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Market Update

Bank Stocks in Australia Lead Decliners After Commowealth Results


Author: Marcus Jacob
ticker.com
Last Update: 8:48 AM ET November 05 2015

5:30 PM Sydney, Australia – Australian market indexes and the bank stock fell after Commonwealth Bank said bad debts continued to rise but profits increased. Shanghai Composite surged 4% and extended 2-day rally on the stimulus measures expectations. Ardent Leisure tumbled. oOh!Media surged.

Australian market indexes and bank stock fell after Commonwealth Bank said bad debts continued to rise but profits increased. National Australia Bank traded ex-dividend.

Market watchers also paid attention to the trading in Shanghai and stocks surged for the second day on the hopes of additional stimulus measures from the government and traders focused on the positive tone of the five-month ago mnutes of meeting comments from People’s Bank of China Governor Zhou Xiaochuan.

Ardent Leisure tumbled 13.6% despite a surge in quarterly profit and oOh!Media Ltd jumped 9% after the media advertising company agreed to acquire Inlink Group Ltd.

Australian dollar ease to 71.50 U.S. cents and in stock trading turnover slipped to 732 million shares worth $5.3 billion.

At close, the ASX 200 Index dropped 49.30 or 0.9% to 5,193 and the broader All Ordinaries Index decreased 46.90 to 5,247.90.

In commodities trading, gold slumped US$11 to US$1,111 an ounce and Brent crude future for immediate month delivery slid 25 cents to US$48.83 a barrel.

Australian Stock Movers

Ardent Leisure Group tumbled 13.6% to $2.48 after the leisure and entertainment provider said group revenues in the first-quarter ending in September jumped 19.3% from a year ago to $165.96 million and operating profit increased 8.9% to $37.20 million.

Commonwealth Bank of Australia fell 0.9% to $5.45 after the financial services provider said net profit in the third-quarter ending in September decreased to $2.3 billion from $2.4 billion a year ago.

The bank said liquid assets totalled to $137 billion and customer deposits in the quarter surged 63% and total loan impairment expense increased to $220 million from $198 million in a year ago period.

oOh!Media Ltd surged 9.1% to $3.83 after the media advertising company agreed to acquire Inlink Group Limited for $45 million.

The company lifted operating forecast for the year to jump 37% to between $57 million and $58 million from the previous guidance of $53 million to $55 million.

Virgin Australia Holdings Ltd decreased 1% to 47.5 cents after the discount airline said operating profit in the first-quarter ending in September swung to profit $1.7 million from a loss of $59.1 million in the same period a year ago.

Fiscal 2015 full-year loss declined to $93.8 million from $353.8 million in the fiscal 2014.

The group''s budget airline Tigerair''s operating profit in the first quarter was $0.4 million, an improvement of $20.2 million in the same period a year ago.

Vocus Communications Limited gained 0.9% to $6.86 after the Australian Competition & Consumer Commission said it will not oppose the merger between broadband services provider and M2 Group in a $3 billion deal.

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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