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Market Update

Australian Stocks in 6-Day Decline, Genting Buys 10% Stake in Linc Energy

Author: Marcus Jacob
Last Update: 10:04 AM ET December 12 2013

4:30 PM Sydney Australian market indexes declined for the sixth day in a row and the dollar dropped. Australian jobless rate in November increased to 5.8% and employers added 21,000 net new jobs. Linc Energy secured $48 million investment from Malaysia based casino operator Genting.

Australian stocks declined for the sixth day in a row and energy, mining and banking stocks led the declined.

Australian dollar dropped to 90.27 U.S. cents. Stock trading turnover climbed to 1 billion shares worth $5.6 billion.

The ASX 200 index slid 41.70 or 0.8% to close at 5,062.50 and the broader All Ordinaries fell 40.30 to 5,069.20.

Australian jobless rate increased to 5.8% in November and employers at all levels added 21,000 net new jobs in the economy. Of the new jobs, 15,000 were full-time positions and 5,500 were part-time.

The labor participation rate was stable at 64.8%.

Stocks in Review

Rio Tinto declined 63 cents to $65.14 after the mining company said it has already exceeded its $2 billion in operating costs reduction target by the end of this year.

The company is looking to lower its outstanding debt next year.

BHP eased 64 cents to $35.54 and the oil and gas explorer expects U.S. natural gas prices to rise if the country opens vast reserves in onshore shale deposits for export.

Woodside Petroleum Limited fell 30 cents to $37.21 after the Australia-based oil and gas producer reduced its production target for fiscal 2013 and lowered its estimated domestic investment expenditure.

Westpac slid 6 cents to $30.82.

APN News and Media Limited declined 3.3% to 44.5 cents after the print media company revised its audited statement and said reported loss was wider that previously accounted.

The company revised the loss to $485.3 million from the previously reported $432 million.

Bega Cheese Limited closed unchanged at $4.40 after the cheese and butter maker extended offer period for its takeover bid for Warrnambool Cheese & Butter Factory Co. to December 20.

Fairfax Media Limited rose 0.8% to 65 cents after the print and broadcasting company agreed to acquire Property Data Solutions Ltd. for about $30 million.

Linc Energy Limited closed unchanged at 99.5 cents after the Australia-based oil and gas explorer secured an investment of $48 million from Malaysian casino operator Genting.

Linc, offered new shares as it shifts stock listing to Singapore stock exchange on December 18.

Genting will acquire 10% stake or 47.85 million shares at S$1.20 per share.

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