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Market Update

Weekly Loss of 2.1% in Australian Stocks on New Six Year Low in Crude Oil


Author: Marcus Jacob
ticker.com
Last Update: 11:10 AM ET August 14 2015

5:30 PM Sydney, Australia Energy stocks and wider market indexes extended weekly losses in Australia after crude oil price dropped to a new six-year low. James Hardie struggled with revenues in the latest year and New Zealand-based resin maker Nuplex reported flat quarterly sales.

Australian market indexes traded lower for the week the reference index extended losses after crude oil traded at a new 6 year low.

Australian dollar closed at 73.78 U.S. cents and in stock trading turnover slid to 742 million shares worth $4.5 billion.

At close, the ASX 200 Index fell 31.40 or 0.6% to 5,356.50 and the broader All Ordinaries Index slumped 29 to 5,360.

For the week, ASX 200 dropped 2.1%.

In commodities trading, gold decreased US$7 to US$1,115 an ounce and Brent crude slipped 0.74 cents to close at US$49.22 a barrel.

IPO

National Veterinary Care Limited surged 21% to $1.21 after the veterinary services provider priced its stock at $1.

The stock opened at $1.26 and closed at $1.21.

Contango Income Generator Limited closed at $1.02 after the investment company priced its stock at $1.

The stock opened at $1.015 and closed at $1.02.

Australian Stock Movers

Automotive Group Holdings Limited (AHG) soared 4.1% to $4.31 after the diversified logistics company stated total revenues in the second-quarter ending in June surged 10.8% to $5.25 billion from $4.73 billion a year ago period.

Net income in the quarter jumped 20.8% to $88.1 million compared to $72.9 million and diluted earnings per share increased to 28.7 cents from 26.9 cents in the same period a year ago.

James Hardie Industries Plc closed unchanged at $17.95 after the fiber cement products maker reported group revenues in the year ending in June jumped 3% to US$428.3 million from US$416.8 million in a year ago period.

Net profit in the year soared 107.6% to US$60 million compared to US$28.9 million and diluted earnings per share increased to 13.6 cents from 6 cents in the same period a year ago.

Nuplex Industries Ltd jumped 4.8% to $3.70 after the New Zealand-focused polymer resins maker stated revenues in the second-quarter ending in June was nearly flat at NZ$1.37 billion from NZ$1.36 billion a year ago period.

Net income in the quarter surged 34.5% to NZ$73.6 million compared to NZ$54.7 million and diluted earnings per share increased to 35.6 cents from 26.1 cents in the same period a year ago.

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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