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Market Update

Weak Iron Ore and Oil Prices Weigh on Australian Indexes

Author: Marcus Jacob
Last Update: 9:52 AM ET October 28 2014

5:30 PM Sydney Australian stocks traded lower and resource and construction services companies were in focus. Gold and oil eased in local and regional trading. Bega Cheese Ltd said first-half revenues jumped 6.5%. Silver Lake Resources retained its annual gold production target.

Australian market indexes traded down for the most of the session as annual general meeting picked up steam in the week.

Australian resource and construction services companies were in focus after Beach Energy reported a decline in revenues.

Australian dollar strengthened to 88.17 U.S. cents and in stock-trading turnover increased to 790 million shares worth $4.16 billion.

ASX 200 Index slid 6.40 to 5,452.60 and broader All Ordinaries Index fell 7.99 to 5,433.96.

In commodities trading, gold eased US$3 to US$1,228 an ounce and light crude oil decreased 1 cent to US$81 a barrel.

Australian Stock Movers

Bega Cheese Ltd closed unchanged at $5.13 after the dairy products maker said revenue in the first-half jumped 6.5% to $1.07 billion and pre-tax profit surged 17.3% to $42.1 million from a year ago period.

The company forecasted revenue and profit to be broadly in-line with results in the prior year.

BHP Billiton Limited dropped 1.5% to $33.32 after the mining company plans to sell its Fayetteville shale gas assets in the United States.

Silver Lake Resources Limited declined 3.2% to 30.5 cents after the gold producer announced gold sales totaled 31,469 ounces at an average realized price of $1,472 per ounce.

The company estimated full-year gold sales target to remain unchanged between 125,000 ounces to 135,000 ounces.

As of September, total cash and bullion on hand was $16.8 million and the company has no bank debt.

Vocation Limited plunged more than 50% after the company confirmed that it will have to surrender $19.6 million of funding from the Victorian Government.

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