5:30 PM Sydney, Australia – Australian markets turned volatile and looked at China market moves. In active trading, ASX 200 index edged lower and the Aussie dollar retained downward bias with the losses extended deeper in commodities energy complex.
Australian market indexes recovered from early morning slump and looked at market moves in China.
Shanghai market index declined 1.7% at close after recovering as much as 4% in the morning following a plunge of 8.5% on Monday. The smaller market of Shenzhen with more tech listing, dropped 7% today.
Chinese regulator issued a statement after the close on Monday highlighting its effort to ‘stabilize the market’ and said it will continue to purchase stocks using cash made available by the central bank.
Between yesterday and today, at one point more than half of all listed companies on the exchange halted trading.
Australian dollar closed at 72.16 U.S. cents and in stock trading turnover jumped to 801 million shares worth $5.2 billion.
At close, the ASX 200 Index edged down 5.20 to 5,584.70 and the broader All Ordinaries Index decreased 8.20 to 5,571.
In commodities trading, gold dropped US$13 to US$1,097 an ounce and Brent crude fell 0.46 cents to close at US$53.01 a barrel.
Australian Stock Movers
National Australia Bank Ltd
slid 0.2% to $33.86 after the bank plans to sell about 12.7 million shares in it’s the U.S.-based subsidiary Great Western Bancorp Inc and the unit agreed to repurchase its own 15.2 million shares.
Origin Energy Ltd
jumped 2.7% to $11.45 after the gas producer said its Australia-Pacific liquefied natural gas project at Curtis Island LNG facility is on track to meet its export target in the second-half of this year.
Pura Vida Energy NL
tumbled 53.9% to 12 cents after the oil explorer reported that it found no oil in its MZ-1 exploration well at offshore location in Morocco at a depth of 4,563 meters.
Senex Energy Ltd
gained 2% to 25.5 cents after the oil and gas producer reported net production in the fourth-quarter dropped 3% to 0.32 million barrels of oil equivalent but for the year net production increased 1% to 1.39 million barrels of oil equivalent.
Revenues in the quarter jumped 6% to $23.6 million and but the year declined 32% to $115.9 million, mainly due to fall in crude oil price.