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Market Update

Australian Stocks in 5-Day Rally, eCargo Soars


Author: Marcus Jacob
ticker.com
Last Update: 9:21 AM ET December 22 2015

4:30 PM Sydney Australian market indexes extended five-day rally and losses in banks and resource stocks trimmed gains. eCargo soared after signing a contract with Woolworths for its China operations. Broadspectrum proposed to reject the $692 million takeover proposal from Ferrovial.

The Australian stock market closed slightly higher and extended five-day rally but market mood was subdued in the short-trading week.

The rebound of energy stocks and the three-fold surge in eCargo were offset by losses in banks and miners.

The Australian dollar increased to 72.20 U.S. cents, while stock trading turnover declined to 618 million shares worth $3.6 billion.

At the market close, the ASX 200 Index rose 7.70 to 5,116.70 and the broader All Ordinaries Index gained 9.90 to 5,167.70.

In commodities trading, gold jumped US$10 to US$1,077 an ounce and Brent crude future for immediate month delivery added 17 cents to US$36.52 a barrel, a new seven-year low.

IPO

Micro-X Limited surged 20% to 60 cents after the x-ray films maker priced its stock at 50 cents.

The company opened at 53 cents and closed at 60 cents.

Australian Stock Movers

Broadspectrum Ltd gained 1.1% to $1.33 after the detention centre operator advised its shareholders to reject the $692 million takeover proposal from the Spain-based Ferrovial SA.

Cimic Group Ltd jumped 2.4% to $23.50 after the company said its mining subsidiary was awarded a three-year contract worth about $250 million.

The contract starts from the January 1, 2016 and is for the operation of the QCoal Northern Hub mines in the Bowen basin in Queensland.

eCargo Holdings Ltd soared 223.8% after the outsourcing services provider said it won a contract with Woolworths Limited to provide retail services on Alibaba''s Tmall, China''s largest online shopping business.

Under the contract, eCargo will provide coordination of Woolworths'' inventory, packing, and distribution, advice on the brand strategy, as well as digital and social marketing activities.

Saracen Mineral Holdings Limited advanced 2.6% to 60 cents after the gold and mineral explorer said its $65 million gold project of the Thunderbox gold mine in Western Australia is running ahead of schedule and below budget.

The company lifted its group production forecast for fiscal 2016 to 300,000 ounces from the current estimated range between 170,000 and 180,000 ounces.

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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