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Market Update

Australian Stocks and Dollar Gain on Chinese Manufacturing Data

Author: Marcus Jacob
Last Update: 9:54 AM ET June 23 2014

5:00 PM Sydney Australian market indexes closed higher in active trading following better than expected manufacturing data in China. Wholesaler and distributor Metcash reported 18% decline in annual profit. Gas utility Envestra Ltd forecasted annual earnings at the upper end of the outlook.

Australian stocks gained after the latest manufacturing statistics from China reported better than expected industry conditions and commodities prices trended higher.

After the release of Chinese manufacturing data, Australian dollar increased to 94.37 U.S. cents. Stock trading turnover declined to 672 million shares worth $4.07 billion.

ASX 200 index gained 33.80 or 0.6% to 5,453.30 and the broader All Ordinaries rose 33.80 to 5,453.30.

Stocks in Review

Envestra Limited fell 0.4% to $1.36 after the natural gas distribution company forecasted profit-after-tax of about $150 million from earlier range of $145 million to $150 million.

GDI Property Group Limited gained 0.5% to 93 cents after the real estate developer signed an agreement to acquire the Civic Tower, a central business area of Sydney for $136 million.

Metcash Limited climbed 2.6% to $2.85 after the grocery, liquor, hardware and automotive parts distributor reported revenue in the year ending in April jumped 3.2% to $13.4 billion from $12.9 billion a year ago.

Net profit in the year declined 17.9% to $169.2 million compared to $206 million and diluted earnings per share dropped to 19.2 cents from 24 cents a year earlier.

The wholesaler also said that the company plans to invest in its restructured grocery business. Earlier in March, the company had lowered its annual earnings outlook and launched restructuring of its various business segments.

Stockland Corporation Ltd rose 0.2% to $4.04 after the assets developer acquired two land parcels in southern and northern corridor of Perth for about $58.1 million.

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