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Market Update

In Australia PMS to Acquire Skilled Group, Flight Centre Plunges Again

Author: Marcus Jacob
Last Update: 9:51 AM ET June 24 2015

5:30 PM Sydney – Australian market indexes closed flat in active trading and Programmed Maintenance Services agreed to acquire rival Skilled Group Ltd for A$652 million. Myer Holdings refinanced A$600 million bank debt with better terms. Flight Centre Travel Group plunged for the second day in a row.

Australian market indexes traded higher following 1.3% jump in yesterday’s session but at close indexes barely budged.

Australian dollar closed at 77.34 U.S. cents and in stock trading turnover fell to 734 million shares worth $5.3 billion.

At close, the ASX 200 Index edged up 2.50 to 5,686.80 and the broader All Ordinaries Index rose 1.30 to 5,672.70.

In commodities trading, gold declined US$8 to US$1,178 an ounce and Brent crude rose 0.12 cents to close at US$64.57 a barrel.

Australian Stock Movers

Skilled Group Ltd soared 7.1% to $1.65 after the staffing services provider agreed to be acquired by a rival Programmed Maintenance Services for about $652 million.

The transaction is expected to close in mid-October.

Myer Holdings Limited closed unchanged at $1.34 after the department stores operator announced the refinancing of $600 million debt arrangements with more favourable pricing, increased tenor and improved terms.

Wesfarmers Ltd edged down 0.07% to $40.45 after the specialty department stores operator agreed to acquire 13.7% stake in the oil and gas producer Quadrant Energy from Macquarie Group Ltd. for about US$100 million.

With the sale, Macquarie lowered its stake in Quadrant to 36.3% from 50%.

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