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Market Update

Late Evening Selloff in Sydeny Market, Beach Energy Sales Drop 33%

Author: Marcus Jacob
Last Update: 8:57 AM ET April 28 2015

5:30 PM Sydney – Australian market indexes turned lower after weak momentum in resource sector stocks. Lifestyle Communities agreed to acquire a land parcel for $11.5 million and plans to build retirement village in Victoria.

Australian market indexes struggled and late evening selloff was triggered by momentum in resource sector stocks.

Australian dollar closed at 78.81 U.S. cents and in stock trading turnover slipped to 740 million shares worth $5.3 billion.

At close, the ASX 200 Index dropped 34.20 or 0.6% to 5,948.50 and the broader All Ordinaries Index fell 33.30 to 5,921.50.

In commodities trading, gold soared US$18 to US$1,201 an ounce and Brent crude fell 0.71 cents to close at US$64.12 a barrel.

Australian Stock Movers

Aurizon Holdings Ltd declined 2.4% to $4.88 after the rail freight operator secured a new 11-year contract to transport coal for Chinese-owned miner Caldedon Coal.

Beach Energy Ltd dropped 2.9% to $1.15 after the oil and gas explorer reported total revenues in the first-quarter ending in March declined 33% to $131 million after sales volumes plummeted 23% to 2.2 million barrels of oil equivalent.

Blackmores Limited gained 0.3% to $59.65 after the health products developer said group sales in the nine-month period ending in March surged 28% to $326 million and net profit soared 76% to $31 million from a year ago period.

The company forecasted record full-year profit in the current year.

GWA Group Ltd increased 1.6% to $2.51 after the hardware supplier agreed to sell 8-hectare property at Wetherill Park, Sydney to Charter Hall Core Plus Industrial Fund for about $33 million.

Lifestyle Communities Limited slipped 1.6% to $2.46 after the home builder agreed to acquire a land parcel in Australand’s Berwick Waters estate in Victoria for about $11.45 million.

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