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Market Update

Australian Stocks Trim Weekly Losses, Bega Wins $100 M Contract in China


Author: Marcus Jacob
ticker.com
Last Update: 12:31 PM ET September 19 2014

5:00 PM Sydney, Australia Australian stocks closed higher and the Aussie dollar edged lower. For the week, ASX 200 index lost 1.7%. Bega Cheese signed a five-year contract worth $100 million with China based Chongqing General Trading Co.

Australian stocks closed higher and the weakness in resource companies was offset by banks and tech stocks ahead of the $22 billion public offering of China based e-commerce platform operator Alibaba.

Late after the market close, Alibaba priced its offering at $68 a share that values the company at $167 billion. The public offering is the largest in the world, and surpassed the $16 billion raised by Facebook in 2012.

Stocks were also higher after Scotland voted to stay in the United Kingdom by 55% to 45% vote, according to early count of votes. Investors also stay focused on the outcome of New Zealand elections tomorrow.

Australian dollar traded at 89.71 U.S. cents and in stock trading turnover slid to 943 million shares worth $4.92 billion.

ASX 200 index gained 17.30 or 0.3% to 5,433.10 and the broader All Ordinaries index increased 18.30 to 5,437.30. For the week, ASX 200 declined 1.7%.

Stocks in Review

ASX Limited rose 0.7% to $36.20 after the securities exchange operator offered to buy a 49% stake in Yieldbroker for $65 million for the non-controlling stake in the electronic trading platform.

Yieldbroker also operates the auction platform for debt securities of New Zealand and Australian governments and some of its state governments and over 100 banks, financial institutions are connected to Yieldbroker''s markets with an average trading of approx $130 billion per month.

Bega Cheese Ltd increased 0.2% to $5.03 after the cheese and dairy products maker singed an agreement with China-based retailer Chongqing General Trading Group to supply its branded UHT milk.

The company expected to generate revenues of about $100 million over five years.

Macquarie Group Limited fell 0.5% to $58.42 after the financial services provider completes $420 million book-build through a bond offering and the margin for brokers and institutional investors is set at 3.3% per year.

Primary Health Care Limited climbed 2.3% to $4.46 after the medical centre operator plan to acquire Transport Health, a health care services provider for $18 million from the Transport Friendly Society.

Sydney Airport Holdings Limited gained 0.5% to $4.30 after the airport operator said total passenger in August rose 1% on higher arrivals from China.

The domestic passenger count in the month jumped 0.7% and international passenger count climbed 1.8%.

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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