5:00 PM Sydney – Australian indexes extended losses for the second day in a row and the dollar loss increased to 10% in the year so far. Precious metal miners dropped and Newcrest Mining fell to a new 8-year high after gold prices eased. Australian trade surplus plunged 95%.
Australian stocks extended losses for the second day on the weakness in precious metal prices and a plunge in trade surplus.
Exports fell 1% and imports increased 1% in April and trade surplus plunged 95% to $28 million, Australian Bureau of Statistics said today. The iron ore prices in the month were sharply lower than a year ago.
The ASX 200 index slipped 54 or 1.1% to close at 4,781.20 and the broader All Ordinaries dropped 53.40 to 4,771.80.
Australian Bureau of Statistics said trade balance in April narrowed 95% to $28 million and exports slid 1% while imports rose 1%.
Australian dollar traded at 93.90 U.S. cents and in stock trading turnover declined to 870 million worth $5.1 billion.
The dollar declined sharply in trading after trade surplus plunged 95% and the dollar has declined 10% against the U.S. dollar in the year so far.
Stocks in Review
Rio Tinto fell 29 cents to $54.07 and BHP slid 2 cents to $33.77.
Newcrest Mining Limited extended loss for the second day by 7% after plunging 5% in yesterday’s trading to $13.36. The gold miner fell after the gold prices declined today and the stock closed at a new 8-year low.
Woodside Petroleum Limited declined 53 cents to $35.28.
David Jones Limited slid 4 cents to $2.48 and Breville Group down 6 cents to $7.15. Woolworths slumped 24 cents to $32.08.
Mirvac Group gained 4 cents to $1.62. Lend Lease lowered 12 cents to $9.43.
Westpac slipped 48 cents to $27.71, Commonwealth fell 0.2% to $66.11 and National Australia Bank slid 0.7% to $28.75 and ANZ decreased 1.2% to $26.86.
Fairfax Media Limited dropped 1.7% to 59 cents after the media company chief executive officer Greg Hywood said the company can save $60 million by the end of September.
The entertainment company projected a decline in full-year operating profit in the six months to June 30 between $129 million and $135 million.
The GPT Group slid 0.3% to $3.74 after the office and industrial property group abandoned its $3 billion bid to buy srival Australand Property Group''s most valuable assets, including its $2.4 billion investment property portfolio.
In a statement The GPT said “a transaction at a price that GPT is willing to pay is not possible.""
Virgin Australia Holdings Limited declined 1.5 cents or 3.3% to 44.5 after the Air New Zealand Ltd. increased its stake to 22.9%.
Woolworths slid 0.7% to $32.08 after the planned purchase of a second supermarket site in Glenmore Park from Stockland Corporation Limited.
Shares of Stockland jumped 1.1% to $3.59.