5:00 PM Sydney, Australia – Australian indexes rebounded after a private survey in China showed manufacturing sector expanded. Aussie dollar traded volatile in the day as precious metals and crude oil prices remained under pressure. Kathmandu Holdings, the retailer of travel products said annual net fell 9%.
Australian stocks opened lower on the worries that the euro zone growth difficulties will spill over world markets but market indexes rebounded in late afternoon after the release of Chinese manufacturing data.
The private survey in China showed manufacturing activities expanded unexpectedly in September, according to Purchasing Managers’ Index tracked by HSBC and Markit.
The preliminary survey showed the index increased to 50.5 in September from revised 50.2 in August. Any reading above 50 indicates expansion.
Australian dollar traded at 89.10 U.S. cents and in stock trading turnover increased to 770 million shares worth $5.07 billion.
ASX 200 index gained 52.70 or 0.9% to 5,415.70 and the broader All Ordinaries index jumped 47.70 to 5,415.90.
Stocks in Review
Kathmandu Holdings Ltd
slipped 1.7% to $2.82 after the travel and adventure products retailer said sales in the year ending in July jumped 2.3% to NZ$392.9 million from NZ$384 million a year ago period. Same store sales in the year climbed 6.9%.
Net profit in the year dropped 9.3% to $31.2 million compared to NZ$34.4 million and diluted earnings per share fell to 20.8 cents from 21.9 cents a year earlier.
surged 12.2% to $4.52 after the crop protection company reported revenue in the year ending in July soared 14.9% to $2.62 billion from $2.28 billion a year ago period.
Net profit in the year declined 53% to $37.7 million compared to $81.8 million and diluted earnings per share dropped to 9.6 cents from 25.4 cents a year earlier.
The company said declining of net profit for the year mainly due to restructuring costs of $48.7 million for Australia and New Zealand operations.
New Hope Corporation Limited
fell 0.7% to $2.61 after the coal producer stated revenue in the year ending in July plunged 15.8% to $549 million from $652.1 million a year ago period.
Net profit in the year tumbled 21.2% to $58.4 million compared to $74.1 million and diluted earnings per share slumped to 7 cents from 8.9 cents a year earlier.
TPG Telecom Limited
climbed 6.1% to $7 after the communications service provider reported revenue in the year ending in July surged 34% to $970.9 million from $724.5 million a year ago period.
Net profit in the year climbed 15.1% to $171.7 million compared to $149.2 million and diluted earnings per share jumped to 21.6 cents from 18.8 cents a year earlier.