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Market Update

Australian Wholesale Inflation Slows, ResMed Rises

Author: Marcus Jacob
Last Update: 3:04 PM ET July 31 2015

5:30 PM Sydney, Australia Australian market indexes extended weekly gains and wholesale inflation in second quarter slowed on weaker energy prices. ResMed said fourth quarter sales increased 8%. Monadelphous won four contracts worth $130 million.

Australian market indexes extended weekly gains on Friday and wholesale inflation index in the second quarter increased at a slower pace.

The producer prices index in second-quarter increased 0.3% followed by 0.5% increase in the first-quarter, the Australian Bureau of Statistics said today.

For the year, producer prices index jumped 1.1% compared to 0.7% increase in the previous quarter.

Australian dollar closed at 73.02 U.S. cents and in stock trading turnover jumped to 849 million shares worth $6.7 billion.

At close, the ASX 200 Index gained 29.70 or 0.5% to 5,699.20 and the broader All Ordinaries Index rose 28.60 to 5,681.70.

For the week, ASX 200 increased 2.2% and for the month jumped 3.2%.

For the year-to-date ASX 200 soared 5.3% and gained 2.1% from a year ago month.

In commodities trading, gold slid US$4 to US$1,085 an ounce and Brent crude fell 0.35 cents to close at US$52.96 a barrel.


Pepper Group Limited surged 26.9% to $3.30 after the lending services provider priced its stock at $2.60.

The stock opened at $3.05 and closed at $3.30.

Australian Stock Movers

Monadelphous Group Limited slipped 1.7% to $8.55 after the diversified services provider secured four new contracts for three-year to provide project maintenance and shutdown works for Queensland-based Alumina Limited worth about $130 million.

OceanaGold Corporation tumbled 14.7% to $2.38 after the gold producer agreed to acquire Canada-based Romarco Minerals Inc for more than $900 million.

Primary Health Care Limited fell 0.4% to $4.60 after the medical and healthcare services provider dell its stake in Vision Eye Institute Limited for about $34 million to reduce the debt and estimate to book pre-tax profit of $14 million on the sale.

ResMed Inc soared 6.4% to $8 after the medical devices maker reported revenues in the fourth-quarter ending in June climbed 8.4% to $1.68 billion form $1.55 billion in a year ago period.

Net profit in the year increased 2.2% to $352.9 million compared to $345.3 million and diluted earnings per share jumped to $2.47 from $2.39 in a year ago period.

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