77.65 U.S. cents.

Australian market indexes halted its record 12-day long advance and the weakness in resource stocks and banks kept indexes in negative for most of the session. The indexes recovered most of the losses in the final hour but failed to lift the averages above the flat line.

The seasonally adjusted job advertisements in January rose 1.3% from the previous month following 1.8% increase in December, according to a private survey conducted by ANZ Banking Group.

Total job advertisements in January climbed 13.6% from a year ago month, higher than 11.4% increase in December.

Australian dollar closed at 77.65 U.S. cents and in stock-trading turnover jumped to 996 million shares worth $4.36 billion.

ASX 200 Index fell 5.30 to 5,814.90 and broader All Ordinaries Index slid 4.60 to 5,770.10.

In commodities trading, gold declined US$30 to US$1,237 an ounce and light crude oil jumped $1.21 to US$51.69 a barrel.

Brent crude rose 20 cents to close at US$58 a barrel.

Australian Stock Movers

Ansell Limited climbed 5.4% to $24.30 after the protective glove maker reported sales in the first-half ending in December climbed 20% to $847.3 million from $703.6 million a year ago period.

Higher sales in the U.S. offset the weakness in other markets around the world and the glove maker reaffirmed its annual outlook.

Net profit in the period jumped 34% to $87.7 million compared to $65.6 million and diluted earnings per share increased to 56.8 cents from 49.2 cents in the same period a year ago.

The glove maker forecasted pre-tax earnings for the year to increase in a range of 25% to 30% and said the company is “on track to meet its strategic objectives.”

Avjennings Ltd jumped 2.4% to 64 cents after the home builder said revenues in the first-half ending in December soared 13.6% to $118.5 million from $104.3 million a year ago period.

Net income in the period climbed 42.1% to $11.87 million compared to $8.35 million and diluted earnings per share rose to 3.12 cents from 2.20 cents in the same period a year ago.

Capilano Honey Ltd surged 8.8% to $8.70 after the honey packager reported revenues in the first-half ending in December jumped 34% to $57.87 million from $43.18 million a year ago period.

Net profit in the period climbed 73.9% to $3.60 million compared to $2.07 million and diluted earnings per share advanced to 42.23 cents from 24.37 cents in the same period a year ago.

IMF Bentham Ltd gained 0.9% to $2.24 after the litigation and arbitration investment group stated revenues in the first-half ending in December surged 111.3% to $39.87 million from $18.87 million a year ago period.

Net profit in the period soared 152% to $23.01 million compared to $9.13 million and diluted earnings per share jumped to 13.81 cents from 5.92 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